Artificial Intelligence (AI) and Machine Learning(ML) are jointly contributing to the gradual build-up of the “Intelligent Digital Mesh” so candidly described in Gartner’s Top 10 Strategic Technology Trends for 2018. Artificial Intelligence and Machine Learning have been forecasted to be the game-changers of the coming decade. Most of the tech trends discussed really fall under the umbrella field of Data Science, as they directly or indirectly affect Data Management. However, some specific innovations like Augmented Reality (AR), Virtual Reality (VR), or Digital Twins also indicate hardware enhancements and overlapping of the physical and digital worlds.
In the next five years, say by 2021, the fully automated, intelligent Data Management systems may actually end up chopping about 6 percent of US-based Data Science jobs. In 2021, we may even see a virtually connected, business ecosystem once again transforming the customer engagement platforms and methods.
Some of the common forecasts made by the industry watchers for 2018 and the coming years are:
- The IT trend of newer digital services with additional revenue streams has started and will gain momentum in 2018 before reaching 40 percent in 2019.
- The tech trend of “connected” and intelligent systems has started and will gain momentum in 2018 before we see 40 percent of digital transformation and upwards of 70-80 percent of AI-powered, IoT initiatives in 2019.
- By 2022, IoT will save businesses and customers an astronomical sum of $1 trillion a year in maintenance and services. Some of that will start happening in 2018.
- In 2018, more analytics vendors will offer IoT-driven capabilities which may lead global businesses to invest more in AI-powered, connected technologies. According to Forrester, automated IoT has already been adopted in the transportation industry fleet management, government security and surveillance systems, retail inventory management, and manufacturing assets management.
Dream salaries in AI talent hunt
As per a recent report, the approximate number of qualified researchers currently in the field of AI is 300,000, including students in relevant research areas. Meanwhile, companies require a million or more AI specialists for their engineering needs.
In the US, a Glassdoor search for “artificial intelligence” shows over 32,000 jobs currently listed, with several salary ranges well into the 6 digits. Companies are more than willing to pay handsome emoluments to intelligent AI experts.
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Bigwigs of enterprise AI
As tech giants like Google, Amazon, Salesforce, and Microsoft improve their enterprise AI capability, it would be very difficult for smaller players to sustain themselves.
Google released Cloud AutoML. Customers can bring their own data to train the algorithms to suit their specific needs.
Amazon began selling AI-as-a-Service with “Amazon AI” under its AWS banner. Amazon AI‘s goal is to serve big.
Significant Machine Learning and Artificial Intelligence Trends in 2018
The Marketing Insider Group has published the list of Artificial Intelligence and Machine Learning trends to watch in 2018 in the article titled Machine Learning And AI Marketing Trends To Watch For 2018. This article claims that intelligent technologies have raised the bar on Customer Relationship Management. Here is a roundup of the Machine Learning and Artificial Intelligence trends of 2018 as forecasted by many experts:
- AI in Everything Digital: The technology vendors vying for space in the advanced apps and analytics market will accelerate their efforts in delivering AI-enabled applications and systems. In other words, AI will penetrate all business models.
- Intelligent Solutions for Data Management: As more and more business apps and BI systems develop enhanced AI capabilities; the popularity of AI-powered business solutions will grow. The market for automated ML and packaged apps will continue to grow through 2018. According to Microsoft CEO Satya Nadella, “AI-powered bots will become the next interface, shaping our interactions with the applications and devices.”
- Automation of Connected Devices: Autonomous systems in farming and mining will continue to grow with partially or fully robotic layers will end up connecting people, machines, and businesses.
- Conversational Platforms: The ability of user interfaces to engage with users will gain popularity in every kind of business application. According to an HRB Report, conversational platforms can help enhance the understanding of job functions.
- Event-driven Business Ecosystems: Enterprises will gradually adopt event-driven business models, where Cloud, IoT, and mobile will be use AI technologies as tech enablers.
Healthcare sector: too much going on and everything is amazing
Healthcare is one of the biggest and most crucial industries in the world so no wonder it’s the one that is heavily using the latest technologies — because it’s the matter of life and death. First of all, due to artificial intelligence and work with Big Data, a scientist will soon get the opportunity to prevent certain diseases, like cancer. This can be done by analyzing a patient’s history and all their records so AI will be able to understand the mechanism of disease, thus enabling doctors to be proactive instead of reacting.
Secondly, there are more and more intelligent prostheses popping up and this also offers a whole lot of opportunities for both doctors and patients. Such prostheses are able to distinguish images, light, pressure, etc. and are already a great breakthrough.
Finally, let’s not forget about AI and robots — together it makes robot assistants. They can come in many forms — virtual nurses in the smartphone that are able to recognize warning signs and call for help or real robots that can monitor patients, alarm doctors and send notifications in case there is such need.
Financial sector: fewer risks, more accuracy
It’s well-known that machine learning and AI are great when it comes to Big Data, analysis and routine tasks that can be performed by the machine. AI minimizes the chances of the error and is able to build predictions based on the previous data — and these predictive models are used in predictive analytics when one wants to prevent fraud or anything similar. Besides, predictive analytics may help companies minimize their risks in the future, estimate development and much more. Now, this is something any company should be interested in because it is:
- Much more efficient comparing to analytics by people
- More accurate and is able to build large complex reports out of Big Data
Of course, certain processes will still be performed by people — however, the application of AI will make the financial industry more stable and efficient.
Personal assistants and a better experience for the customers
We all know Siri or Cortana and now it’s time to get even more personal assistants in our everyday life. The simplest of them is an example of chatbots, which are getting more complex and intelligent. Due to data analysis, the system will be able to learn everything about customer behavior and its patterns, it will also learn personal preferences and, based on all this data, the assistant will be able to offer better service.
Such assistants are perfect for marketing professionals as they will allow building a stronger connection between the product and the user and will provide valuable information that can be used to build more effective marketing campaigns.
To conclude, the year 2018 is very promising for technological innovations. We will witness faster and more accurate Machine Learning and AI applications and some new exciting developments. The exponential improvement of technologies will give the ability for the Internet of Things, NLP, and self-teaching AI to change not only every business industry but also our everyday life. On the one hand, this will create a threat to security, but on the other — new approaches and solutions are continuously evolving. Anyway, the changes will be streamlined and the outcomes simply amazing.