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Latest Trends in Artificial Intelligence

Artificial Intelligence (AI) revenues will reach $47 billion in 2020, from $8.0 billion last year, According to International Data Corporation (IDC).  Artificial Intelligence is complex technologies and algorithms that enable machines, software, and systems to make human-like decisions. 2016 saw a dramatic increase in interest in Artificial Intelligence, and that trend is continuing in 2017. End user organizations and software developers are in the process of deploying artificial intelligence into almost every type of enterprise process or application. Since AI represents an important opportunity, today we will highlight 10 contemporary technology trends in artificial intelligence.

1) More AI hardware

Nowadays, hardware is getting a lot of attention in the AI industry.  Recently, Intel detailed its efforts to make artificial intelligence “available for all’ through building AI capabilities into its chips. Other developers are focusing on AI-powered autonomous robots, vehicles and drones. IDC predicted that AI hardware revenues will grow at a compound annual growth rate of over 60% over the next five years.

2) Increase in the number of AI start-ups

According to a research from CB Insights, a venture capital analysis firm that support the idea that Artificial intelligence is the next major revolution, investors backed more AI start-ups in the 1st quarter of 2016 than in any other quarter. With numerous opportunities available, people are rushing to start companies focused on AI. In its recent report, Venture Scanner listed 1500 AI start-ups with over $9.1 billion in total funding from 73 different countries.

3) Rise of intelligent apps

Many enterprises are incorporating AI into their internal enterprise application, Web apps, and mobile apps. AI is helping such enterprises to prioritize to-do lists, schedule meetings, find hidden insights in data, and much more.  By 2018, it is expected that most of the world’s largest companies will exploit intelligent apps to improve customer experience and refine their offers.

4) Artificial Intelligence’s Impact on Jobs

While AI is improving the quality, speed, and cost of goods and services, it is also displacing large numbers of workers. Many businesses continue to automate their operations instead of hiring additional workers. According to Forrester, Cognitive technologies such as artificial intelligence, automation, machine learning and robots will replace 7% of US jobs by 2015.

5) Intersection of AI with Internet of Things

Artificial intelligence has intersected with the Internet of Things (IoT) to give what is commonly known as “intelligent things”. Existing things will increasingly become intelligent things, providing power of AI enabled system in every place, including our homes, factories, medical facilities, and offices.

6) Improved medical research

Medical research is one of the areas where AI is expected to bring great impacts. According to IDC, diagnosis and treatment system is one of the areas that attracted the most investment in 2016. Over a five-year period, the corporation predicts a compound annual growth rate (CAGR) of 69.3% for investment in healthcare AI.

7) Improving predictions

Artificial intelligence is constantly improving our predictive capabilities.  A shift towards AI is a likely evolution of research and investment into big data analytics. Currently, scientists have developed an artificial intelligence system that accurately predicts when patients with heart problems will die. Just before the recent U.S. presidential election, an Indian start-up predicted that Trump would win the election.  We expect that many industries will use AI to improve their prediction capabilities.

8) Breakthroughs in emotional understanding

The ability of AI to detect human emotions is one of the most important areas of research.  Computer’s ability to accurately understand speech is leading to a “nearly seamless” interaction between human and computer. With increasingly accurate facial and voice recognition, computers are detecting human emotional state. This new knowledge is expected to be used in education, business and health institutions.

9) Spaces will become participants

Our spaces will no longer just store and support activities— they are going to participate. The built environment will be a system of learning and evolution, integrating with aesthetics and the functions of protecting us from various elements. AI will be used to identify usage patterns, allowing us to reconfigure space in order to drive new behaviour in health care, research, retail, work, and manufacturing.

10) AI in customer service and shopping

Speaking of shopping and customer service, businesses are starting to use artificial intelligence to figure out what makes consumers happy or unhappy. For instance, North Face is using AI to help clients figure out the perfect item. According to Forbes, artificial technology is expected to change customer service in a big way.

If you have a technology business focusing on Artificial Intelligence, Business Intelligence or Fintech, Join this Technology Directory, list your business here on Tech Directory.

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