Venture into the current and emerging AI trends, such as generative AI, multimodal AI, and autonomous vehicles, highlighting their potential impacts on various sectors. This blog covers the evolution of AI, from sci-fi concepts to practical applications, and explores how these innovations will revolutionize industries like healthcare, cybersecurity, and agriculture.
No matter in which industry you are working, you might have noticed the sudden shift toward the adoption of Artificial Intelligence to improve the quality and speed of business operations. Even AI voice assistants like Google Nest and Amazon Echo Dot have become an integral part of our homes. It comes as no surprise that the AI market is growing at 28.46% CAGR and will cross 826.70 billion USD by 2030.
But have you ever wondered what more is there to AI and what you are going to witness in the next few years? In this article, we will try to cover numerous AI trends in different industries and how they would be beneficial to us.
Why do AI Trends Matter in Today's World?
Remember when AI was just a popular concept in sci-fi movies, featuring everything from apocalyptical visions to human-like robots? But now, it's a reality.
AI is everywhere - in our homes, fridges, smartphones, PCs, and vehicles, like a friend who photobombs all your pictures. From YouTube recommendations to disease diagnosis, insurance fraud prevention, and chatbots, we're already part of an AI-driven world.
Artificial intelligence today does more than recommend a show that may like, based on your preference, or provide updates on the weather. It helps the business world tackle policy problems, optimize treatments, predict outbreaks, and much more.
AI in today’s world is making it smarter, more efficient, and a better place for us.
What Is Artificial Intelligence?
Artificial Intelligence is the computer science technology that uses data, computational power, and algorithms to generate machines. These machines can complete different tasks by mimicking human intelligence. In general, AI works by taking large data volumes for training, analyzing these labeled data, and using them to predict the ups and downs of the business, allowing informed decision-making.
To program an AI system, developers need to focus on cognitive skills like learning, reasoning, self-correction, and creativity. Following these will help them write algorithms that provide step-by-step instructions to perform a given set of tasks; reasoning allows AI systems to pick the right algorithm to achieve the desired result; self-correction helps in continuously learning to provide as accurate results as possible; and creativity helps these systems use neural networks* and other AI techniques to generate images, videos, text, and more.
P.S. Neural networks allow AI systems to recognize patterns and solve usual problems.
Top 10 AI Trends That Will Be Witnessed in the Next Few Years
2022 marked the beginning of the revolution in Artificial Intelligence, it was the year when generative AI came into view giving rise to AI tools like ChatGPT, DALL-E, Adobe Firefly, and more. While Gen AI is still captivating the world, the focus has shifted to other real-life applications.
Starting from Gen AI, we will scour through upcoming AI trends across industries.
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1. Generative AI
As we have witnessed in the past two years, generative AI tools prove that all that glitters isn’t gold. Although it has captured the attention of a wide range of users worldwide, it is still not delivering economic value to organizations.
A large number of users believe that the technology has the potential to transform industries but it still needs time for improvement. Currently, Gen AI is in the experiment phase and to be used in the production environments, it will require more investments and organizational changes that we might see in the upcoming years.
2. Multimodal AI
When working with generative AI, users mostly use other AI tools to generate videos, images, and audio for their projects. But it unnecessarily makes the task time-consuming and repetitive. To overcome this, IT giants like Google and IBM started working on multimodal AI systems that focus on using different modalities to do better data processing and content generation.
Multimodal AI will be a game changer for tasks like recognition, emotional recognition, visual question answering, text-to-image generation, robotics navigation, text-to-audio generation, video summarizing, and more. With its numerous benefits, multimodal AI is shaping up to be one of the hottest trends in the field of AI.
3. Autonomous Vehicles
Autonomous vehicles like Waymo and Tesla highly rely on AI for real-time decision-making, navigation, and safety. AI helps autonomous vehicles process large sensor data sets in real-time, allowing bypassing obstacles, easier navigation within high-traffic areas and other complex traveling environments, and instant decision-making to guarantee passenger safety.
The growing adoption of AI-driven autonomous vehicles is also creating advances in predictive maintenance, vehicle-to-vehicle (V2V), and vehicle-to-infrastructure (V2I) communication that improve its reliability.
The V2V communication involves information exchange between different AI-driven vehicles about their directions, speed, position, and intention that alerts drivers, preventing potential hazards. The V2I communication entails receiving data related to road infrastructure elements like road signs, traffic lights, road conditions, and in-work zones, allowing it to maintain the vehicle's speed accordingly.
Given that, we are more likely to witness a large number of self-driving vehicles in the smart city infrastructure, leading to a decrease in accidents (hypothetically) and safer, efficient, and sustainable transportation.
4. Agentic AI
AI is evolving at a breathtaking speed and if you think you know everything it has to offer, along comes the new groundbreaking concept - Agentic AI. Agentic AI defines the AI system that autonomously makes decisions to reach a given set of goals. Unlike conventional AI models that respond to predefined tasks or prompts, agentic AI makes decisions based on the objectives set by the programmer. The agentic AI is designed in such a way that it understands its environment and acts accordingly. It can be trained to collect and analyze data to predict hazardous situations. The enthusiasm around Agentic AI stems from its potential to change the way tech solves our complex problems, making it another futuristic trend.
5. Shadow AI
Shadow AI is the term that describes the use of artificial intelligence without prior knowledge or approval of the organization’s IT department. With the increasing availability of generative AI tools, Shadow AI is becoming progressively prevalent. It typically arises when employees want to explore new technologies or need to find quick solutions to a problem. Often end users lack information about data protection, security, and compliance while working with AI tools, risking the trade of sensitive information into public large learning models. Contrastingly, exploring emerging technologies like AI responsibly can heighten employee productivity and boost innovation in the organization.
6. Quantum AI
Quantum computing is a multidisciplinary field that comprises different aspects like physics, mathematics, and computer science. It aims to solve complicated problems faster than classical computer systems using quantum mechanics. AI along with quantum algorithms can efficiently perform tasks that require immense computational powers including stimulation of chemical reactions to predict properties of a new composition for accelerated medicine and treatment discoveries; streamlining massive logistical operations; climate modeling; accurate future predictions; and more. In short, quantum computing and AI together are like two misfit geniuses who found each other, pushing boundaries and making the universe scratch its head.
7. Edge AI
Another mind-boggling AI trend possess the combination of edge computing devices with AI. Doing so enables data processing and analysis in real-time without constantly relying on cloud infrastructure. With edge computing, data can be stored in a location near the device, allowing AI algorithms to process data directly on the network edge, regardless of the availability of an internet connection. Some of the devices that take advantage of Edge AI and will continue to do so are self-driving vehicles, security cameras, smart home appliances, wearable devices, smart assistants, etc. In the near future, Edge AI will grow more in terms of popularity as it’s going to empower process automation, workflow optimization, and innovation while reducing overall costs, time, security, and latency.
8. Computer Vision
Computer vision will be the next trending AI subfield. With computer vision, AI systems can interpret and understand the real world like humans do. To incorporate computer vision into computing systems, developers need to work on writing algorithms that can effectively process and examine visual data such as videos and images. The computer-vision-enabled system can help in crop monitoring, yield protection, road navigation, obstacle detection, wildlife tracking, weather monitoring, and resource management across industries like agriculture, autonomous vehicles, and environmental monitoring.
9. Spatial Computing
The unification of the digital and physical worlds was never possible before. But with the emergence of spatial computing, we will experience the blending of virtual objects and information in our real world in the coming decades. Without being limited to handling and changing content on 2D screens, spatial computing will enable 3D interfaces using technologies like AI, computer vision, augmented reality, virtual reality, IoT devices, sensors, and other innovations.
Spatial computing will have diverse applications across industries such as logistics, retail, engineering, and healthcare. It will enable simulation-based training, remote collaboration, warehouse picking operation optimization, medical data visualization, and a lot more.
10. AI-Powered Robotics
Artificial intelligence and robotics both have been transformative technologies. Since the global pandemic, businesses have been looking for ways to work remotely, clearing the way for intelligent robots that can be programmed and supervised from around the world. Integrating AI-powered robots that have been empowered by machine learning enhances efficiency and productivity through observing, learning, and mimicking human actions. With more advancements being made in AI and robotics, we are more likely to see AI robots in agriculture, manufacturing, healthcare, transportation, smart homes, and aerospace, partaking in works that require enormous strength or intelligence but are extremely tedious for humans, such as crop harvesting, damage controlling, waste management, assembly line inspection, 3D imaging, and explore extraterrestrial space.
How AI Trends Will Impact Top 10 Different Industries?
After reviewing the upcoming trends, it's crucial to understand which industries will be most affected. Below, we've outlined the sectors that will experience the greatest impact and what we can expect.
1. AI for Healthcare
Starting from now, we may witness an increase in the adoption of AI and related technologies in the healthcare industry. With AI, the sky is the limit, it can help the healthcare sector in automating and improving processes like patient care, medical research, record maintenance, drug discovery, and a lot more.
AI can analyze medical images to help radiologists detect tumors, abnormalities, diseases, and other potential risks quickly and accurately. Apart from that, AI can lead to more rapid and efficient drug research, discovery, and development through faster analysis of larger datasets. What else? Using AI, healthcare providers can customize medication dosage and treatment plans for patients based on their previous health data records. The transformation that AI can bring to the healthcare industry is considerable, making it yet another incredible trend in the list.
2. AI in Cybersecurity
Needless to say, AI is altering every industry and cybersecurity is no exception. With the advancement of any technology comes threats to businesses along with increased risk of potential data breaches, phishing, spamming, and whatnot. To overcome these issues, we will witness growth in the conjunction of AI and Cybersecurity practices. How? It can be implemented in conventional tools like fraud detection, antivirus, identity and access management, data loss protection, and other core security practices. This helps in accurately detecting cyber-attacks, creates fewer false-positive predictions, and identifies & flags suspicious messages/emails.
3. AI in Financial Technology (FinTech)
The FinTech industry has always been at the forefront of technical advancements, always implementing intelligent systems to enrich customer experience and security. The integration of AI into financial services enriches risk management, fraud detection, credit scoring, and a lot more.
As AI continues to evolve, financial institutions will witness a significant impact on all their services. AI will facilitate hyper-personalization, strengthen the handling of false claims, automate repetitive tasks, improve credit scoring models, offer conversational virtual assistants, and identify patterns for accurate market predictions. Apart from that, AI will empower FinTech companies to take advantage of sentiment analysis that helps in assessing customer interests and market moods to make better trading decisions.
4. AI in Climate Change Solutions
We have started to catch a glimpse of AI utilization in climate control solutions that will become more persistent in the next few years. Implementation of AI in climate control will help businesses assess carbon emissions, monitor forest biomass, analyze carbon absorptions, predict energy demands, predict extreme weather conditions, etc. This analysis will let AI systems provide predictions and possible solutions to reduce carbon emissions, allowing informed decision-making.
5. AI in Education
With AI in education, students can get hyper-personalized learning experiences based on their individual learning preferences, styles, and speed. It helps educators tailor educational content based on the student's learning patterns, reducing the learning gaps and difficulties. Apart from improving learning outcomes, AI in education also helps in improving engagement, individualized pace, easy accessibility, greater engagement, better understanding, and superior skill development. Other than that, it also automates administrative tasks, streamlines assessment, simplifies curriculum development and indulges gamified learning experiences.
6. AI in Employment
If you don’t already know how AI has started impacting jobs, then you might be completely out of touch with the market changes. Repetitive and tiresome tasks like customer service, accounting, research and analysis, warehousing, and insurance underwriting are continuously being automated using AI. By 2025, 85 million jobs may be taken over by automation, however, there will be an impressive 98 million new jobs. At first glance, it may appear that AI is replacing humans in these jobs. But, the truth is that it is only freeing us from repetitive work, allowing us to focus on more important tasks.
7. AI in Disaster Management
With the advancement of AI technologies and its growing acquisition, its role in disaster management seems natural. Given the rapidly rising number of natural and human-caused disasters, having AI in emergency response strategies has become more imperative than ever. AI in disaster management will improve the accuracy of early warning signs and weather forecasting, at the same time, analyzing and strengthening disaster recovery efforts, and addressing basic healthcare and psychological needs during a crisis.
8. AI in Agriculture
Up until now, AI and agriculture together might not have been a consideration for you. After all, agriculture has remained the backbone of human civilization from the beginning. With the enormous growth of the global population, the requirement to increase crop production is on the rise, leaving one of the two options for farmers - either expanding the land for farming or adopting advanced technologies to boost productivity on the currently acquired lands. Soon, AI will become a fully integrated part of the agriculture industry, optimizing automated irrigation systems, monitoring crop and soil, observing livestock health, detecting plant & soil diseases, detecting damages, automating pesticide spraying, sorting harvested products, and minimizing manual work.
9. AI in Supply Chain
Implementing AI in the supply chain comes with a distinctive set of advantages. With AI, supply chain businesses can take advantage of large-scale data processing and advanced algorithms that automate tasks, streamline workflow, and improve decision-making. AI in the supply chain will be used to provide inventory management, demand forecasting, logistics and route planning, warehouse automation, supply chain optimization, quality control, and predictive maintenance.
10. AI in Social Media
Artificial intelligence has a significant impact on the social media industry and how we interact with them. It goes beyond content personalization, trend prediction, and post automation. AI now stands as a powerful force behind the changing dynamics of social media interactions. From tailored content recommendations to trend analysis and ads, AI influences everything on social media platforms. Moving ahead, we can expect AI-powered social media assistants, deepfake detection, analytics, video analysis and recognition, content moderation, account management, and more.
The Future Outlook of AI: What to Expect
By now we have gone through the top AI trends for the approaching future and its impact across industries. It goes without saying that if you are a firm owner looking for a sustainable and successful business in the current technically advanced environment, implementing AI and related technologies into your operations becomes non-negotiable.
Be ready to plunge into the world of AI, and start educating yourself and your team on the ways to ethically and responsibly use AI in the business environment. Once you are informed, join hands with a prominent AI solution development company like Decipher Zone. All you need to do is connect with us via the Contact Us page or drop a message in the “Say Something” chat box.
People Also Ask
1. What are the latest trends in the field of AI?
Generative AI, Multimodal AI, Autonomous Vehicles, Agentic AI, Shadow AI, Quantum AI, Edge AI, Computer Vision, and AI-powered robotics will become the latest AI trends in the impending future.
2. What are the concerns around AI development?
Some of the ethical concerns surrounding AI development that we need to address include bias and fairness, information security, misinformation, job loss due to automation, market volatility, uncontrollable self-aware AI, DeepFakes, and social manipulation.
3. What industries benefit most from AI advancements?
IT, healthcare, cybersecurity, FinTech, Supply Chain, Social Media, Education, and Disaster Management are the major industries that will benefit from the AI advancements the most.
4. How does AI impact job markets and employment?
Repetitive and tiresome tasks like customer service, accounting, research and analysis, warehousing, and insurance underwriting are continuously being automated using AI. Therefore, by 2025, 85 million jobs may be taken over by automation, however, there will be an impressive 98 million new jobs.