With the benefits of Artificial Intelligence plunging into major industry verticals, the AI industry is on the rise. Businesses today are realizing the potential of this advanced technology and leveraging its benefits to boost business profits.
According to the market research firm Tractica, in 2019, the global AI software market is expected to grow from $10.1 billion in 2018 to $126.0 billion by 2025.
With increased popularity and usage, Artificial Intelligence trends are revolutionizing the business world these days. It is clearly evident that enterprises are leveraging this advanced technology to enhance business efficiency. AI techniques help in performing tasks that require human intelligence with greater speed and accuracy as compared to humans.
A report by Accenture stated that the impact of AI technologies on the business is projected to increase labor productivity by up to 40 percent and enable people to make more efficient use of their time.
Top AI Trends that you need to Look at!
Here in this blog, I have discussed some of the major AI trends that will rule the roost in the coming future. These trends predicted by the industry experts will determine the future of Artificial Intelligence.Let's explore the top AI trends in 2020 that may turn into exciting developments in the future. Read these in detail.
Rise of Predictive Analytics!
The magic of AI can help you know the future. One of the popular AI trends allows you to predict the future. Do you know which AI trend does so? Predictive Analytics it is. By using predictive analytics, enterprises can forecast results in advance. This AI trend utilizes a combination of machine learning algorithms, historical data and other processes to predict future outcomes. Build smart strategies using advanced AI techniques to enhance your business growth by selecting a team of AI developers.
By leveraging Predictive Analytics, a company can take advantage of the patterns and trends for designing better strategies right from advertising to security. AI trends such as Predictive Analytics are becoming popular not only for the benefits that they provide to scale business growth but also for letting businesses gain an advantage over their competitors.
According to a report, the global predictive analytics market was valued at approximately USD 3.49 billion in 2016 and is expected to reach approximately USD 10.95 billion by 2022, growing at a CAGR of around 21% between 2016 and 2022.
Higher Use Of Anomaly Detection!
Common flaws may occur at any time while doing a task. This may occur due to a human error or due to a machine failure. No matter, the error occurred due to a human fault or a technical one, in both the cases, the company has to bear great losses.
So, it's important for the companies to keep a check so as to detect problems before they actually happen. Here comes the role of Anomaly Detection. With its incredible ability to detect problems, AI-driven Anomaly detection has become one of the popular AI trends for detecting major problems before they cause serious losses to the company. This helps in increasing business efficiency too.
This is the reason why 31% of marketing, creative, and IT professionals worldwide plan to invest in AI technology in the next 12 months, says Adobe.
This AI-driven procedure compares current and historical data to find the datasets that stand out and are different from the norm. Enterprises can discover flaws in cybersecurity, marketing, advertising and any area of business. All thanks to Predictive Analytics which is one of the most dominating AI trends in 2020.
[Good Read:- Introduction to Anomaly Detection]
ML-driven Cybersecurity will be on the rise!
Cybersecurity has become a growing concern globally which results in the loss of data. Such security breaches can harm the reputation of a brand in the market. This is why companies these days are leveraging Artificial Intelligence to enhance their security.
The number of attacks, including phishing, advanced malware, and ransomware attacks is rising - with 67 percent of businesses experiencing a cyber-attack and 58 percent of them experiencing a data breach in the last 12 months.
With its ability to sort through millions of files and identify potentially hazardous ones, Machine Learning algorithms are used for removing these. ML algorithms use Artificial Intelligence for detecting cyber-attacks thus enabling organizations to work smoothly.
AI is a boon to Cybersecurity. Clearly, the use of Machine Learning for Cybersecurity is one of the popular AI trends ruling the business space now.
For instance, Microsoft’s Windows Defender Advanced Threat Protection is a great example that is built into Windows 10 devices. The software deploys cloud AI and machine learning algorithms to detect threats and misconfigurations that can cause harm.
Increased Adoption of AI Platforms!
The availability of highly compatible and advanced AI platforms to perform multiple tasks help businesses in boosting their growth. It wouldn’t be wrong to say that it is one of the top AI trends that is dominating the business industry today.
37% of businesses surveyed have implemented AI in their company, and this number is rising, says a Press Release by Gartner.
By leveraging one of these AI trends to create well-tailored apps, companies that help to boost business profits.
Artificial Intelligence allows marketing and sales teams to draw useful insights based on the analysis of customers’ behavioral patterns. AI-driven chatbots and virtual assistants help companies in increasing customer engagement. Amazon’s Alexa is a prime example of this. It is an AI-enabled virtual assistant that can control several smart devices in an automated system based on voice commands.
Use of Artificial Intelligence to improve Productivity!
Capitalizing on these AI trends can help companies boost profits. Leveraging advanced AI techniques allows businesses to improve their productivity. This is why enterprises these days are incorporating strategies driven by Artificial Intelligence trends.
PwC estimates that AI will contribute $15.7 trillion to the global economy by 2030. It predicts that rendering an improved personalized experience, providing enhanced products and boosting labor productivity are some of the reasons responsible for the increase.
AI helps to improve work balance too. Let’s see how. The company VMware is a suitable example showing how AI improves work balance. Before using AI, VMware faced a lot of challenges in meeting targets and quality standards.
Later, the company looked for ways to integrate an AI-driven content solution. Finally ,after AI-integration, the company could automate menial tasks like editing and corrections. This helped in saving a lot of time that employees used for doing value-driven work such as training more writers, onboarding new members and creating better systems.
So, these are some of the top AI trends that help businesses predict better solutions and decisions (predictive analytics), find opportunities and weak points in an organization to protect assets( anomaly detection) and to maintain work balance. Cybersecurity through advanced Machine Learning algorithms is of the AI trends being used for detecting cyber attacks.
AI trends have emerged as a game-changer in the industry. Businesses across the globe are adopting these AI trends for achieving better productivity. I am sure, after seeing the incredible benefits, you will incorporate techniques enabled by these AI trends in 2020 for scaling your business growth.