Top 5 Market Forecasts of Artificial Intelligence
Since the recent past years, Artificial Intelligence (AI) is a buzzword in the market. Global industries are eying at Artificial intelligence to grab profitability. This is leading to increased attention towards AI and its applications. The companies are investing in emerging technologies like machine learning (ML), deep learning, predictive analytics, speech and image recognition, natural language processing (NLP) technologies to fuel their business.
In particular, machine learning and deep learning are emerging as the most fastest-growing technologies of artificial intelligence. However, these technologies are almost everywhere in 2019. And, it is expected that the adoption of AI with ML and deep learning is going to reach beyond market expectations. Hence, the popularity of AI and ML is rapidly expanding worldwide.
The researchers forecast that technology breakthroughs in AI will contribute maximum percent to the global economy in the future. According to market research companies, the value of the AI market US$ 190.61 billion by 2025. This growth is majorly deriving from the trade of AI-powered hardware, architectures, AI-based software products, and also from AI services.
Have you ever think that machines can do every task that is performed by humans? If your answer is yes, YES, you can think because AI is in the market. But, most of the firms are not fully aware of more advanced capabilities of artificial intelligence like AI is a decision-maker, AI is a strategic planner, and AI is also a guide! Do you agree with these facts! We have to agree.
Artificial intelligent systems and applications can do everything that you can do but with more accuracy and speed. Of course, they perform more efficiently than humans. Humans cannot beat AI performance.
Based on these facts and benefits, in this article, we’ve discussed the top trends of the global artificial intelligence software market. These predictions are surely expected to happen in 2020 and beyond. I hope that this will give you a brief on the AI forecast!
Here are five (5) major things that can expect to happen in 2020:
#1 Artificial Intelligence play a major role in every business
In 2019, the AI companies are almost recognized as what artificial intelligence can do for businesses. They identified specific business areas that are empowered using artificial intelligence. Proven initiatives in AI helping startups and organizations create and expand their brand in the market.
Now, we’ll look at the financial sector. AI is giving huge benefits to finance and banking clients. AI-enabled systems can collect and store thousands of customer’s transaction data using machine learning algorithms.
Retailers are involved in collecting vast customer data from branding events and receipts. These information logs are used to feed AI engines to know more about the brand of their services in the market.
The equipment manufacturers also use AI and predictive analytics to better understand the performance of machinery. In addition, this predictive technology is used to know when the machinery is likely to damage or fail. Hence, the manufacturers can avoid the equipment overhaul costs due to unexpected breakdowns in the systems.
Therefore, in 2019, the smart and AI-powered predictive technology and machine learning technologies were picked up in its initial deployments and expected to roll out across all business processes.
We are eagerly to watch an increasing shift in businesses towards artificial intelligence in the upcoming years. Explore more about USM’s AI services and solutions.
#2 AI: Not Kills Jobs. It Creates More Jobs
The experts are estimating that AI eliminates approximately 75% of employment in the future. Most of the industries are already using AI machines, devices, and apps. Thus, the replacement of humans with AI-machines can lead to global unemployment.
But this is not true. AI needs minimum human intervention to do tasks. Driven by the use of Artificial Intelligence technology, the human workforce has to spend more time with machines.
One of the leading market researchers, Gartner, predicted that AI will create increased jobs than it is taking right now. However, approximately 2 million jobs were at risk due to the emergence of automation in the manufacturing sector, Gartner forecasted the growth of artificial intelligence in healthcare, education, and other public sectors.
The best instance is manufacturing employees, and the physical retail workforce has often been replaced by automated technology. But, when it comes to healthcare and education, Artificial Intelligence service providers designed innovative products that can work with human experts. Intelligent AI-based devices assist them in doing monotonous tasks and help them in making the best business decisions.
It means that AI helps for the growth in human jobs. AI supports intelligently supports professionals to continue their actual work more innovatively.
#3 AI Trend: Increased Usage of AI Virtual Assistants
Artificial intelligence is continually taking over our daily lives. The development and deployment of intelligent AI assistants like Siri and Alexa are helping us in this modern world. These digital assistant services will become increasingly useful to guide the customers. They can learn from input data, analyze customer behaviors, and draw patterns to better understand users.
Data collected by virtual assistants allows service providers to realize exactly what features/services are providing value, and which are not. Hence, digital assistants can mimic human marketing and sales workforce.
Moreover, Artificial Intelligence assistants are developed using natural language algorithms to encrypt voice into machine-understandable data. Thus, these assistants can efficiently understand our communication ways.
#4 Artificial Intelligence Powers Trade and Defense
We have seen major changes and advancements in technology in 2019. Specifically, trade and defense sectors are highly using emerging artificial intelligence technologies for protecting their national interests. In the recent past, to face the export restrictions on AI-based products that are developed by US manufacturers, China has started its efforts on Artificial Intelligence research and development operations.
One of the Chinese leading technology manufacturer, Huawei, has announced that it will develop AI processing chips. This will surely reduce the need of Artificial Intelligent goods developed by the US tech manufacturers.
Accordingly, Google also planned to do business with the Chinese technology enterprises in a fear that its technology many be mobilized if they continue business with the US government. Thus, Artificial Intelligence technology will be increasingly adopted by the central government parties to control certain rights.
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#5 More Focus On Achieving Transparent AI
Increasing adoption of artificial intelligence, specifically when AI deals with vast data, is hampered by the black box issue. No human being can explain the decisions made by AI-powered machines. And, no one can understand immeasurable works of AI without a detailed understanding of what it’s doing.
To realize the potential of AI, we have to know what AI will do with data, how it draws patterns, and how it makes decisions from data. Accordingly, we also need to understand how AI will come up with valuable decisions for such problems that disturb human lives.
As AI be used to draw patterns or make recommendations or for any other specific tasks, it is somewhat difficult to build such integrated systems. Building trust in the public and the branding of AI systems into the market is also a complex task.
On the other hand, many companies rethinking to deploy artificial intelligence. The main reason behind this trend is that the enterprises are in fear that this evolving technology may judge as unethical in the future.
Yes, 2019 is observed as an important year for the development and deployment of AI. A noteworthy point is that AI OpenScale technology helps to know how Artificial Intelligence models make decisions. It also provides an explanation of how AI detect risks, reduce costs and deliver reliable outcomes. This OpenScale technology not only provides decisions, instead, it also gives a detailed explanation of how those decisions are being made. This kind of developments to further encourage businesses to work towards more transparency.
Artificial intelligence is the best and advanced technology that powers your brand. The AI strategies help brands perform an efficient business, deliver better customer experience, and implement outstanding marketing methods. Use USM’s AI Services, and we ensure the best business outcomes faster.
I got a great insight from this article, Nowadays Artificial intelligence helping a lot to any business growth, they do not only help in above-mentioned points but also in converting annual financial reports to ixbrl conversion which helps to save cost and time with the highest flexibility