Artificial Intelligence has emerged as one of the positive innovations made in recent years. More than 50% of companies have started adopting AI for their business operations. Utilizing AI technology has helped businesses worldwide to improve their efficiency and productivity. The world is moving quickly, and in every second, some new technology is developed.As per research by experts, AI is about to overtake almost all industries in the upcoming years. By 2030, it is expected that AI will expand across several industries at a CAGR of 37.3%. And, it will also help in tackling unemployment by creating new job opportunities. So, an entrepreneur needs to be aware of the current and changing trends in AI to gain a competitive edge in the market. Let’s check the Top 10 trends in the AI industry.
1. Quantum Machine Learning
Quantum computing is becoming a favourite trend amongst AI users due to its massive speed in calculations and solving heavy computing workloads. Quantum ML can potentially develop machine learning models that can solve problems related to supercomputers and classic computing. They can solve these complex tasks easily that are sometimes considered impossible to find solutions for.
2. Generative AI
Generative AI is a part of machine learning in which a new data set is created using the existing data set. It focuses on creating data close to real-world input data. One of its applications is GPT-3 that can autocomplete a text after researching millions of pages on the Internet. Another famous example is ChatGPT, which can answer questions or perform an instruction after going through human feedback sources.
The current belief is that AI usage is going to speed up in the corporate sector. There is a trend of low-code,no-code in which companies can customize their AI system using pre-built templates and the method of drag-and-drop. It enables smooth integration of AI technology with the existing workflow. It can automate routine tasks such as invoice creation, billing, etc. This low-code and no-code AI will create many exciting opportunities for people with problem-solving skills.
4. AI In Voice Technology
Many businesses have already started using biometrics and voice authentication instead of passwords or PINs. Many banking sectors have started using voice recognition technology ,allowing customers to access their accounts using speech authentication. AI can even create a new audio from a human voice sample. This process is called voice cloning. Businesses have started utilizing voice cloning feature to localize the content.
5. Ethical AI
Ethical AI is another upcoming notable trend in the AI market. AI certainly offers some opportunities, but it can sometimes be disruptive. If not utilized correctly, it can cause some potential damage to our system. It has already gained a lot of attention and has been a topic of discussion for its bias, lack of transparent, and the possibility of displacing human jobs. The demand for Ethical AI is increasing with businesses trying to reduce the adverse effects of AI by adhering to specific ethical standards and safety norms while adopting AI technology.
6. Predictive Analytics
Predictive Analytics is becoming a popular AI trend within most tech companies. In Predictive Analytics, data algorithms and ML techniques predicts the likelihood of a future event based on historical data. So, it tries to identify what will happen in the future based on what has already happened in the past. It can also identify criminal behaviour and prevent frauds. By optimizing marketing campaigns, it helps businesses to attract more profitable customers.
Artificial Intelligence for Operations(AIOps) is an emerging AI technology that has the potential to reduce pressures of IT operations. The name AIOps was first coined by Gartner in 2016. Formed with a combination of two powerful words, AI and Operations, it is a platform that utilizes machine learning techniques and data analytics to identify and resolve IT operational issues. It offers cross-team cooperation and smooth integration of IT operations.
8. Digital Twinning
The process of Digital Twinning is ready to take over the AI market in the coming years. It’s a process by which a digital replica of an object is developed to predict its performance. This trend is likely to benefit manufacturing industries operating at large scale, energy sector, and urban development industry. The Omniverse is an example of digital twin technology. Many prominent companies including BMW and Lowe’s have started using digital twinning in their business operations.
9. AI For Personalization
Marketers understand that a customer gets attracted to a creative product, and with personalization, customers receive their preferred product at the right time. AI can help boost creativity and expand human imagination to wider audiences. AI-powered data sciences are used to narrow down customers based on specific criteria. Later, based on their preferences, products are customized.Personalized selling helps businesses drive better customer engagement and loyalty.
10. AI-augmented Apps
AI-augmented apps have emerged as an effective strategy for generating next-gen customer experience. Some examples of AI-generated apps are Bing, Snapchat, Expedia, and Coursera. Adobe has recently integrated generative AI in its Firefly design tools to eliminate the fear of copyright and ownership issues in the future. These apps use machine learning techniques to analyze the data and help humans make wiser decisions. Developing apps with recent technologies such as AR and VR plays a crucial role in current AI trends.