The age of AI has begun. This is what most of today’s headlines about the future of AI, including the recent one in Bill Gates’ blog, look like. Although only the lazy did not speak about the potential of artificial intelligence for the past decade, the recent rise of generative AI and a massive move to the metaverse have shaped the way technology’s evolving and its impact on businesses.
Being a $197 billion industry as of 2023, the global AI market shows no signs of stopping and is projected to reach $1,812 billion by 2030, growing at a CAGR of an incredible 37%.
How do these numbers apply to organizations leveraging AI and what does the future hold for the technology? Keep reading to discover the most promising applications of AI in the years to come and learn the ways of mastering innovation in practice.
The state of AI technology
Today the overwhelming majority would agree that AI is the future. According to IBM, 77% of companies are either using or actively exploring the technology as of 2022. We are sure that in upcoming years the numbers are going to be much higher, and here are the reasons why.
Businesses acknowledged the potential of AI
The overall perception of AI by C-suite executives has changed dramatically over the years. While automation has long been a priority for businesses by now, implementing technologies like deep learning and computer vision was still questioned until businesses started to get measurable results from AI initiatives.
In their recent AI Business Survey, PwC asked respondents to estimate the value they got from AI implementations over the past 12 months. The results have shown that AI’s having a positive impact on 11 key business areas—from workers’ productivity to stakeholder relationships.
Workplaces undergo massive changes
AI and the future of work is another big topic for discussion triggered by the massive switch to hybrid work as a consequence of the post-pandemic reality.
People make a huge part of modern organizations’ success in domains from healthcare to automotive. Despite global concerns about AI replacing humans once and forever, the change will not come as is. That’s why companies should think about making people and technology work together.
Automation is an essential component of digital workplaces, modern tech-enabled environments that allow workers to remain productive outside brick-and-mortar offices and embrace innovation. Leveraging such workplaces creates an exclusive human-AI synergy and allows companies to get better results from their digital transformation efforts.
Artificial intelligence has received a new surge
Among the topics that have been creating a lot of buzz in tech communities are ChatGPT and the metaverse. They both mark a new era in the way AI’s evolving.
- When we speak about the future of AI technology, we imply generative AI, a branch of computer science that focuses on producing new content instead of analyzing existing data to detect certain patterns, which is characteristic of traditional AI. And ChatGPT is just an example of how the technology is applied in practice.
- AI enables the metaverse, a 3D virtual environment for user interactions that has a promising potential for learning, remote collaboration, and entertainment. While it’s originally powered by VR and AR technologies, AI helps to achieve human-like experiences and scale the metaverse by creating digital twins and introducing intelligent agents.
These facts contribute to understanding the future of AI and help to define how it is likely to impact businesses and domains.
What is the future of AI?
The evolution is already here. AI use cases are no longer limited to solving practical tasks like analysis and detection. We are witnessing how companies are increasingly automating creative processes. And this is just the beginning of the future where AI will be an integral part of workflows.
We’ve seen machine learning empowering demand forecasting and predictive maintenance, underlying biometric face recognition, and enabling the rise of self-driven vehicles. These advancements are likely to stay with us and evolve. But what are the future applications of AI?
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Revolutionizing education and training
- The use of advanced machine learning algorithms will help educators analyze students’ behavior and cognitive abilities to create highly-personalized educational plans tailored to individual learning styles.
- AI will be used to monitor learners’ performance. This will allow teachers to identify students who are struggling with particular topics and help them improve.
- In the years to come AI will be capable of generating objective feedback on students’ progress and suggesting exercises based on their strengths and weaknesses.
- ChatGPT and other generative AI tools will help teachers create assessments and streamline time-consuming tasks like grading.
- Learning and training in the metaverse will become globally adopted in education and all types of professional training.
Accelerating business growth
- Conversational AI will continue improving the quality and speed of customer service. In less than 5 years, AI-powered chatbots and smart virtual assistants are expected to completely replace humans handling customer queries and receive more trust from consumers.
- Generative AI will boost employee productivityand determine the future of AI in business. There will be more tools like DeepMind, DALL-E, and ChatGPT to help engineers, managers, and designers deliver quality results by decreasing the time for research, analysis, validation, and process oversight.
- Marketers will use AI to predict future trends and create personalized brandmessages. Digital creators will use the technologies for content generation, creating brand videos, and launching advertising campaigns.
- AI will empower all types of corporate experiences in the metaverse. Companies will leverage tailored 3D spaces to present their products, onboard employees, and enhance corporate cultures.
Empowering healthcare and medical science
- Doctors will be extensively using patients’ digital twins, AI-powered models that simulate human physiology to analyze and predict the consequences of surgeries and deliver personalized medical treatment.
- AI will help reinvent medical facility workflows and unleash additional hours for quality patient care. Smart digital assistants will take care of administrative and routine processes like handling insurance claims and taking notes during a visit to a doctor.
- Advanced AI and ML models will help medical scientists analyze signals of the human brain. This will lead to the development of effective clinical assets and medical treatment for cerebral palsy, Alzheimer's disease, and dementia.
- Medical breakthroughs play a key role in the future of AI in healthcare. By leveraging machine learning, humans will be capable of analyzing larger amounts of biological data, detecting pathogens, and accelerating the development of drugs to treat cancer, AIDS, and heart diseases.
Addressing climate change and social inequities
- Governments will be gaining more control over AI adoption. This will make AI developers subject to regulatory compliance. On the other hand, state institutions will help to make sure the technology is available for everyone.
- Philanthropists will continue promoting AI as an asset to achieve social justice and make healthcare and education accessible to people in low-income areas. Aligning AI capabilities with the principles of equity and inclusion will allow people to overcome racial, social, and gender biases.
- AI will contribute to creating a more sustainable futureby establishing better management of agriculture, water, energy, and transport. Deep learning and computer vision will help predict the supply and demand of renewable energy, overcome traffic congestion, and enable autonomous vehicles.
- Leveraging AI and ML will allow people to predict ecological disasters and natural cataclysms. The technology will be used to make space observations that allow monitoring of forest fires and control of CO2 emissions.
For better or for worse, ChatGPT and other AI innovations are yet immature to fully replace humans. Nevertheless, in the next decade, we are going to witness even more groundbreaking discoveries in the field of artificial intelligence and will have to adjust the way we study, work, and spend our leisure time.
Are you ready to embrace innovation?
On their way to the future, organizations need to use momentum for building resilience and think of the hands-on steps they can take on their way to AI adoption.
Enterprises and large-scale businesses will be the first to meet the future of artificial intelligence, and there are some tips to help them come prepared for the changes.
Each of these pillars represents an essential aspect of the future of AI and ML adoption by business leaders. While there is no one-size-fits-all approach to embracing new technologies, the scale of innovation determines the necessity to develop an action plan and adjust it at the point of implementation.
1. Once acknowledging the value of AI, create an innovation-first community. Hire forward-thinking employees, help them develop analytical skills, and embed digital dexterity in your workplaces.
2. Let technology be your ally. Build resilient cloud-enabled architectures, ensure systems interoperability, detect possible security vulnerabilities, and find ways to overcome data breaches.
3. Collect and analyze data. Whatever the future is like, data will be there to help you gain a competitive edge.
4. Follow a process-first approach to innovation. Building an automation CoE will allow your teams to remain productive throughout the process of transformation.
5. Like any transformation, futuristic AI comes with risks. Data privacy and ethics are the major concerns to be addressed by enterprises leveraging AI.
The future of AI holds both opportunities and responsibilities, and the point where we are standing now is just the beginning of the big change. Using our today to come prepared for AI changing industries, businesses, and day-to-day activities is the best thing leaders can do on their way to the advancements of tomorrow.
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At Trinetix, we help companies master technology to achieve transformative business outcomes. Our future-first approach helps enterprise-scale clients leverage data science and intelligent automation in the most optimal way for their business.
If you are tempted to unlock AI potential for your business, let’s chat about building a resilient strategy that will help you navigate the future with confidence.
