Artificial intelligence (AI) has become a staple in the way businesses conduct their daily operations. In this article, we’ll look at the types of AI technology that companies are leveraging as well as AI businesses that develop cutting-edge AI products.

These AI businesses are expected to grow at a fast pace. In fact, according to the market research firm Tractica, the global artificial intelligence software market will explode from around $9.5 billion in 2018 to $118.6 billion by 2025. That means there will likely be plenty of opportunity for coders in the future.

What Do We Mean by AI?

Today, the term AI refers to more than an early 2000s sci-fi film. In fact, it can have a plethora of complex applications. AI serves as an umbrella term for the following uses:

Image Recognition

With the proliferation and increasing quality of mobile phone cameras, users are sharing more pictures online than ever before. According to Maruti Techlabs, image recognition technology uses this large volume of digital data to identify people, places, objects, logos, buildings, and several other variables in images. The computer makes a judgement based on a process called computer vision, which identifies and processes objects in images or videos similar to how people do. For facial image recognition, for example, the computer makes a judgement based on appearance and/or facial features. Computer vision can also help with object recognition, learning, event detection, video tracking, and even image reconstruction.

Speech Recognition

Speech recognition (or what we often call “speech to text”) is the process of converting spoken words into a machine-readable format. According to TechTarget, computers and cell phones often come with speech recognition software built in, but in many ways, the technology is still in early stages of development, as current software often can’t account for different pronunciations or sift through background noise.

Here’s how speech recognition works, according to Ankur Ankan and Abinash Panda:

The general workflow for a speech-recognition system is to first capture the audio by converting the physical sound into an electrical signal using a microphone. The electrical signal generated by the microphone is analog and needs to be converted to a digital form for storage and processing, for which analog-to-digital converters are used. Once we have the speech in digital form, we can apply algorithms on it to understand the speech.

Chatbots

Also known as interactive agents or conversational bots, chatbots are computer programs that simulate natural human conversations, allowing users to communicate by voice or via a chat interface. These customer service tools answer questions without requiring human input, usually by employing instant pre-set answers. The three main types of chatbots are:

  • Rule-based chatbots: A simple chatbot that uses buttons and predefined options to guide users to the information they need.
  • Intellectually independent chatbots: A chatbot based on machine learning that is programmed to give replies based on keywords and phrases spoken by the user.
  • AI-powered chatbots: An advanced chatbot that can intake and compile information for users, while also remembering its place if users interrupt with other inquiries. For example, the AI legal assistant Ailira can collect information from users to fill in a legal document, pause to answer spontaneous questions from users, and remember where it left off to finish and compile the document.

Natural Language Generation

According to Narrative Science, “Natural language generation (NLG) is a technology that turns data into plain-English language. In other words, this means [the] software can look at your data and write a story from it, just like a human analyst would today.” NLG is an exciting technology because, as Medium.com puts it, it can save hours of work by automatically writing reports, memos, product descriptions, and other documents summarizing data in a way that’s easy to understand.

Sentiment Analysis

Also known as opinion mining or emotion AI, sentiment analysis measures a person’s feelings and reacts in an appropriate way. This type of AI technology uses text analysis, natural language processing, biometrics, and computational linguistics to identify and quantify hard-to-analyze data such as emotional states and subjective information. For example, sentiment analysis can look at a piece of text and determine whether the writer feels neutral, positive, or negative about a particular product, service, topic, etc.

AI Businesses Developing Tools and Technology

Now that you’re familiar with the different types of AI technology, we’ll look at how a few modern businesses are using AI tools in their products.

AlphaSense

AlphaSense is an AI-powered search engine that reviews millions of research documents in seconds to give users insights into the trends of different markets and industries. With its deep AI search capabilities and easy user interface, this search engine is primarily used by financial firms and corporations for market intelligence purposes.

Clarifai

Clarifai offers enterprise AI-powered computer vision solutions. Using computer vision, machine learning, and deep neural networks, Clarifai helps its clients identify and analyze images and videos. This allows users to better understand their data so they can transform their business and realize new potential.

Amazon

Powerhouse Amazon has developed the Echo Dot, a popular AI personal assistant that allows people to give voice commands to play their music, ask any question, call others, and even control other compatible smart home devices.

DataRobot

DataRobot is an enterprise AI platform developed for global enterprises. Its machine learning platform is designed so that data scientists of any skill level can build and deploy accurate predictive models. This marriage of an enterprise AI platform with an AI-native strategic partnership allows global enterprises “to harness the power of AI and their existing teams to succeed in today’s Intelligence Revolution.”

CloudMinds

CloudMinds is an operator of cloud-based systems for intelligent robots concentrated on creating a “large and mixed platform for machine learning, safe intelligent terminals, and Robot Control Units.” They use an open end-to-end cloud robot system to connect robots and smart devices over a secure virtual backbone network (VBN) to Cloud AI.

Why Use AI?

Ultimately, AI can put your company at the cutting edge of your industry. By harnessing numerous types of AI technology, you’ll be able to better serve customers, react to emerging technologies, and make your business more competitive in the global market.

Is your staff prepared to integrate AI technology into your existing systems? At The Software Guild, we work with companies every day to bring their technology to the next level. Contact us today to see how we can upskill and reskill your staff to give them the skills they need to build and maintain excellent software for your company.