Given the pandemic situation globally affecting every part of the world and changing its dimensions rapidly to the digital site in recent times, it would be rightful to say that AI has been the only futuristic technology that maintained its competitive edge and proliferated; solving problems automating manual workflows, saving time, reducing cost and increasing productivity manifolds.
This past decade could truly be called a golden era for AI as it has managed very efficiently to maneuver through the tough times, creating a buzz, making innovations in big fields, and giving a new sense of comfort and ease to humans.
With the increase in the demand for AI every day and millennials being curious about this emerging technology, it won’t be a surprise to know about the recent stats forecasting that 80% of emerging technologies will have an AI foundation by the end of 2021.
The global AI market size calculated as $39.9 Billion in 2019 is expected to achieve a compound annual growth rate (CAGR) up to 42.2% from 2020 to 2027. Stats are concrete evidence of AI having a long way to go with the exciting trends surfacing every day.
If you are curious to know about AI’s future in the post-pandemic times after all the restrictions will curb and business start capitalizing exponentially, then this article is for you!
Here we jotted down the top 5 trending technologies of AI that will be surging ahead in 2021 and boggle the world with wonders. So without further ado, let’s dive deep into it!
Here are some of the AI trends to look out for in 2021
AI for Cyber Security and Data Breaches
With the increase in digital data, the risk of data breaching, and its vulnerability to phishing attacks have become a major concern. The sensitive data hacking and constantly evolving threats from malware, ransomware, and DDS attacks constantly worry for corporate systems and home security.
But with AI-powered cybersecurity, we are finally stepping into a safe space where users will not face any malicious threats regarding their data privacy.
AI-powered tools will collect data from different sources like the company’s own transactional systems, communications networks, digital activity, and websites and implement algorithms to recognize patterns and identify potential threats and suspicious IP addresses.
Home security systems integrated with AI were limited to consumer video cameras and intruder alarm systems only. But now Al has expanded its horizon to create “”smart homes”” where the system learns the ways, habits, and preferences of its occupants – improving its ability to identify intruders. AI enabling cybersecurity with the efficient gears to analyze, understand, and prevent cybercrimes, will make it the new hot sensation of 2021.
The Emergence of a Hybrid workforce
The exponential growth of business and the Covid times gave organizations the realization to use AI for repetitive mundane tasks, saving energy and finances. Organizations have started to jump on the bandwagon to use the amicable blend of RPA and cognitive AI to handle the bulk of work, transforming the workplace into a hybrid workforce environment. Alexa, Siri, and other digital assistants apply this hybrid network, where the human workforce collaborates with automated robots. According to the recent statics Technology and financial services, companies are currently absorbing 60% of AI talent.
With people being more comfortable with AI’s indulgence in their daily lives, be it for personal tasks or commercial work, we can expect the hybrid workforce to be the next big thing in 2021 and beyond.
Natural language processing
NLP is defined as the natural manipulation of normal languages, such as speech and text, by software. It helps in perfect communication between human language and computer language. NLP is getting popular quite fast because of its vital role as Amazon Alexa and Google home.
Apart from being an easy interpreter and being used for machine translation, summarizing a process, auto-video caption generation, NLP has improved its structure and interface to increase different devices’ productivity.
In 2021, NLP is expected to play a significant role in finance marketing and online business; it would use the recommendation system to study customers’ behavior. NLP will be used in the semantic analysis for social media to study people’s views and opinions towards a particular topic. NLP will also elate the chat boat market to go about 9.4 billion US dollars by 2024.
AI-enabled chips will boost performance
2021 can be seen as the herald of a new era where AI chips will be a boon for startups and small businesses, making them accessible to all the powerful AI tiers. AI-enabled chips- genius chips- doubled in density and increased manifolds in processing will perform tasks like natural processing, facial recognition, object detection, and computer vision at a much faster rate.
AI-enabled chips are expected to reach $ 91,185 million in 2025, compared to $ 6,638 million in 2018. Top companies such as NVIDIA, Qualcomm, and AMD are projecting to enhance AI applications’ performance by making AI-enabled chips. Qualcomm has launched its new AI-enabled Snapdragon processor this year that can perform 15 trillion operations per second with efficiency.
Smartphones will be immensely benefited from these genius chips- as the processing done on an offline cloud platform or main GPU CPU chipset will now be done on board in less time and more efficiently. Chips will evolve smartphones into smart gadgets consuming less power with increased battery life.
IPA (Intelligent Process Automation)
IPA is much like RPA (Robotic process automation), but it uses artificial intelligence to automate specific tasks. IPA helps businesses forecast the future outcomes of investments by creating visual models from the system’s information and analyzing them in real-time to identify outliers and bottlenecks.
According to a recent study, 25% of Fortune 500 companies want to implement and invest in IPAs. Machine learning Algorithms and text analysis are used by companies to process documents. Programs are designed to integrate automated responses to persuade customers through customer communications in desktop assistants digitally.
Forrester predicts that this automation will “”become the tip of the digital transformation spear, impacting everything from infrastructure to customers and business models.”” Freeing up employees from routine tasks, boosting efficiency, ensuring proper governance, and minimizing risk will surely make IPA a groundbreaking technology in the coming time.
At this pace and passion of renovating itself with new trends and increasing social acceptance alongside ethical monitoring, AI will make it the new refreshing face of the technology market. Now is the time for businesses and organizations to plunge into the AI pool to obtain real-time information, perform predictive maintenance, and do effective digitalization powered with AI tools to sustain, survive, and grow.
Sabeeka Zafar is a Bioinformatician-to-be with a passion to be a significant part of the great revolution in the near future in the field of Bioinformatics specifically and that of Science generally. Sabeeka is a social activist, enjoys working with people for the betterment of the society and loves to read and to write.