The possibilities of artificial intelligence (AI) are infinite and beyond the scope of our imagination. AI is the core of the epoch of automation, machine learning, smart gadgets, connected mobility and Industry 4.0. It is empowering a whole lot from decision-making, predictive analysis, robotics, healthcare, agriculture, logistics, construction, to banking, aerospace and others. AI won’t be limited to powerful computers, robots and smart devices but would be ubiquitous in the near future.
It might have felt like a sci-fi movie a few years ago, but who would have thought that there would be autonomous vehicles on public roads, facial recognition, devices and machines mimicking humans?
According to Forbes, the percentage of companies spending over $50 million on big data and AI increased to 64.8% in 2020 from just 39.7% in 2018. Around 75 countries are currently using AI technology for surveillance purposes via smart city platforms, facial recognition systems, and smart policing.
Below are some major AI trends to look out for in 2020 and later years.
Robotization: When we think of AI, we can think of programmed robots replacing workers at assembly line, which has become a trend in the recent past. Automating our daily tasks by training the robots not just partially but completely, is on its way. These robots can not only be employed for manual and tedious tasks but also semi-skilled and skilled work such as data reporting, form filling, sending emails and acknowledgements. In Japan, by 2025, more than 80% of elderly care would be done by robots, not caregivers.
Chatbots: Natural Language Processing (NLP) is a subfield of AI that allows automatic manipulation of natural human language using algorithms. With the help of NLP, AI can analyze real time user sentiments, their behavior and likes and dislikes for a product, service or content. It can thus improve the customer experience by providing personalized recommendations and in fact help businesses reduce churn and identify new business opportunities.
The trends show that chatbot market size is projected to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 29.7% during the forecast period.
Computer Vision: A field of AI that trains computers to obtain information from digital images or multi-dimensional data is the technology behind facial recognition, image classification, pattern and object detection. It can build imaging frameworks to gather unstructured data from non-standard data sources using ML and deep learning algorithms. It can identify unauthorized objects with the help of existing surveillance infrastructure thereby increasing safety and making some processes contactless.
Decision Intelligence: Predictive analysis coupled with AI can be termed as Decision Intelligence. It can help businesses make quicker decisions with predictive outcomes. It helps in collection of data to make the right decision without settling for any suboptimal option and further allows them to identify their potential customers or probable responses by using personalized data collected over time. It can use intensive customer-centric data that can increase sales, generate leads, and enhance customer satisfaction along with reduced costs.
Increased Cybersecurity: As the digital world expands, the need of data and cyber security also needs consideration. As per Gartner, the number of connected devices used in households is predicted to increase from 9 devices per household currently to 500 by 2022. This means the users are prone to cyberattacks like hacking and phishing. But, with help of ML algorithms, AI bolstered security mechanism can safeguard us from the malicious attacks. It can detect malware and viruses with the help of pattern recognition as well as provides predictive functionalities.
Personalized Services: To provide better customer experience, companies need to provide more personalized and relevant services to retain customer base and remain up-to-date with the trends. AI can offer the solution of personalized services and content when coupled with other advancements like geo-location ability.
According to the Gartner 2020 CIO Agenda Survey, leading organizations expect to double the number of AI projects in place within the next year, and over 40% of them plan to actually deploy AI solutions by the end of 2020.