Alberta Artificial Intelligence Expansion - Investing $100Mn in Technology Industry
Published Date | 2019 February 22
Alberta Province announced to spend $100 Million over the five years in the technology industry will accelerate the Artificial Intelligence Market.Global: The Alberta government plans to invest $100 million over five years for the advancement in technology industry with the help of AI. Apart from this, this will attract investment from artificial intelligence-focused tech companies. It is all set to become a hub for high-tech and the overall investment will create over 140 new companies. The spending will be used by Alberta Innovates, the province’s research development agency, and the non-profit Alberta Machine Intelligence Institute. The initial funding will help Edmonton-based Amii to expand the new office in Calgary. The investment is in addition to the $50 million which was announced last year for 3,000 new high-tech post-secondary training spots. Alberta is set to become a hub for high-tech and that the overall investment will create over 140 new companies. According to BlueWeave Consulting, with the investment announced by Alberta province for technology advancement helps in the demonstration of AI in different sections will enhance digital transformation to a broader level. Increasing adoption rate of big data and AI advanced has benefited the global artificial intelligence market. Various end-use industries have also employed artificial intelligence such as retail and business analysis which boosts the demand in the market. Moreover, the growing progression of machine interpretation, question acknowledgment, and protest observation has further enlarged the demand for artificial intelligence. New AI implementation will bridge the skills gap and enhance employability. Software as a service (SaaS) applications and cloud platforms will continue to drive benefits for companies of all types and sizes. The future of SaaS applications will include AI-powered automation software to streamline workflow by automating common tasks. Additionally, the wider adoption of the cloud will also require enhanced security protections and next-generation flash storage processors. In addition, this will allow the customers to more securely operate even the most sensitive applications without having to trust the cloud. The introduction of a new category of the product enables cloud and enterprise data centers to access data up to 50x faster with 1/10th of the computational load and power consumption. According to BlueWeave consulting’s upcoming report, Titled-“ Artificial Intelligence Market By Technology (Automated Robotic System, Expert System, Embedded System, Digital Assistance System, and Artificial Neural Network), By Application (Cyber Security, Context Aware Processing, Speech Recognition, Video Analysis, Gesture Control, Language Processing, Querying Method, Digital Personal Assistant, Image Recognitio, Smart Robots, and Deep Learning),By End-Use (Media & Advertising, BFSI, IT & Telecom, Retail, Healthcare, Automotive & Transportation, and Others), Size and Forecast, 2019-2025,”- Artificial intelligence has been one of the fastest-growing technologies in recent years. AI is connected to human intelligence with similar characteristics such as language understanding, reasoning, learning, problem solving, and others. Manufacturers in the market observe enormous underlying intellectual challenges in the development and revision of such a technology. AI is stood at the core of the next gen software technologies in the market.