Introduction to AI Trends that will Accelerate
The COVID-19 pandemic has accelerated the use of Artificial Intelligence in the corporate world. Global revenues for artificial intelligence are expected to reach $554.3 billion with a CAGR of 17.5% by 2024, according to IDC reports. According to another report from Forbes, 64.8% of companies across the world invested more than $50 million in AI last year. The rate of companies was only 39.7% in 2018. The pandemic-driven digitization is indicating that the use of AI will only increase in 2021 and beyond.
From many experts, there is news that AI has some exhilarating trends to encounter this year. Here are the top 9 trends in artificial intelligence that will accelerate in 2021.
NFC-Based Identity Verification
In 2002, Nokia was the first company to introduce NFC in mobiles and the trend for NFC-based payments and data transfers has been popular. With rapidly evolving technology, near field communication (NFC) is now entering the identity verification market. The rise in criminal activities demands a robust system to assist businesses in onboarding legitimate customers only. An NFC-based identity verification system can help in this regard and the top AI trends in the year 2021 will be ID authentication through NFC.
AIOps will Gain Popularity
IT systems have become more complex over the past few years. AIOps or Artificial Intelligence for IT Operations brings convenience and significantly reduces the complexity of tasks. Furthermore, AIOps improve key processes, analysis of high volume data and decision-making. Analysts are suggesting IT specialists to get in touch with AIOps to increase cohesiveness among teams through data correlation, end-to-end virtual experience and IT integration in operations management.
AI for Data Structuring
Data structuring with machine learning and natural language processing (two applications of AI) will increase this year. Companies are planning to leverage these technologies and automate the data structuring of transactions with the help of robotic process automation or RPA.
Robotic Process Automation (RPA) is among the fastest-growing areas in the software market. However, its use is limited to structure data only which makes data structuring through AI crucial.
Artificial Intelligence in Healthcare Sector
The medical sector is overwhelmed these days due to the pandemic, and hospitals and other healthcare systems need more automation. Diagnosis and various other tasks can be streamlined and made error-free through automation. This can significantly reduce the number of overlooked anomalies and healthcare facilities can efficiently cater to the needs of patients.
Fraudsters have figured tremendous ways to achieve their illicit goals. Without stringent mechanisms to stop them, companies have to face a lot of financial and reputational losses. Henceforth, AI-based cybersecurity will gain more popularity in 2021. Here are some of the cybersecurity measures that are based on AI and are all set to shake things in the corporate world.
- Zero-Trust Network Access (ZTNAs) will replace VPNs
- Blockchain for combating cyber threats
- Multi-tier customer due diligence protocols will be adopted
Ethics and AI Go Hand in Hand
Although artificial intelligence is bringing a lot more convenience to the business ecosystem, ethical concerns still demand focus. Deepfakes, algorithmic bias and AI for children will be a few heated topic in 2021 in the AI industry. Industry leaders are predicting this year to be formative for AI programs in terms of ethics.
AI and Cloud Systems will Gain Hype
Broader adoption of AI-powered cloud systems is expected in 2021. A vast amount of data is stored on cloud storage and managing them proficiently demands AI. deploying artificial intelligence models can help in not only managing data effectively but enhancing data security as well.
AI will be More Explainable
Industry leaders have also highlighted the increased focus on the explainability of artificial intelligence. Cybercrime has increased which has encouraged regulatory authorities to impose more rigid data protection laws. This demands more trust in AI and to prove the articulation between AI and its predictions or results, there is a need to explain the technology in more detail.
AI-Driven Customer Support for Better Customer Experience
Did you know that less than 5% of the customers are checked for feedback? The rise in remote working particularly in the customer support sector has resulted in a great opportunity for businesses to adopt automated speech recognition (ASR). Companies can greatly benefit from AI and regularly follow up on customer experience and ensure compliance.
Artificial Intelligence, the buzzword for a long time, has some trends in 2021 that are hard to overlook. From NFC-based identity verification to cybersecurity, there are numerous debates trending in the AI market. The pandemic has disrupted business operations and the adoption of artificial intelligence for streamlining them will continue to increase. The AI market is growing at a faster pace than ever, and it wouldn’t be wrong to say that the future of the corporate world revolves around AI-based systems.