Let’s begin with a definition of AI (artificial intelligence). Artificial intelligence (AI) is a technology by which computers use high amounts of data input and prediction models to learn, provide outcomes and adjust to new inputs in order to perform human-like tasks. Here is how ChatGPT, a large language model generative AI tool, discussed further below, defines AI.
“Artificial Intelligence refers to the development of computer systems that can perform tasks that typically require human intelligence, such as learning, problem-solving, decision-making, and perception. AI systems are designed to analyze and interpret complex data, identify patterns and trends, and make predictions based on that data.
There are many different types of AI systems, including machine learning, deep learning, and natural language processing. Machine learning involves training an AI system on a large dataset so that it can learn and improve its performance over time. Deep learning involves training an AI system on multiple layers of neural networks to perform more complex tasks. Natural language processing involves teaching an AI system to understand and interpret human language.
AI is used in a variety of applications, such as speech recognition, image recognition, autonomous vehicles, and recommendation systems. AI is also being used to solve complex problems in fields such as healthcare, finance, and environmental science.”
According to Bloomberg, the global AI market was valued at nearly $59.7 billion in 2021 and is estimated to reach $422.4 billion by 2028. Generative AI is just one piece of this much larger pie. In fact, the number of AI-related patents issued, for example, increased from 3,267 in 2017 to 18,753 in 2021. By early November 2022, the USPTO had issued 15,992 AI-related patents in eleven months. Analysts anticipate those numbers to increase exponentially in the coming months and years.
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Source: Generative AI for Legal Marketing: Today’s Pros and Pitfalls | Legaltech News
