Artificial Intelligence is the future, and the future is here”. – Dave Waters
The biggest decade of innovations and trends driven by these disruptive yet transformative technologies comes in the midst of the AI and ML revolution. The ongoing decade of 2020 has been prophesied to be turning the tides of human development. AI’s scope of functioning has been clear from its efficient aptitude in e-commerce, education, automobile industry, navigation, healthcare, agriculture, and the list can go on quite long. In simple terms, artificial intelligence refers to deploying algorithms and processes that replicate human functioning and cognition, whereas machine learning is a subset of Artificial intelligence.
With the augmentation in data and computing, AI is set to rule the world of technology. The ongoing trends in artificial intelligence and machine learning certainly pave the way for some massive AI and ML innovations in the next three years. Here is a glance at some of these emerging trends:
Hyper automation brings a new era to the corporate domain providing efficient functioning for mundane tasks of repetitive processes. Hyper automation is an AI and ML trend that uses auto-generated learned algorithms and trained robotics to reduce human dependency and ensures accuracy, validity, and speed. With the expert assistance of AI and ML, the corporate industries are set to automate several processes. A concrete surge can be expected in the utilization of Robotic Process Automation (RPA) in the next three years. “According to Gartner, by 2024, organizations combining hyper-automation technologies with redesigned processes will reduce operational costs by as much as 30%.” This suggests a significant cut in intermediate operational costs, consequently allowing the firms to invest in these resources. Hyper automation can be seen to be a critical trend in IT Operations that can be utilized to uncover useful insights. The improvement in business and IT alignment is another reason for adopting this artificial intelligence trend.
NO-CODE AND LOW-CODE INNOVATIONS
The current statistics in the augmentation of companies utilizing AI and ML allegedly suggest a massive surge in AI trends to be encountered in the near future. But the scarcity of skilled AI resources causes hindrance in the adoption of these technologies by many companies. To bridge this gap, low-code or no-code technologies have gained importance. As the name suggests, these technologies enable non-AI experts to utilize AI applications. No-code AI technologies avail simple interfaces to curate complex systems. The aim of bringing these innovations to the plot has a lot to do with the democratization of the technological ecosystem. The increasing demand for AI experts creates an influx in the need for low code platforms. Low-code and no-code technologies can be seen as an emerging trend in the upcoming years owing to their feasibility, speed, flexibility, time, and cost savings.
“By some estimates, cybercrime is globally expected to costs $6trillion annually. Losses of this scale put the incentives for innovation and investment at risk and will be more profitable than the global trade of all major illegal drugs combined.” – David Kennedy, Founder of TrustedSec.
In the present times of data breaches and cyber threats, there is no leading business that is not looking for cyber security. With the rampant increase in data, Cyber security is a task in itself. Yet again, AI and ML come to the rescue. AI can play a crucial role in mitigating these cyber risks. AI/ML can be useful in recognizing unusual patterns that can potentially become a threat to the data. In the process, AI-driven tools garner data from various recognized and unrecognized sources and employ learning algorithms to detect unusual patterns or suspicious activities. With the introduction of AI tools in cyber security, the coming years can witness better security applications. Thus, more than a trend, cyber security has become a necessity.
Metaverse, allegedly representing the next evolution of the internet, is a virtual platform that hypothetically displays the internet as one single universe and allows users to come and play together. Metaverse has become a buzzword of the era and can be seen as a leading AI trend in the coming years. AI and ML will not only facilitate this platform but will be seen as a vital component of it. For instance, AI bots can be employed to assist users in choosing the right services. AI can also provide immersive user experiences. AI serves as a link between various Metaverse components such as 3D animation, VR, etc. Leading companies are already a part of this meta-world, with Facebook being the most representative example. The current scenario depicts that metaverse can be a leading platform in the years ahead.
NATURAL LANGUAGE PROCESSING
Natural Language Processing is one of the most talked-about AI tools. NLP makes mundane processes simple. It eliminates the need to manually type content by apprehending human language using some pre-designed software. Major NLP applications used in businesses are sentiment analysis, language translation, text extraction, topic classification, and chatbots. Experts are constantly working on advancing the NLP’s ambit by developing conversation strategies that are indistinguishable from that of humans. The most typical and omnipresent examples of NLP are Alexa, Siri, and Google assist. These applications transform human language into numbers that machines can read and understand by pre-fixed algorithms. Another widespread example of NLP is chatbots which are increasingly used in almost every sector, including hospitals, educational institutions, and consumer-help centres, to resolve user queries.
A labour-intensive country like India is also recognizing the need for adopting AI-driven technologies referring to the fact that these technologies promote sustainability and also hold the aptitude of generating employment for the upcoming youth. AI and ML are considered significant while accomplishing the goal of modernization. Thus, AI and ML technologies hold a strong stance in the upcoming future of the world.
~ Kapil Mahajan, Data Science Leader
In these times, there is no segment in our live that’s untouched by Machine Learning and AI. Semrush predicts that the forecasted annual growth rate of AI between 2020 and 2027 is 33.2%. With AI expanding its reach far and wide, this is the time to upskill in this domain. Be at the forefront of this boom by enrolling in a data science course with Emeritus India. Choose from a wide range of data science programmes from top ranked universities in India and international to learn more.