Last Updated on June 29, 2024 by Team Experts
One thing that proved to be strong and robust amidst the pandemic was – technology. On the top was AI or Artificial Intelligence, one of the biggest niches for innovations and further developments. Indeed, AI plays a crucial part in how we live our lives today, with a major emphasis on our comforts in our day-to-day lives. Take the case of the Alexa from Amazon – a voice-based AI system that gives you recommendations on which movie to watch and what to buy for a dinner date.
AI has made its presence felt in many sectors, including healthcare and pharma, manufacturing, automobiles, retail sector, and more. The AI industry had an estimated size worth $39.9 billion in 2019 with a CAGR of 42.4%, till 2027. With almost 77% of electronic devices today being manufactured with in-built AI, this is one niche that has become the center of all technological innovations and playing a vital role in the digital revolution, all thanks to the experienced Python developers who have been constantly working on it. You can also take the services by hiring dedicated developers from India and give your dream a shape.
Microsoft is pioneering the AI tech revolution with almost 18,300 patents in the domain of AI registered in its name. The other brands that follow suit are IBM, Google, Samsung, and Qualcomm – all giants in their industrial domain. The World Intellectual Property Organization (WIPO) has shared its published report on the development of AI and AI-related patents shows that AI is being adopted across industries, and the growing number of patents is the clear-cut example of the same.
Here is a brief on the top AI trends.
AI as an integral part of the Healthcare industry
The advantage of using Artificial Intelligence is data precision. You can expect to see AI being leveraged across the healthcare industry to a greater extent this year. AI played an important role globally in identifying COVID patients and hotspots during the pandemic.
AI is now being used to develop thermal cameras and apps that help monitor temperatures from a distance. Besides, AI has wider applicability. Healthcare providers are increasingly being used to diagnose human health issues, advise preventive steps, remotely track patient health, offer teleconsultation, and more.
AI being used ethically
The fair use of digital technology, including Artificial Intelligence, is touted as one of the most emerging market trends. Most entities that focused on Artificial Intelligence and Machine Learning earlier were too driven by technology without much ethics.
Things, however, are changing now – industries and firms are now focused on best practices, blending their corporate values with data ethics and addressing pressing issues in AI. Some of the issues being addressed are: – how to address the loss of jobs due to AI and emerging technology, maintain control over bots and AI, the relation between humans and AI, and more.
Intelligent Process Automation
Robotic Process Automation (RPA) and Intelligent Process Automation (IPA) are fast becoming the way-to-go with most Fortune 500 companies doing it so aggressively. We expect to see more applicability of both these concepts.
Look around – self-driving cars or the use of technology-driven pickup and order in the retail sector are examples of AI enabling intelligent working. IPA includes RPA, AI, and Digital Process Automation (DPA). A report by McKinsey mentions that companies that are already working with IPA have reported automating at least 50% of their work and processes. It has helped drive at least process efficiencies in the range of 20% to 35% annually, leading to enhanced customer satisfaction.
Cybersecurity with AI
Ever since the digital revolution has happened, humanity has been exposed to different kinds of vulnerabilities. The faster the revolution happens, the impact of cybersecurity is being felt with greater force. AI has been embedded in the Cybersecurity market, with the usage of AI globally in the cybersecurity market is all set to go beyond $46.3 billion in the next six years. Since AI makes tools and systems intelligent, the power of AI can be used to fight off malware, ransomware, spam, phishing, and more with greater accuracy and enthusiasm.
Intelligent conversational AI
Global conversational AI is growing at a CAGR of 21.8%, forecasted to reach $13.9 billion in the next four years. Chatbots that use conversational AI are helping in offering a superior customer experience. Using Natural Language Processing (NLP), chatbots mimic human conversation and have helped companies across industries save millions. With personalized communication and multilingual support, chatbots have a more extensive role to play.
Predictive big data analytics
The niche of predictive data analytics helps deliver personalized services, helping deliver key business insights into critical goals. The role is to help improve revenues and brand loyalty. AI algorithms, software systems, and ML solutions work together to transition data into useful information.
These are used to create data visualization dashboards which in turn drive enhanced business and operational efficiency. It speeds up the decision-making process, improves enterprise productivity and efficacy. While all this has been happening for quite some time now, the trend of using AI for big data analytics is going to be more power-driven than ever before.
Internet of Behaviors (IoB)
IoB is a new trend but one that is growing rapidly. It is helping connect the world in a better manner. IoB is a process in which user-driven data is evaluated through a behavioral psychology perspective that paves the way to design better UX (User Experience), SXO (Search Experience Optimization), and products and services offered by brands.
Facial Recognition and location tracking devices are examples of the Internet of Behaviour model. As per a ZDNet report, almost 50% of the world will be part of an IoB program (commercial or Government) by 2025.
AI and the Metaverse
The concept of the Metaverse is gaining momentum, and AI is playing a crucial role in its development. AI is used to create more immersive and interactive virtual environments by enhancing the realism of virtual characters and environments.
Applications: Virtual reality (VR), augmented reality (AR), and mixed reality (MR) experiences, virtual social interactions, and gaming.
AI in Finance
AI is reshaping the financial industry with applications in trading, risk management, customer service, and fraud detection.
Applications: Algorithmic trading, credit scoring, financial forecasting, and personalized financial advice.
AI for Sustainability
AI is being leveraged to address environmental challenges by optimizing resource use, predicting environmental changes, and supporting sustainability initiatives.
Applications: Smart grids, climate modeling, environmental monitoring, and sustainable agriculture.
AI in Legal Tech
AI is transforming the legal industry by automating routine tasks, providing insights through data analysis, and enhancing legal research.
Applications: Contract analysis, predictive analytics for case outcomes, e-discovery, and legal research.
AI-Enhanced Robotics
Robotics combined with AI is leading to smarter, more autonomous robots capable of performing complex tasks.
Applications: Manufacturing, logistics, healthcare (surgical robots), and service robots in hospitality.
AI and Quantum Computing
Quantum computing is beginning to intersect with AI, promising to solve complex problems faster than classical computers.
Applications: Drug discovery, complex optimization problems, cryptography, and advanced machine learning algorithms.
AI-Driven Personalization
AI is enabling hyper-personalized experiences in various domains, from e-commerce to entertainment.
Applications: Personalized recommendations, targeted advertising, customized content, and customer service.
Workplace AI
It has been forecasted that almost one-third of companies working in the adaptive mode will adopt AI in the new workplace culture model. Some examples of the increased use of AI are – augmented customer services, intelligent document extraction, apps that track back-to-work health of employees, robots working for social separation, and more. Be it remote working or location-based working, physical workplace, and more; AI will find greater adoption in the workplace this year.
