Jeff Herbst, vice president of business development at Nvidia and head of Nvidia GPU Ventures, and George Hoyem, managing partner at In-Q-Tel, have shared their predictions on the artificial intelligence (AI) market at the GCV Digital Forum 2021.
During the discussion, the pair provided an overview of the current AI market and revealed their thoughts about where the technology is heading over the next few years and beyond.
Herbst said: “Modern AI is basically pattern recognition on data, whether it is images or voice.”
“Fundamentally what is going on in the world right now is that the traditional model of how computers are programmed has been turned on its head.”
He added that in the past, software engineers used to write code which produced data, but now the scalable way of building applications was through processing vast amounts of data and recognising patterns from it.
Herbst predicted the industries that would be transformed by AI the most will be the those that manage large amounts of data such as healthcare or retail.
Hoyem said that in the same way most technology utilises the internet today, AI was also heading in a similar direction.
“It is going to creep into every vertical application and it starts with things that are highly parallelised and data sets like images, voice and even unstructured text.”
“It is going to cover pretty much everything in about ten years, in my opinion.”