Artificial intelligence (AI) is not a thing of the future anymore. It is here and is changing the technology landscape like never before. It is bringing forth the new innovative tools that are solving the most complex computer problems. The AI market is growing at an exponential rate and it is becoming difficult to catch up with it. The startups and the IT giants are competing equally to use the AI to their advantage. Businesses today are more interested in investing in as well as adopting AI. IDC estimates that the AI technology market will grow to over $47 billion by 2020.
The possibilities under AI are immeasurable. However, there are a few trends that are taking the world by storm lately and here is a brief insight into them.
- Speech Recognition and Voice Control
Google Home, Alexa, and Siri are some examples of voice assistants that can understand voice commands and can act on them. There is an increase in the number of systems that have the ability to transcribe human language. These voice-response interactive systems allow the users control multiple devices including the household electronic gadgets.
- Machine Learning
Machine learning is the branch of AI that allows the machines to learn from previous behavior. It is powered by algorithms, big data, and APIs and is gaining popularity. It is a powerful technology that makes it possible for computers to learn based on previous behaviors and modify their operations accordingly. It requires minimal human supervision. Machine learning is instrumental in making predictions and is finding applications in almost all industries including IT and healthcare.
- Virtual Customer Service Representatives
Another very important function of AI these days is virtual agents generated through animation. They are made to look and perform like humans. The major application of these virtual agents is in customer service representation where they are capable of making an intelligent conversation with the customers. It is one of the most promising AI applications. Virtual representatives can answer customer questions, take complaints, and solve queries that do not require high-end tech services.
- Decision Making
AI uses rules and logic for setup and maintenance of the systems. The systems are capable of making decisions by learning from the previous behavior and usage of the data accumulated over time. The automated decision making takes the load off the workforce and they can utilize their time in other functions that are crucial to working of an organization. This enhances business profits considerably.
- AI-Optimized Hardware
With the advent of AI, there is a need for AI-friendly hardware. Only AI is useful in developing such devices by making new graphics and processing units. This hardware is designed specially to do AI-related tasks. You can expect AI-optimized silicon chips to become mainstream in the near future. These chips could be inserted into portable devices. The IT giants like Google, Intel, and IBM are spearheading efforts in this direction.
- Biometric Recognition
Biometrics are finding extensive applications in various sectors in the world of late. It refers to the branch of AI that uses fingerprints, retina scan, and other such physical aspects to identify a human being. Biometrics also makes it possible to have more natural interaction between humans and machines like touch recognition, speech control, and body language identification.
How do businesses benefit from AI?
Artificial intelligence applications boost business productivity significantly. AI technology is being used by companies to optimize operational processes and workflow. Since the AI is capable of taking decisions and requires minimal manual supervision, the workforce is free to use their time in other tasks and therefore, the businesses become more profitable.
For the businesses who have not yet started using AI and related applications, now is the right time to do it. The future will present numerous opportunities to use AI and machine learning to boost ROI. For more information or if you have any questions, reach out to our AI experts at MarkSpace Media.