According to Gartner, by the year 2021, the AI augmentation will help in procuring around 6.2 billion hours of productivity along with a business value of $2.9 trillion. It has been also predicted that one out of five workers will be relying on artificial intelligence to perform some non-routine tasks for them. So, what does the AI future looks like?
Artificial Intelligence is making things better for consumers and businesses alike if we look at the current scenario. Considering the social distancing and the immediate need to stay connected, AI is helping in developing a lot of technical solutions that are aimed at the better inflow of information, a clearer picture of consumer’s information requirement, and the focused approach for businesses to find their prospects. All of this and even more than this is possible only because of the tremendous implications of artificial intelligence.
AI Future and the Modern Business Scenario
Modern industries follow a consumer-driven approach, where the customer experience is considered to be the epicenter of the business. Technologically, the artificial intelligence has succeeded in transforming several industries and their business functions such as healthcare, education, finance, media, government, real estate/property, travel/transport, e-business, social media, e-commerce, to name a few. And it is predicted that AI future holds several promises for modern businesses.
It has been estimated that the worldwide AI, as well as Machine Learning market income, would rise from 3.2 billion dollars in 2016 to 89.8 billion dollars by the year 2025.
The technology of AI, as well as Machine Learning, is all ready to release the next generation of digital disruption.
The concept of Artificial Intelligence (AI) and Machine Learning (ML) is considered to be cutting-edge solutions that help the modern-day businesses to solve complex problems, initiate as well as automate tasks, and ultimately serve their customers in a better way. Artificial Intelligence Solutions help organizations excel at tasks such as suggesting products which the users may like, identifying objects in pictures, and automating routine jobs to help organizations save up on a great deal of time and dedicate the human resources to other productive activities.
Read More: 10 Ways to Grow Businesses By Integrating AI
AI in the Real World & Its Growing Future!
The AI technology which is showcased in the science fiction movies has enthralled the viewers and was representing the future world. This is now taking the shape of reality. Not just the industry up-gradation but modern lives have been significantly redefined through the use of AI.
The global market for AI is estimated at almost USD 7.35 billion in the year 2018. This is expected to rise by almost ten folds until the end of 2025.
The field of Artificial Intelligence and Machine Learning is expected to spread across the consumer market in the coming years, and this would directly impact the performance of web development.
In the current comprehensive and competitive market scenario, many companies are deploying AI technologies to reinvent themselves and to have a single point of contact between the company and the consumer, websites even need to be upgraded on a priority basis. Hence, it becomes important for the web developers as well as the app developers to adapt themselves to the changing environment and adopt modern AI for their evolution.
The AI-enabled machine learning programs are even helping to create smart websites that serve multiple purposes for the organization and aids them to garner consumer attraction. The AI advancements have even helped in the enhancement of computer performance and even increasing storage capabilities.
All of this has made it possible for the companies to handle large quantities of data and to leverage the big data analytics for their development. In today’s techno-savvy market, organizations are implementing AI Solutions to automate their tasks which were previously performed manually.
Tasks such as text summarization, data digitalization, language translation, or even reporting are now performed with the help of AI-based software and programs. Organizations are also using AI to create intelligent conversational chatbots that can give their customers excellent service, almost instantly, every hour, every day.
#1. Respond to Changing Needs
AI also helps organizations to respond to the present as well as future customer needs in a better way. For instance, an AI-based financial solution may help the sales representatives to create personalized suggestions for the best products or the packages for the people based on the previous choices along with specific contextual data like an upcoming retirement.
#2. Enhance the Cybersecurity System
Companies are also using artificial intelligence to boost up their cybersecurity systems and software by predicting the potential threats and identifying the abnormal behaviors from the analysis of extensive datasets.
#3. Enables Automation
AI also comes in handy for the manufacturers who are looking to automate the specific tasks with assistance from robots to be able to optimize their operations. This is possible due to machine learning.
Artificial Intelligence Future Possibilities!
The AI-based solutions are integrated into the business models for the businesses. This helps them to improve their business processes, enhance the productivity of their staff, and thus achieve the critical business objectives at a faster pace and efficiently and effectively.
The companies which dare to implement new and innovative technologies such as AI would turn out to be the market leaders of their industry. But implementing AI solutions only makes sense if they can serve specific business objectives. The AI-based solutions must be integrated into the business models. This will help to improve their business processes, enhance the productivity of their staff, and thus achieve the critical business objectives at a faster pace and efficiently and effectively.
The rise of the AI-enabled software contains the potential to revolutionize how customers interact with online enterprises. Let us have a look at how the different aspects of Artificial intelligence will help businesses in the future.
Very soon, a chatbot will be the initial point of contact for the customer with the online enterprise. The chatbot would analyze the demand of the customer depending on the prior natural language interaction, be it for product inquiry, troubleshooting, or simply sales. The chatbot has self-knowledge of its own along with certain capabilities and limitations.
It will be able to resolve all of the issues which are within its capabilities. Whereas for the issues which it cannot resolve, the chatbot would escalate the matter to the appropriate higher-level human analyst for getting a successful resolution.
The AI-enabled chatbots are considered to be the next-generation digital assistants of the corporate brand on the Internet. The Chatbots help the customer to connect with the business and deliver your services to your customers round the clock, 24/7.
#2. Natural Language Processing (NLP)
NLP is a type of AI that helps organizations to create a product that takes advantage of the human language along with a Natural Language Processing solution. This helps businesses save a lot of labor costs.
#3. Audio Processing
Artificial intelligence can identify the patterns that take place in human conversations and then converts them into actionable insights.
#4. Computer Vision
Computer vision techniques help to create an application for the company which can extract and analyze the information from the images in a jiffy. It utilizes internet connectivity to retrieve the information about the product and displays the information to the user within a fraction of seconds.
#5. Sentiment Analysis
The current businesses are not having a large number of face-to-face interactions with the consumers as they’re reaching out to the businesses via online modes. When the customer sends the company an email or a direct message, the business marketer needs to know how the customer is feeling to respond appropriately. The machine learning can do it for the company.
The AI technology can easily analyze the text to determine whether the sentiment of the message sent to the business by the customer is either positive or negative. The information from the sentiment analysis is currently being used by marketers to better understand the company’s online reputation.
Summing Up AI Future!
Thus, it looks obvious that Artificial intelligence is definitely here to stay, and it is not going anywhere else. Businesses have already been using machine learning technology to transform their mode of operation. If a business is aware of how to use artificial intelligence to their advantage, then it can be an extremely valuable tool for the growth and success of the business.
AI has been able to create great riffles in several sectors such as healthcare, education, finance, media, government, real estate/property, travel/transport, e-business, social media, e-commerce, to name a few. But still, the developments are only considered to be at the nascent stage.
The following decades are promising to bring forth new applications of AI, that will carve a better consumer-centric market across the industries. It is yet to be seen, what kind of magic the future computer engineers would create by leveraging the Artificial Intelligence domain, but the future is surely bright.