Artificial Intelligence (AI) continues to make big strides as a changemaker across various industries, unlocking significant opportunities to transform the world as we know it.. It is expected that the AI market will be worth USD $16.06 billion by 2022, growing at a compound annual growth rate (CAGR) of 62.9% from 2016, according to research firm Matkets and Makets. AI has made notable progress in recent years and now companies are exploring its practical applications to drive business growth. Here, we will examine emerging AI trends and how they’re changing our world. .
AI will permeate every industry
With the widespread adoption of AI across a broad range of industries, the trend of cognitive computing will continue in 2017, bringing us several advantages via data processing and capacity. AI has already made several breakthroughs in the healthcare industry. In fact, IDC forecasted a CAGR of 69.3% for investment in healthcare AI over a five-year period, especially in the areas of pharmaceutical research, diagnosis and treatment systems.
Other sectors that AI is changing significantly are banking and e-commerce, which are now using the technology for real-time monitoring, market analysis, customer relationship management and risk control. The advanced algorithms and techniques AI brings to the table has added real business value as a result.
Machine will emerge as the dominant technology
Machine learning’s predictive capacity has supported several products to help businesses improve their processes and operations. Key players in global markets such as IBM, Alibaba Cloud, Google and Microsoft have made notable developments in advancing their own machine learning technologies and algorithms. Its applications include image and video recognition, speech analysis, language processing, search engines, and more.
Going beyond the visual
Chatbots are growing increasingly popular with messaging applications, particularly for marketers and retailers. All kinds of chatbots were introduced to the market in 2016, including over 11,000 bots that went live on Facebook Messenger. Other companies including Microsoft Tay and Google AlphaGo have been joining the trend.
Making use of natural user interfaces including voice, visual and chat, these software programs can process natural language and communicate with consumers through messaging services or email. The power of voice is emerging and this is shaping a new definition of how brands make use of these new touchpoints to communicate with consumers.
Intelligent applications on the rise
Enterprises across industries have been incorporating AI technology into their existing IT systems, in particular web and mobile apps. AI supports technology such as digital assistants with prioritizing abilities to facilitate operations, scheduling meetings and providing advanced analytics.
According to Gartner, it is expected that most of the world’s 200 largest companies will employ intelligent apps and utilize the full suite of big data and analytics tools by 2018.
Hardware will still play an important role in supporting AI technology. As the leading chipmaker in the world, Intel just unveiled its robust AI platform — Intel® Nervana™ during its Intel AI Day event in November, testing AI-specific hardware optimized for neural networks to deliver the highest performance.
Other developers such as AMD are racing to develop hardware specifically for AI applications, such as robots, self-driving cars and drones. IDC forecasted that the revenue of AI hardware will increase at a CAGR of more than 60% over the next five years. Engineers and developers will continue to innovate on both the hardware and software fronts, transforming the way businesses operate and how they leverage data.
With the fascinating developments being made in the AI sphere, there is still a challenge for companies struggling to keep pace as this sophisticated technology continues to evolve. In order to reap the best benefits, these companies have to start thinking about what they need from a fundamental perspective and therefore reach out to the right vendors who can provide the right technological solutions to their needs.