We have all heard of digital transformation, AI, ML, and whatnot. Modern technologies have flooded the current tech market and the variety will only increase. But do you know that AI is driving digital transformation right now?
AI/ML development services are advancing at such a fast pace, that it is almost unbelievable how far we have come. But the most fascinating thing is, it is just getting started. Despite all the achievements and trending headlines of AI’s success across industries and domains, it is still considered to be an emerging technology.
While the future is unpredictable, the following stats confirm that the graph of AI and related technologies will continue to witness an upward-moving graph.
Top Artificial Intelligence Statistics
Today, almost every business is looking to hire AI developers, regardless of their industry or primary operations. This is to ensure that the digital gaps do not hinder their growth in the current competitive market. Some of the stats to support our claims are:
Chatbots
We are all aware of Chatbots and how they can help us navigate through the app/website or resolve general queries we might have. But do you know that by 2027 the chatbot market alone, will reach approximately $454.8 million from $40.9 million in 2018?
This is all thanks to the introduction of Natural Language Processing (NLP) that made these chatbots more human-like. The manufacturing industry is leveraging this advancement to provide real-time assistance and effectively track the order, thereby streamlining the whole process for both themselves and their clients.
Computer Vision
One of the advanced AI/ML development services, computer vision is the upcoming branch set to make a mark in the AI market. The technology allows computers to visualize and analyze information just like a human brain, except it uses algorithms and data that are fed to the system.
It is because of computer vision that technology like self-driven cars in the transportation industry and automated report analysis in the healthcare sector was actualized, along with many other technological advancements across diverse industries.
The computer vision market is predicted to grow to $41.11 billion by 2030 with a CAGR of 16% globally, which is a huge growth from $9.45 billion in 2020.
Edge Computing
The third on the list of Artificial Intelligence statistics is an upcoming technology, which is expected to reach a global revenue of $59,633 million by 2030, known as - Edge computing.
It is the process of bringing a computing framework or processing the data near its source for faster results. Using edge computing, data processing can be done locally and in real time. This makes data transmission faster and also creates a centralized location for the processing.
AI in Finance
By 2030, banks will be able to reduce costs by 22% by integrating AI into their system and will be able to save nearly $1 trillion. It will not just boost customer experience but will also streamline the processes for the staff as well.
Using ML to check the credit score of the customer and provide a personalized report of their credit health is now possible. Additionally, providing custom services with personalized offers, solutions, and immediate query resolutions is easy with AI-powered chatbots.
Not to mention, with NLP it can further improve customer experience with personalized human-like response generation.
AI in Retail
Though it is one of the last industries to embrace the digital shift, the retail industry is slowly employing smart AI-based solutions to maintain relevancy and bring flexibility to operations. It is estimated that AI services are expected to go from $5 billion to $31 billion by 2028 in the retail industry alone.
Apart from basic operations like chatbots, AI can also be used for demand forecasting, automated inventory management, and a lot more that can optimize the retail industry massively.
AI is redefining the scope of digital transformation and technological integrations. So now that we have covered some of the major Artificial Intelligence statistics, let us have a look at the leading AI trends that may welcome us in the coming year.
AI/ML Trends to Look Out For
Generative AI
What started with the introduction of predictive AI, is now slowly taking the form of generative AI. Unlike predictive AI, which always gives the same old data, generative AI will give out new output with Machine Learning and patterns based on the data derived from training the system.
From AI-derived texts and images to videos and audio, generative AI has touched upon almost every area of our lives and will continue to do so with time.
Multimodal AI
It is an emerging field of AI that takes data derived from varied sources including images, texts, videos, etc., and combines it to generate a more context-oriented output. To do this, it utilizes NLP and ML, with which it can analyze, understand, and contextualize the data fed to the system for not just a relevant but also a human-like response.
This is especially beneficial in scenarios where the human is interacting with the machine via multiple sources like chatbots, virtual assistants, smart devices, etc.
Workplace AI
Whether you look at it from the perspective of AI taking up the job of people or as AI creating new opportunities, it is a fact that AI is set to transform the way every workplace operates.
With newer technology coming up, businesses can design comprehensive solutions to streamline operations, quicken services, and stay relevant in the evolving landscape.
Democratization of AI
Who would have thought that ChatGPT would be such a success, but, with 100 million active users within 2 months of its launch, this AI tool has now become a common name. It is accessible for everyone and anyone to use, and this is what this trend is all about.
It is essential to make these advanced AI tools accessible to the general public instead of using them merely as an enterprise solution. Not only will it increase their familiarity with these advanced solutions but will also make room for more personalized services.
Digital Twins
Back in the day, before the construction was complete, buyers could see how the building or society was going to look in the form of a dummy model provided by the builder. The model shown by developers has also been digitalized and is now known as a digital twin.
Digital Twin helps in creating a digital replica of a physical object or service with the help of data collected from the sensors, software, etc. can be highly beneficial for construction and manufacturing industries.
Not just in construction but it can also be used to study the prototype of airplanes, ships, etc. which will not only make the manufacturing process faster but also cost effective.
If any of the above-mentioned trends interest you or if you want to know more about how these trends can improve your operations, then consult a reliable AI/ML development services provider to seek expert consultation. It will help you understand everything from relevant technology to its integration.
You can also hire AI developer whose skills match your needs or connect with a service provider to get your digital tools tailored to your needs. The decision can be made based on a lot of factors like your budget, the urgency of the requirements, complexity, and the talent pool accessibility.
Things to Consider
Every digital solution designed for the betterment of the world yields fruitful results only till the time it is regulated by ethical practices. Just like everything comes with its instruction manual, technological advancements function on the foundation of ethical norms.
While the advancements promise a whole new era of doing business and client engagements, it also raises innumerable questions concerning privacy, authenticity, and security. Questions related to data security, data authenticity, valuation, and credibility are raised.
With the current rapidly developing pace of AI and its integration, more ethical issues are going to come up eventually. So, businesses need to keep these things in consideration when investing in or hiring an expert to design a custom AI solution.
This is why partnering with a reliable development services provider is essential to ensure that the digital solutions designed by you are not just advanced but scalable and secure.
All in All
We feel it is safe to say that AI is not as job-threatening as we might think, nor it can be left directionless.
Some of the many statistical data from reliable sources are proof that AI is just getting started. But before we get into the whole integration, hiring, and development process, we must understand the intricacies involved and how these solutions align with our plans.
It is also a fact that today AI is still an opportunity but with the rapid advancement, the days when it will become a necessity are not that far.
So if you want to level up your business game and level up in the competitive landscape, hire AI developer, but make sure that their skills match your requirements.