Artificial Intelligence and Machine Learning are two new technologies that are quite familiar in the market, and organizations are making use of these technologies to transform their businesses. AI is slowly becoming an integral part of our lifestyle, as research clearly shows that 77% of the devices we use have AI built into them. AI and ML are providing a comfortable life, setting new market trends. Innovations in the field of AI are making this technology more acceptable among organizations to achieve their goals.
Let's take a glance at the top emerging AI and ML market trends in 2023.
Top AI and ML market trends 2023
Automated machine learning- AutoML will help provide better tools for labeling data and automatically tuning neural network models. This, in turn, will make use of AI to improve construction reporting, resulting in more economical AI use and reduced time for new solutions to enter the market.
Language modeling/GPT3- Generative Pre-trained Transformer 3 (GPT-3), as the name suggests, is a language model trained on large amounts of data. This training enables it to respond efficiently and accurately, similar to humans. ChatGPT, the latest and improved AI language model, is widely utilized for automated customer support across various fields, providing quick answers to customer queries.
Conceptual designs- AI is primarily used for data, image, and language analysis, making it a perfect fit for sectors such as financial, retail, and healthcare. Additionally, it is important to mention OpenAI, which has developed two models, DALL-E and CLIP, that combine language and images to create new visual designs based on text descriptions.
Cybersecurity- Cybersecurity threats are increasing daily, and AI and ML techniques are extremely helpful in managing them. The new AI and ML techniques can easily and quickly detect and respond to cybersecurity threats. These technologies will be extensively used in the future for detecting suspicious acts and attacks. Organizations that adopt this technology will safeguard themselves from fraud attacks, while those who fail to do so may face potential threats.
Edge AI- AI technology makes use of AI algorithms as well as the models that are directly used on edge devices like sensors, smart devices, and other devices. This helps in the quick and efficient processing of data.
Healthcare- The use of AI in healthcare is benefiting doctors, patients, and other health professionals. AI in the healthcare sector helps to quickly detect health problems, enabling early-stage detection of conditions like cancer. With the assistance of AI technology, doctors can promptly diagnose patients and provide appropriate treatment. AI also plays a crucial role in developing personalized treatment plans, offering patient counseling, and aiding in drug formation.
Multiple objective models- AI models typically focus on a single objective, but companies are now investing in multi-task models that encompass multiple objectives. These multi-task models must possess the capability to deliver optimal results for business growth.
Multi-modal learning- AI can support multiple modalities, encompassing vision, voice, text, or IoT sensor data, within a single ML model. This multi-modal AI approach can be highly advantageous, as AI algorithms are trained using multi-modal techniques, enabling them to deliver optimal results across various fields.
Transparency- Explainable AI (XAI) assists in the creation of transparent AI systems, providing clarity regarding the decisions and actions taken. This transparency plays a crucial role in establishing trust in AI systems.
Robotics- Humans often experience fatigue and exhaustion when performing multiple tasks, unlike robots, which do not. This is why AI is being utilized in robotics to develop more advanced robots. This technology is instrumental in creating smart and autonomous robots that are capable of efficiently handling multiple tasks without experiencing fatigue.
Removal of biasness- It is imperative to ensure that decisions made are unbiased, particularly when it comes to scenarios like loan applications or product purchases, where biases among individuals can emerge. AI plays a significant role in making fair and genuine decisions, enabling organizations to instill trust in their ML models.
Data security- Data holds immense importance across all sectors, and as a result, AI and ML are combined to ensure the safety and security of data.
AI and IoT- AI and IoT are the two technologies that are unique in their way whether they are used independently or in a combination. AI and IoT are pushing the use of voice assistance (Alexa, Siri). Gartner predicts that by the year 2023, almost 80% of IoT projects will have AI.
Hyper automation- Hyper automation, the latest trend in AI and ML, is employed to enhance customer service and accelerate process speed. Various technologies, including AI, cognitive process automation, ML, and others, are utilized for the effective implementation of hyper-automation. This technology significantly increases work productivity.
Pushing the industrial metaverse- AI and ML are reshaping the digital world by bridging virtual models and the metaverse. This development is gradually fostering the adoption of the industrial metaverse. Digital twins are employed in models that simulate human behaviors to evaluate future scenarios.
Augmented intelligence- According to Gartner's prediction, by the year 2023, 40% of infrastructure and operation teams will utilize AI-augmented automation. This implementation will assist organizations in enhancing productivity, as augmented intelligence combines the capabilities of humans and technology, resulting in efficient work processes and improved performance.
Expansion of computer vision- In the year 2023 and beyond, the combination of economical cameras and AI will facilitate the expansion of computer vision for analytics and automation. Machine vision will streamline document workflows to support back-office tasks, while computer vision will digitize physical elements of businesses to support front-end operations.
It is evident that Artificial Intelligence and Machine Learning, the two emerging technologies, are relentlessly driving transformative changes in the digital world. These technologies are empowering various business sectors to enhance their performance, productivity, and data security. AI and ML undoubtedly promise a promising future ahead.