Artificial Intelligence saw a sudden rise in popularity in 2018 and the hype of it is not going down anytime soon in the coming year. As the year of 2019 will unfold there are expectations already set of major changes in how organizations use Artificial Intelligence (AI) in the new year. AI is directing towards a future where machines not only do all of the physical work, but also the thinking work which includes planning, strategizing and making decisions. The effectiveness and popularity of AI-powered chatbots in recent years has led to an increased interest in how artificial intelligence is deployed to improve the results of ad campaigns.
With the growth of AI, it is supposed to have the power to change almost everything about the way businesses are conducted. It can accelerate maximum value for business if deployed in the right way. It has shown immense potential to make lives much easier. Since it’s application does not stop in homes, as businesses constantly come up with new ways to use AI to engage with customers, make processes easier and pull revenues to new highs.
The increased use of AI has made businesses impatient as there is so much to take advantage of. The adoption of artificial intelligence has happened in fits and starts and is about to accelerate in 2019.
Artificial Intelligence: A Modern Approach
The term artificial intelligence was coined in 1956, but AI has become more popular today. The reasons being – increased data volumes, advanced algorithms, and improvements in computing power and storage. The simple definition of artificial intelligence (AI) is the ability of a machine or a computer program to think and learn. It is a concept that specifically studies the possibilities of enabling machines to interact with their environment and make them capable enough to react upon the received data that is considered intelligent. It envisages making machines capable of thinking, acting, and learning just like humans.
The current start of artificial intelligence functions on the basis of ai robots to conduct tasks in almost every industry. It is a rising trend that is proving to be useful in areas where it is least expected to work. Creating AI is contemplated to be one of the most remarkable inventions of humankind. As it has a potential socioeconomic impact of its own. Considering the advantage AI machines have over humans, there would come a time where not having this concept for assistance is going to become a dreadful event. Having said that, only time will show us whether AI is the greatest existential threat or a tech blessing that will improve the quality of life in ways more than one.
Impact of AI on Tech Industry
The possibility of technology not influencing human life now and also in the near future is close to bleek. Changes constantly occur. Some happen overnight while some changes take their due time for industries to adjust. Artificial Intelligence is one of the most popular trends among a broad spectrum of fields. The entire tech industry is impacted by its advancements and the wheels are set in motion for irreversible changes. From customer support and recruiting to the Internet of Things, AI is transforming the industry. The major effects of artificial intelligence on the technology industry is as follows:
- The AI trend continues to spawn startups dedicated to a number of industries, which could lead to a cure for numerous diseases
- Machine learning algorithms have become the new software
- The Internet of Things has become more about the data collected by the medium and the actual information itself
- The rise of automation in the tech industry has become more than a noticeable concept
A Boom of Artificial Intelligence Companies
Whether professionals embrace it or fear it, the revolution of AI promises to have an enormous impact on the world economy. It is undoubtedly becoming smarter with rapid advancements in machine learning which is helping companies to adapt better. Along with machine learning, ai companies are also undertaking deep learning algorithms, humongous amounts of data called Big Data on which these algorithms are being trained leading to a phenomenal increase in computing power.
Due to AI, numerous industries have improved to a great extent. Many big, as well as small organizations, are ready to invest huge budget in AI. Owing to efforts in the field of Artificial Intelligence, transformations have been seen in almost every industry. Including industries like finance, banking, business operations or even healthcare. Companies of artificial intelligence primarily provide technologies that include speech to text transcription, voice recognition and other services that have proven to be useful and highly efficient to build a base for future technologies. With the increased demand in Artificial intelligence services in industries, the demand for AI Companies has also considerably increased. Some of the upcoming AI Companies and startups to look out for:
- Narrative Science
Reasons for Growth of AI Companies
- Increased productivity
- Rise of popularity
- Manages big data efficiency
- Accurate market predictions
- Improves customer support services
Looking at the rate at which artificial intelligence is taking over industries, it would be not surprising to see some of the AI companies startups becoming giants in the field of technology in the upcoming future.
5 AI Predictions for 2019
With every improvement made to the concept of artificial intelligence, it promises to change the world of technology. AI is increasingly moving from the lab to offices, factories, hospitals, construction sites, and consumers’ lives, a different approach is needed. These predictions not only highlight what is likely to happen; it also tells what business leaders must make happen in AI. The top AI predictions of 2019 include:
- AI – A Matter of International Politics
- An upsurge of Transparent AI
- Increased Use of AI Assistants
- AI to Aid Job Creation
- Automation and AI in Tandem
Below listed are all the predictions explained in detail for better understanding.
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AI – A Matter of International Politics
The artificial intelligence technology could be increasingly adopted by authoritarian regimes to restrict freedoms, such as the rights to privacy or free speech. Also, these conflicts could compromise the spirit of cooperation between academic and industrial organizations across the world. This framework having open collaboration is the most crucial for the rapid development and deployment of AI technology we are experiencing in today’s world and putting up borders around a nation’s AI development is definitely a sign of slowing down that progress. Specifically, it is said to slow down the development of common standards around data and A. If done well, it could successfully increase the usefulness of AI.
An upsurge of Transparent AI
2019 is a year where we see increased importance given to measures designed in order to increase the AI’s transparency. This concept gives real-time insights into how decisions are made besides what they are made of. This leads to drawing connections between data that is used, decision weighting and potential for bias in information.
This year, Europe has put across the General Data Protection Regulation that protects citizens against legal decisions or another such significant impact made by machines on their lives. While it isn’t yet a blisteringly hot political topic, its prominence in public discourse is likely to grow during 2019, further encouraging businesses to work towards transparency.
Increased Use of AI Assistants
In 2019, the use of AI assistants will be more than ever. Individuals will use an AI assistant to arrange our calendars, plan our journeys and order a pizza. The usefulness of these services will increase as they have the ability to understand our habits and predict our behaviour. It’s evident that conversations between AI assistants like Alexa or Google Assistant and us can seem very stilted today. However, by the end of 2019, due to the rapid acceleration of understanding in this field, we will get more comfortable in sharing our lives with machines
AI to Aid Job Creation
Automated technology has easily replaced retail cashiers and warehouse workers. But that’s not the case with lawyers and doctors. AI service providers have made it very prominent to present the technology that can work along with human professionals to assist them while leaving the “final say” to human professionals. This only means, growth in human jobs on the technical front highly benefit these industries. As the people required to train and deploy this technology also prove to be helpful in carrying out the actual work.
Automation and AI to Work in Tandem
2019 will be a year where we will experience the growth of predictive, smart technology due to the learnings it has got in all its initial deployments and will be rolled fullfledged across all business’s operations. Automation will make more informed decisions about HR when it comes to hiring and firing, logistic decisions as well as optimizing supply chains. AI will spread its support to all the possible businesses. Since AI tools will be customizable to fit different organizations, it will be offered as-a-service so that smaller businesses also benefit from AI.
AI Priority List for 2019
Organizations that focus their efforts in the following six key areas will be far ahead of other businesses in the coming years. The list includes:
Structure: Organize for ROI and momentum
Market-leading organizations are already implementing AI-models into production in order to enhance decision-making and offer advanced intelligence to employees in every function. If you want AI to benefit your business, a change in approach is all you need. This will enable you to develop company-wide capabilities thus enabling you to replicate projects and build a legacy of your own.
Workforce: Teach AI citizens and specialists to work together
Upskilling non-AI professionals to work with AI has become a crucial part of workforce strategy. A new class of tools, including AutoML, which streamlines and automates part of the process for creating AI models, is democratizing AI. A number of executives will focus efforts on AI tools for business people, the second-ranked capability they will cultivate behind reusable datasets and models.
Trust: Make AI responsible in all its dimensions
AI has given rise to certain concerns related to cybersecurity, inequality, environment, privacy as well as employment. Customers, employees, boards, regulators, and corporate partners have the same concern which boils down to “how can companies trust AI?” So it’s no surprise when executives say that their top challenge for 2019 is ensuring AI systems are trustworthy.
Data: Locate and label to teach the machines
AI answers the big question about data. In a survey, the top AI-related data priority for 2019 is to integrate AI and analytics systems to gain business insights from data. That’s a realistic goal. When AI is used along with analytics and data, it helps employees in making better decisions, manages risks as well as automates customer operations, etc.
Reinvention: Monetize AI through personalization and higher quality
Many businesses are using AI to improve operations and enhance the customer experience. But in 2019, a number of them will plan or develop new business models based on AI and investigate new revenue opportunities. Many will cultivate these new businesses in separate parts of their organization, distinct from CoEs that are more internally focused.
Convergence: Combine AI with analytics, the IoT and more
AI’s power grows even greater when it is integrated with other technologies, such as analytics, ERP, the Internet of Things (IoT), the blockchain, and even quantum computing. AI is not the only benefit of this convergence trend. It’s where the greatest gains from all the essential eight technologies will come from.
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In the beginning and end of every technology invented, human beings are behind the creation of AI and ultimately control its direction and autonomy. It is a concept that is constantly evolving at a rapid pace and has the potential to work alongside humans to create a more efficient working environment. Artificial intelligence is playing an important role in many aspects of technology in the coming year and for many years to come. It is also to be considered that if companies live in fear and don’t use AI to solve real problems, great opportunities to better this world may be missed. If they are reckless, they might just be creating the very thing that will replace us.
Taking the ai invention into consideration, it appears that companies have only scratched the surface of the whole concept. In this age of constant upgradation in the technology world, it is exciting to AI-enhanced solution that may do wonders for industries. With many companies making use of artificial intelligence and pertaining to the growth of ai assistants, it will determine if the concept changes the world of technology or just makes it more complex. However, the rapid acceleration of understanding in this field means that, by the end of 2019, companies will get used to far more natural and flowing discourse with the machines we share our lives with.