National Technology Day 2023: Exploring the Transformative Power of AI and ChatGPT with Aditya Malik, Founder ValueMatrix.ai
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Every year on May 11, National Technology Day is an opportunity to honour science and technology's impact on society. We have seen great advancements in technology with the introduction of Artificial Intelligence (AI) and Chat GPT, offering new methods to automate jobs and procedures and improving the productivity of our lives.
Aditya Malik, Founder of ValueMatrix.ai, Mentor with the Nasscom DeepTech Club
Aditya Malik, Founder of ValueMatrix.ai and a mentor with the Nasscom DeepTech Club talk about Artificial Intelligence (AI) and Chat GPT. Aditya explains, “AI, in particular, has greatly impacted science and technology. In 2022, the artificial intelligence market size was estimated to be worth USD 136.55 billion globally. Moreover, the market is expected to grow significantly in the coming years, with a projected compound annual growth rate (CAGR of 37.3% from 2023 to 2030.”
According to the research, AI is now a crucial tool in several industries, including healthcare, banking, transportation, and more.
“Contrarily, Chat GPT has become a potent tool for natural language processing. It is a machine-learning method that can provide replies to text-based requests that resemble a human's. As to a MarketsandMarkets analysis, the chatbot market is anticipated to grow at a CAGR of 29.7% from 2019 to 2024, reaching USD 9.4 billion. The research also notes the growing usage of chatbots across various sectors, including e-commerce, finance, and healthcare,” adds Aditya.
Aditya Malik, Founder, talks about Artificial Intelligence (AI) and chat GPT and says, “We should promote their development since they have the potential to transform every part of our lives. So let's honour the contributions of these technologies on National Technology Day and work toward a time when their full potential is fulfilled. ”
Excerpts from an interview:
Tell us how AI will impact the global economy in future.
AI is changing our world by restructuring industries, altering how we work and interact, and raising our standard of living. According to a PwC report, AI will be one of human history's most significant technological developments, contributing $15.7 trillion to the global economy by 2030. AI is already making enormous progress in the healthcare sector, where it is employed to diagnose patients and interpret medical imaging. The financial industry has also used it to stop fraud and manage risk.
Is Chat GPT has become the power of natural language processing?
Chat GPT has emerged as a powerful tool for natural language processing, enabling machines to process and understand human language. According to a recent survey by Statista, 58% of companies globally already use chatbots for customer service. Chat GPT has made significant advancements in chatbots and virtual assistants. It is used to create intelligent chatbots that can provide personalised recommendations and customer support. This technology has also been used to create virtual assistants that can schedule appointments, send emails, and even make phone calls on behalf of users.
How are AI and Chat GPT revolutionising Industries?
Machines can now analyse human dialogue thanks to Chat GPT, a potent tool for natural language processing. A recent survey by Statista showed 58%useusinesses using chatbots for customer assistance. Virtual assistants and chatbot technology have advanced significantly thanks to Chat GPT. It is used to make smart chatbots that offer tailored suggestions and client help. Virtual assistants can set appointments, send emails, and even conduct phone calls on behalf of consumers.
AI algorithms may customise learning experiences and give students real-time feedback in the classroom, enhancing learning results. The worldwide market for AI in education is likely to reach $6 billion, according to a survey by 2025. In addition, Chat GPT may be utilised to create virtual tutors who can assist students outside of scheduled class times.
Should we promote the expansion and development of chatbots and AI?
Yes, it is important to recognise the contributions of AI and Chat GPT to science and technology as we observe National Technology Day. We must keep fostering their development to realise their potential completely.
This may be accomplished by investing in research and development, encouraging academic-industry partnerships, and establishing supportive regulatory environments. Moreover, investing in these technologies can give the next generation a better future.
Chat GPT and AI have significantly advanced science and technology, creating new opportunities for automation, cooperation, and communication. We must continue to promote their development since they have the potential to transform every part of our lives. Let's honour the contributions of these technologies on National Technology Day and work toward a time when their full potential is fulfilled.