Technology is taking humanity on a journey into the future—and the future of AI is at the front and center of this journey. Artificial Intelligence will continue to play a more involved role in our lives and transform many industries. As we enter this new era of AI, the implications will be felt in everything we do: from entertainment and sports to healthcare and travel to manufacturing and retail. Boasting such stunning features as natural conversation, cognitive computing, facial recognition, and emotional guidance, AI has already forged a special path that is redefining every industry.

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Advancement In AI

AI technology has come a long way in recent years, and its potential only feels boundless at this point. At the core of AI is vast data—and in this regard, AI remains focused on data and finding ways of obtaining more of it. With masses of information, AI can learn to think the way humans do and process information in a way that is virtually impossible to achieve through manual effort. In terms of business, everything that computers can do more quickly than humans—including language translation, facial and emotion recognition, data analysis, online services search with pricing optimization, and much more—are the applications that businesses, governments, and society as a whole will begin adopting over the coming years. And while we are hardly there yet, the implications for AI are astonishing.

We are entering an age of true artificial intelligence, the Singularity. Artificial intelligence (AI) brings together software engineering, neuroscience, cognitive psychology, and philosophy. The impact of artificial intelligence is being felt in everything from research labs to corporations, in other words, everywhere. AI is revolutionizing our future. As we move into an age of smart machines, we could apprehend the meaning of machine-intelligence, including autonomy, consciousness, and learning.

17 Artificial Intelligence Trends Impacting The Future

The impact of AI on society will be as transformative as the impact of railroads, airplanes, and telephones.

AI can be thought of as the capability of non-human entities—artificial or otherwise—to perform the activities that characterize human intelligence. This includes both non-technological capability, e.g., a personal human assistant, and technological capability, in the form of a computer program running on a computer or a robot (for artificial intelligence and computational intelligence, respectively).

AI has been generally entangled with the idea of a robot, in part because the popular representations of AI display considerable overlap with the popular representations of robots. The main difference is that AI deals with software (or more often hardware), while robots are mechanical.

However, AI can also be embedded in the software of a computer, part of a program. Software-based AI is often referred to as Programmable Intelligent Code. This software genre is quite different from robots or any other non-human entity because it involves a computer program that displays intelligence and interacts with the user in a more sophisticated manner, typically in a GUI environment.

AI systems often use machine learning. Whereby, instead of being explicitly programmed, the software is able to develop its own rules and actions based on inputs.

1. AI Will Increasingly Be Monitoring and Refining Business Processes

AI will lead to accelerated growth in simulation. The scenarios that an intelligent system can create are limited only by the imagination. These systems can allow businesses to conduct real-time testing of their business models and compare them with existing business realities. This will provide businesses with access to highly detailed, analytical data when it comes to making decisions about how to allocate resources, which will have a significant impact on the methods they use in the future.

2. Personalization is the Future

If imitation is a big part of intelligence, so is understanding context. As AI becomes smarter, it will become more capable of responding to the individual needs and preferences of consumers. And it will also become a tool to personalize customer experiences by anticipating those needs and wants. As a result, personalization will become a key differentiator for companies in the years to come. This will happen not so much psychologically, in terms of the obvious capacity to identify with the consumer, but rather in the ‘mechanical’ sense of understanding their needs and desires. This will generate an experience that is unique to each individual.

Airbnb, for example, uses data to predict the kinds of destinations people are likely to pick and even what kinds of accommodation they may want, such as renting a room in a house or apartment, a whole house, or an entire island. What’s more, their AI system will suggest the ideal dates for each trip. By exposing customers to opportunities, they would never have come across; otherwise, businesses will be able to differentiate themselves and create a seamless experience for the consumer while opening up new revenue streams.

3. Correct & Useful Data At Fingertips

In a world where data is king, one question that is increasingly asked is: ‘Who owns the data?’ The answer, perhaps surprisingly, is ‘nobody and everybody.’ We all own our data in the sense that we create it when we use our smartphones, fitness bracelets, or social media accounts. What’s more, we all engage in Big Data, whether we realize it or not. On the one hand, as consumers, we want better tools to manage all of this information. However, we also don’t want advertisements targeted to us based on our tastes and interests because this is creepy. On the other hand, we want AI to be able to learn our preferences and to anticipate our needs, which will only become more complex in the years to come. We also want this technology to be able to scan our data sources – email, online shopping, social media, health apps, etc. – in order to create a 360-degree view of our behavior: an ever-evolving picture of our lives. What we want is a high-tech but still a comprehensive approach to our digital closets.

4. AI Will Completely Transform the Nature of Work

There will always be work that only human beings—with all their brains, hearts, and souls—can do. However, AI will augment our ability to do whatever work we need to do and will allow us to do this work more productively and more creatively, free of repetitive tasks and mind-numbing administrative work. This will create many exciting opportunities, but it will also create some inevitable disruptions. It is, therefore, imperative that businesses have a plan to respond to the changes it will bring.

5. AI Will Lead to Accelerated Growth in Simulation

One of the most commonly used techniques in the creation of AI and robotics is a simulation. This is a technique that computer scientists and software engineers use to create algorithms. It basically involves creating an artificial environment in which AI or robotics tools are also designed to evolve and improve.

In some ways, AI can be understood as the art of the possible. The things that the designers of AI consider possible to accomplish with AI help define and shape the tools and solutions they provide. These same tools and solutions will then feedback into the AI algorithms, improving them over time. Meanwhile, as AI tools are used on a day-to-day basis for more complex tasks, their designers will see how far these new tools can go and how AI tools can be used productively. It’s a cycle of discovery that leads to a positive, continuous growth spiral.

6. Artificial & Augmented Intelligence Will Replace Robots

The simple but startling fact is that AI and robotics are here already, and they are already transforming individual lives. And they are also transforming the nature of work and the economy. That is why the future of AI is only just around the corner. Artificial intelligence is developing in terms of accuracy, complexity, speed, and volume. As AI advances, it will increasingly replace the idea of the mechanical robot with a software robot that is better able to carry out our tasks. So, what we think of like a robot in the near future will be a collection of artificial and augmented intelligence working in sync together.

7. AI Will Play a Major Role in the Creation of the Internet of Things

One of the most exciting developments in the actualization of AI is the Internet of Things (IoT). The IoT is basically a network of connected devices embedded with electronics, software, sensors, and network connectivity that enable these objects to connect and exchange data. The result is that physical objects can be sensed and controlled remotely across existing network infrastructure, creating opportunities in the physical world that are literally impossible without these technologies.

The IoT creates new opportunities, but it also creates challenges for AI, which will need to develop its ability to analyze large and complex streams of data originating from every corner of the world, including teams of connected ‘robots’ and a plethora of mobile devices, data centers, data networks, and sensors.

8. AI Will Deliver Advances in Conversational Technologies

While there is no machine yet that can match the power of a human brain, AI is evolving at a stunning pace. This is the conclusion that was reached by a recent AI study carried out by Google. The company’s conclusion is that AI is already able to compete with humans in some areas. This is, unsurprisingly, the area of natural language processing. The most striking examples of this come not from computers but from cell phones. IBM’s Watson, for example, is able to discuss a podcast. This technology is already in use by brands such as Audi and L’Oréal to provide better customer service and cater to specific customer needs.

9. AI Will Deliver Groundbreaking Advances in Medical Technology

In medical systems, AI will be increasingly used to interpret large volume streams of data collected through wearable devices, such as smart clothing, fitness and health trackers, and even implanted sensors. As a result, this data will be organized and analyzed to deliver the best possible care for an individual patient. And it’s not just health. AI will play a pivotal role in identifying new, more effective treatments for diseases while helping scientists to develop preventative care measures that will keep us healthier.

10. AI Will Revolutionize the Way We Experience Entertainment

Thanks to the advent of AI, it will soon be possible to have an authentic experience of being at an event without actually being there. An experience that will not only be alive but also ‘live from the inside.’ More than anything else, AI will empower us to live out our fantasies and experience compelling virtual realities. This will be accomplished through the use of a mix of data, graphics, sound, interaction, and artificial intelligence all combined into one.

11. AI Will Fuel the Growth of Chatbots

Just as machines are projected to take over millions of administrative tasks in the future, many businesses are already beginning to use chatbots to interact with their customers. These conversational programs will not only feature plans but also advise and consult, with the goal of creating a world-class customer service experience. However, AI-driven chatbots will go far beyond that. In the near future, they will be able to hold an intelligent conversation about virtually anything, depending on the data they have at their disposal. In the days to come, people will be able to chat with their computers and receive simple and easy to understand answers. Chatbots will be holding human-like (or humane-like) conversations with us, reminding us of the movie Her.

12. AI is Key to Understanding Our Planet

As the planet’s population grows, so too will our need for clean energy, sustainable resources, and a healthy environment. In the coming decades, AI will be a key component in improving our knowledge of how to take better care of our planet. And it will also be key to researching new diseases, improving our understanding of Earth’s shifting climate, and even enhancing the predictive ability regarding natural disasters. Millions of business functions will likely be automated by AI, but AI’s real power will become increasingly apparent in the ways that it augments human intelligence.

13. AI Will Be Dealing With Big Data and High Cybersecurity Issues

One of the biggest challenges that we face today is the massive amounts of data with which we are dealing. To cope with the huge amounts of information we are generating due to the constant expansion and diversification of devices and information networks, new tools and solutions will need to be discovered. AI will play an increasingly important role in this transformation. The first step centers around analyzing the enormous amounts of data we are generating. As a result, AI will play an important role in helping us to understand the patterns and processes within these massive amounts of data.

14. AI Will Change the Art of the Possible

What we consider possible to accomplish with artificial intelligence tools and solutions will determine, in many cases, what we can do with those same tools. This is especially true when it comes to technological advances. AI is beginning to appear in a wide range of fields, including healthcare, transportation, manufacturing, and even personal products and home appliances. However, it is estimated that much of the potential of AI remains undiscovered. As more companies begin to invest in AI research and development, AI will expand its potential in a never-ending process of improvement.

15. AI Will Lead to Major Breakthroughs in Cyber Security

Transforming data into intelligent information will generate vast amounts of data without making any actual progress. With so much data available, it is essential to have better ways of storing and managing it. For this reason, companies are increasingly turning to the cloud in order to properly store and manage large quantities of data. This will, in turn, lead to further increases in the use of cybersecurity. In terms of cybersecurity, AI will be key in generating large quantities of information in a matter of seconds. AI will monitor this information and determine whether any patterns need investigating.

16. Computer Vision

Computer Vision technology will continue to grow in importance for businesses as they focus on moving to actionable insights, and we can expect to see an exponential increase in the number of offerings available. Traditional computer vision systems used by companies have a tough time tackling the nuances of human language. However, we can expect the next generation of visual intelligence to be able to understand those nuances. This will enable applications to understand what is happening in any situation and support the needs of different individuals. Computer Vision technology is open to many domains, with the social and emotional capabilities of computers increasingly being applied to everything from home-based robots to social media and AI assistants.

17. AI and Machine Learning in the Retail Space

AI is being deployed in the retail space in a variety of ways. AI-driven chatbots are gaining traction, and the widespread adoption of these chatbots will drive innovation and change in consumer engagement in the retail space. In 2015, there were already more than 8,000 chatbots available across the globe. Companies such as Facebook, Microsoft, and Google have been experimenting with chatbots in the media coverage of brands. By 2017, chatbots had made their way into retail in a big way. Several retailers, Levi’s, J.C. Penney, and Nordstrom, among others, have launched chatbots.

AI is also playing a role in optimizing operations in the retail space. This is being done by seamlessly connecting the supply chain operations, optical tags for monitoring product movement, and real-time data analytics – all of which are giving companies unprecedented visibility into their operations. AI technology is also being used to enhance the shopping experience of consumers. When looking out for that perfect pair of jeans, shoppers can use an intelligent mirror to try on different pairs of jeans, along with other products. The idea of the mirror is to allow customers to try on clothing even if they don’t have time to go to a store. With the use of computer vision, the intelligent mirror can be used to image the shopper to a photograph and see how he or she looks in a different pair of jeans. Overall, AI and machine learning in the retail space is definitely the best AI trends to watch in 2021.

Conclusion

As we move into the AI era, it is clear that AI is already altering the way we work, play, and consult. It is also clear that virtually every industry will be transformed by AI. Every industry will be impacted by AI, some more than others. While many businesses can still take their time to get to grips with AI and artificial intelligence, BFSI is one industry where this is unlikely to be the case. And in the near future, if you are not using AI, you may be at a disadvantage to your competitors for one simple reason. AI is set to change the way we do business forever, and it is one technology that will completely alter the way in which we engage with clients.