Microsoft announced Project AirSim, a simulator for virtual training of AI systems for drones, flying taxis and autonomous aircraft. The cloud-based platform allows users to create, train and test drones using simulated 3D environments in real-world scenarios. Microsoft said it will be available to customers in a limited preview.
Project AirSim enables artificial intelligence models to carry out millions of simulated flights in a short time. This trains the models to respond to various real-world conditions, such as wind and harsh weather, without having to experience them in the real world, claim the makers.
Digital Twin Market
IMARC Group analysts predict that the digital twin market will grow by 31.7% between 2022 and 2027, and by then digital twins will become a $ 54.6 billion industry (in 2021 the market was valued at approximately USD 10.3 billion). Emmergen Research released a related report and predicted the market to reach $ 106.26 billion by 2028.
The valuation reflects market growth following the COVID-19 pandemic.
The IMARC Group article stated that the digital twin market will grow by 31.7%, especially in the healthcare and manufacturing industries.
Emergen Research reports include Microsoft Corporation, Oracle Corporation, IBM Corporation, PTC Inc., Ansys Inc. and few others as critical players in scaling digital twin technologies.
Banking is already looking for AI solutions
The Wall Street Journal in its report revealed that more and more banks and financial institutions are looking for AI solutions to detect financial crimes and avoid regulatory scrutiny. It’s not yet a regulatory mandate, but experts say the federal government is expecting banks to introduce more AI solutions that identify criminal activity in transactions.
Regulators and insiders are putting pressure on financial institutions that are staying behind to bolster their AI technology.
Forrester says machine learning, computer vision, and natural language processing are among the most important technology investments for banks this year.
Banks’ budgets for AI / ML remain high. Artificial Intelligence can accelerate the automation of processes in areas such as fraud detection and lending.