We have already seen a wave of innovations across industries. Artificial Intelligence is just adding a new chapter to it. Artificial Intelligence is revolutionizing the industries. Impact of artificial intelligence can be seen in healthcare, finance and banking, business marketing and many more. Artificial Intelligence has helped industries to grow at the much faster rate.
What are Latest AI trends?
Before discussing the latest trends in artificial intelligence, let us first discuss artificial intelligence.
Artificial Intelligence is the branch of computer science that emphasizes the creation of intelligent machines that act and work like humans. Artificial Intelligence gives the power of reasoning, problem-solving and decision making to the machines. Artificial Intelligence applications include speech recognition, learning from past experience, robotics, theorem proving etc.
Some of the major trends in Artificial Intelligence are:
- Robotics Workforce
Almost every industry is using robotics in the assembly lines. Robotics is constantly replacing labor-intensive work with machines. Automation is industries has leveraged the productivity to a large extent. Also, artificial intelligence robotics machines have high precision and accuracy. They have the capability to work at a much faster rate than humans.
- Voice Assistants
One of the major trends in Artificial Intelligence is voice assistant. Voice recognition systems built using artificial intelligence are able to take human voice as an input, process it and work according to the instructions.
Chatbots are one of the latest trends in artificial intelligence. Chatbots are built using artificial intelligence algorithms that enable them to communicate with humans. Chatbots have gained significant importance in customer support service for the organizations. Chatbots are designed to be user-friendly that can answer the queries of customers.
- AI medical diagnostic systems
Artificial Intelligence has transformed the medical industry in a number of ways. Artificial intelligence systems have helped doctors to maintain the patient’s records, past illness, and various records. Also, artificial intelligence applications have been developed that can diagnose the disease of the patient from patient’s symptoms. Some of the more advanced Artificial Intelligence systems are able to perform typical surgeries also.
Let us now discuss how AI trends are boosting the profits and innovation of various industries.
- AI in Healthcare Industry
Healthcare industry is one of the first industries to be benefitted from artificial intelligence. In the past few years, we have seen a considerable amount of investment by this industry in the field of artificial intelligence. Artificial Intelligence has also helped healthcare industry is growing leaps and bounds. The huge amount of data is associated with healthcare industry.
Healthcare organizations want to get an insight of the data using data mining. But data mining of that much amount of data is a tough task. Artificial intelligence applications have helped these organizations in data mining and analyzing the results. Artificial intelligence as a service has helped in boosting the profits as well as innovation in healthcare.
AI has the potential of improving the outcomes by 40 percent and reducing the cost of treatment by 50 percent. This leads to increase in profits. Talking about innovations, AI has helped in the 3D printing of human body parts, diagnosis of disease at an early stage, virtual health assistant and many more.
- AI in Automotive Industry
The artificial industry is also revolutionizing automobile industry. Artificial intelligence is helping the automotive industry at every stage. AI helps in understands the dynamics of automobiles and can suggest designs that are robust. AI is also playing a big role in the manufacturing units of the automotive industry. This has increased the profits of automotive industries to many folds. Moreover, Tesla’s self-driving car is a giant leap in the automobile industry. Further research is going on like smart cars, accident prevention technology etc for the betterment of the automotive industry.
- AI in E-commerce Industry
The e-commerce industry is one of the fastest growing industry in the market. Artificial Intelligence has applications in E-commerce industry also. One of the best examples is the AI-based recommendation system. Whenever commerce recommends you a product, it involves a complex artificial intelligence algorithm in the background. AI system recommends you products on the basis of your past searches, demographic profile, and area of interest. Also, AI systems have also improved the customer support services.
Chances are that you may have used live chat tool on a website and the tool is AI-powered. Live chatbots help in improving the customer service that leverages the customer satisfaction. A good customer satisfaction leads to increase in sales that improve the profit of the websites. Artificial intelligence as a service has also helped to innovate the e-commerce industry in a number of ways- recommendation systems, prediction systems, smooth supply chain management is to name a few.
- AI in IT industry
Artificial Intelligence has a huge impact on the IT industry also. AI systems are helping programmers at every stage of software development cycle. For example, AI plays a major role in deciding the architecture of the software, technologies to be used and also in software deployment.
Automation tools build in AI make quality assurance better. AI has increased the profits of IT industries by increasing the productivity of the developers. Also, AI has innovated the IT industry by building better real-world software that can interact with the environment like voice recognition, face detection, image and video labeling etc.
With every passing day, artificial intelligence applications are adding a new chapter in the technological advancements. Artificial intelligence has an impact on almost every industry- be it healthcare, automobile or IT. Artificial intelligence has the ability to handle a huge amount of data. Latest trends in artificial intelligence have helped various industries in improving the productivity as well as the way things were done. Therefore industries are also investing huge budget in the research and development in the field of artificial intelligence. This will be beneficial for the industries in the long run.
How Big Data Is Empowering AI and Machine Learning?
The world is growing at an enormous speed every moment, and at the same speed is growing the overall data size across the globe, which technically constitutes the term known as ‘Big Data’. Apart from big data, a yet another technological revolution that is taking the world by storm these days is ‘Artificial Intelligence’ or AI and ‘Machine Learning’.
In simple terms, AI and machine learning is a set of technologies that empower connected machines and computers to learn, evolve and improve upon their own learning by reiterating and consistently updating the data bank through recursive experiments and human intervention.
As a matter of fact, the technological giants, corporations, and data scientists worldwide are already foreseeing big data to make a huge difference in the overall AI and machine learning landscape. In the annual Big Data Executive Survey conducted by NewVantage Partners this year, 88.5% of top executives surveyed were found saying that AI is going to be the most dominant factor that will have a disruptive impact on their companies. Let’s have a look how is it going to realize in practical terms.
Big Data to Enhance Artificial Intelligence
Inherently, machine learning is defined as an advanced application of AI in interconnected machines and peripherals by granting them access to databases and making them learn new things from it on their own in a programmed manner. As the size of big data is continuously growing and new grounds are being broken in analyzing its implications as well, it is becoming more meaningful and contextually relevant for the machines to have a better idea of their functions with the help of big data analysis.
For example, the automation infrastructure of a leather garments plant based in Bangladesh that exports its products to the entire European market will be able to judge market requirements for the coming winter season in much accurate and insightful manner if it is able to access and analyze big data reports about the market, financial and weather conditions of that area throughout the year.
Big Data to Help Expand AI & Machine Learning Workforce
One of the major concerns people are having about AI today is that it will minimize human requirement in all the job sectors as most of the work will be done by robots and AI-based computers in future, while the truth is far from it when observed with the role to be played by big data in the picture. The sentimental and emotional big data analysis will always require human intelligence as the machines lack emotional intelligence and decision-making abilities based on sentiments.
For example, a data scientist analyzing the big data pertaining to a pharmaceutical giant that caters to the needs of South-East Asian market may be able to sense the pharmaceutical prescriptions to be launched in those areas keeping the local inhibitions and reservations in mind, while computer-based big data analysis can never yield such contextually sensitive search results.
Hence, the increasing collaboration between AI, machine learning, and big data will only make way for talented and capable human data scientists to consistently evolve and rise in the market, and by all means, they will be required in a much huge number as the applications of these technologies gain movement.
AI & Machine Intelligence Solution Providers to Benefit from Big Data
Right now, the overall size of global markets for machine learning and artificial intelligence based solutions is highly limited. With increasing proliferation of big data analysis into the artificial intelligence and machine learning procedures, devices and machines will get smarter and able to perform in a better manner. This will lead to consistent improvement, enhancement and advancement in AI solutions which will boost the market adoption of these solutions, giving rise to a high increase in their market demand.
In his analytical piece, James Canton, a well-known Big Data, and AI expert suggests that as in near future even the network nodes, chips, sensors and the software programs that will run IoT networks will be AI enabled via the cloud or at the chip or infrastructure level, it will be impossible for the massive global IoT network of tomorrow that will process, distribute, collect big data to enable us, humans, to run this network without a digital brain or AI based solution that is smart enough to do this.
For example, big data analysis of AI best learning in the schools of rural and smaller towns of Latin American regions ten years hence will help inconsistent modification and revision of AI-based academic solutions, so that more schools and educational institutions will be encouraged to adopt artificial intelligence into their training and teaching methods and the market sector will witness a considerable growth accordingly.
Big Data to help in Global Diversification of AI &Machine Learning Offerings
With the advent of newer technologies and increasing scales of production, the prices of AI and machine learning based solutions will fall considerably. This will result in a massive adoption of these devices in third world nations which have diverse cultural, religious, ethnic, linguistic and political affiliations and inclinations. Therefore, the artificial intelligence and machine learning solutions to be provided in these markets will have to be trained and skilled differently from each other.
Banking upon big data analysis of these factors from region to region, the artificial intelligence and machine learning solutions will be able to be relevantly molded and trained so that the sentiment of different demographics don’t get hurt, and these solutions also prove to be useful to the customers. For example, a women-centric artificial intelligence solution catering to the needs of Iranian women will have to be designed, developed and trained in an entirely different manner than the same being targeted upon the female customers in the Sri Lankan market.
Big Data backed Market Analysis to Boost AI & Machine Learning Adoption
Right now, the market sector of artificial intelligence and machine learning based products is in its nascent stage. As the market will grow, players will come to realize what sorts of product offerings, features and functionality are preferred by customers to have or not have on their devices and solutions. Here again, big data will come as a formidable rescue to the enterprises developing and selling AI and machine learning based solutions.
A market-wide and deep big data analysis focusing upon the sales patterns, feedback, and suggestions gathered from a large section of customers will allow the companies to develop solutions and services that are found to be more suitable according to the requirements of their customers.
For instance, an AI-based solution predicting forecasts in the commodity exchange in India will be required to undergo enormous modifications and improvements to fulfil the requirements of a large section of sellers and buyers, owing to the huge number of commodities varying from each other in terms of demands in local markets, seasons of availability and the control prices