Take a moment and think how far we have come since the advent of the computer. It was built for the sole purpose of breaking codes and now it has the ability to “think”. The science-fiction movies have been threatening with the inevitable war between humans and machines and how artificial intelligence (AI) would be the end of human society. However, scientists beg to differ. The developments in the AI technologies have been unlocking new doors to help humanity by improving every industry, including healthcare, food & beverage, safety & security, and hospitality industry.
According to a research firm, Allied Market Research, the global artificial intelligence market is projected to garner $169.41 billion by 2025, registering a compound annual growth rate (CAGR) of 55.6% through 2025. As per Allied, growth in the demand for analyzing and interpreting large amount of data and rise in adoption of a cloud-based application drives the AI market.
Considering the undying hubbub of AI, here are some latest trends in the AI market that you cannot afford to miss …
1. Voice assistance
Google Assistance, Amazon Echo, Alexa, and Cortana are some of the best examples of the application of AI-based voice assistance in the day-to-day life. It is clear that AI can completely reform the way we interact with machines. The traditional method of online purchasing and advertising along with various other business modules could be revolutionized by the advent of AI. AI and machine learning can help understand how human voice requests and what user preferences are while people use online shopping platforms.
Recently, Google launched a voice assistance app, Voice Access, to help people with limited mobility to use their phones. This app helps user a hands-free way to edit text, call, write, and chat with Google Assistant. Moreover, it offers specific command that can perform functions such as navigating through apps, scrolling, or clicking a button.
The technology of AI is not limited to a supercomputer, dealing with big data, or reducing the redundant tasks; it has become the core of smartphones and smart wearables. Using AI chips, the tech giants such as Apple are taking AI to a new level. In fact, edge and fog computing are the new arrivals in the AI industry. The trend of development of decentralized network built on blockchain has entered in the market. The most important benefit of decentralized AI is that one can combine multiple algorithms performing different tasks and have access to the training data exchanged on the network. For instance, while designing cybersecurity solutions, there is not a single software package that handles all security-related tasks. Thus, companies have to use multiple centralized AI solutions and customize them according to their needs, which increases risk associated with data security and domain-specific knowledge.
On the other hand, AI on the edge can reduce response time with decentralization. For instance, the smart doorbell will no longer send the video of the person standing outside; with the help of AI, advanced sensors, and facial recognition or voice recognition, only name of the visitor would get notified to the homeowner. In addition, edge AI would help train your personal AI assistant locally that can recognize your voice, accent, or identify faces.
3. Self-driving cars
Since Elon Musk unveiled the world’s first self-driving car, there is a street fight between automobile companies to release the most self-sufficient car. Despite the fact that there is a long way to cross to develop the most reliable autonomous car, the incorporation of AI has become the major pillar of the future of self-driving cars.
Recently, Musk stated that Tesla could unveil full self-driving cars on the road by the end of 2019 and none of the Tesla competitors come close to Tesla in terms of achieving a generalized solution. However, the biggest competitor of Google’s Waymo, Pony.ai, recently announced that the company can win the race of self-driving cars. Hu Wen, the Chief Operating Officer of Pony.ai stated, “You have to ensure the whole safety system of the car and you have to pace yourself while dealing with AI and autonomous cars.” China’s autonomous vehicle market has been racing to compete with the U.S. companies such as General Motors and Tesla and Pony.ai is the biggest competitor that could be on the verge of cracking every issue associated with autonomous cars.
4. Content created by AI
No industry will be spared by AI; even writing content for websites. In fact, several major brands such as USA Today incorporate AI technology to create unique content. For instance, Wibbitz, the video creation platform, offers software-as-a-service (SaaS) platform that allows publishers to transform written content into videos with the help of AI-based video production application, reducing hours of employees to create compelling videos. Similarly, Associated Press, a news agency company, has been using an AI tool, Wordsmith, to apply natural-language generation to create news.
Apart from this, there are several AI-based copywriting tools available in the market, including Grammarly and Quill. According to the website of Grammarly, it is powered by an advanced system that follows rules, patterns, machine learning, deep learning, and natural language processing (NLP) to improve users’ writing skills. On the other hand, Quill uses AI technology to analyze and interpret data and configure those settings to develop suitable tone of the article that fits the business requirements. Thus, in the future, more AI-based tools are expected to launch that can delicately write compelling content and help user improve their writing skills.
5. AI to battle chronic diseases
With the help of machine learning, we can efficiently deal with the massive data generated by hospitals and other healthcare centers. Applications with AI at its core could help to diagnose chronic diseases such as cancer and chronic kidney failure at an early stage, which could reduce potential health risks. Moreover, machine learning can help in gene-sequencing, drug discovery, clinical trials, and predicting an epidemic outbreak. Experts believe that the combination of AI and blockchain can identify and analyze ailments to create new drugs, treatments, and cures in the minimalistic time and cost.
According to Allied Market Research, the global #AI market is projected at $169.41B by 2025, a CAGR of 55.6%.
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In the last two years, thousands of new AI companies have acquired million-dollar funding from the tech giants in the Silicon Valley and more than half of those startups have gained equity. Thus, it is clear that the trend of AI is here to stay and the normalization and mainstreaming of it will happen sooner or later.