- What you need to know...
- Deep learning (a field of machine learning) is likely to become the most lucrative AI technology over the next five years. This is due to the competitive advantage it can provide to those who can already master it.
- The in-house creation of machine learning systems can be very expensive. Therefore, many large corporations are likely to ‘rent’ machine learning and other AI services from the Cloud.
- Revenues from cognitive systems and AI are set to grow from nearly $8 billion in 2016 to a staggering $47 billion+ in 2020.
- Tech titans – Google, Baidu, Microsoft, Apple, etc – spent between $20 to $30 billion on AI.
- Today, companies interact with their customers through a physical high street presence or through call centres – both are expensive. Chatbots can dramatically cut the cost of customer service by replacing human workers with AI.
Impact of machine learning on oil & gas
Oil and gas companies are increasingly adopting advanced technologies for their long-term growth and sustainability.
These companies have started partnering with technology companies to develop solutions using cloud computing, machine learning and data analytics.
This digital transformation aims to improve operational efficiency, cost, savings, and reduce the environmental impact of exploration and production activities through predictive maintenance.