Artificial intelligence is on an exponential growth trajectory, and isn’t showing any signs of slowing down. Over the course of the next decade and beyond, AI is set to shape and reshape industries ranging from finance, to tech to healthcare. Let’s explore 7 AI trends!
- Mainstream Adoption of AI
McKinsey recently released a report detailing that AI is becoming increasingly mainstream, with roughly 50-60% of organizations already using one or more AI tools. This trend is only set to accelerate as businesses realize the immense value AI can bring to their operations.
- The Explosive Growth of AI’s Market Value
Forbes recently projected a staggering 37.3% compound annual growth rate, or CAGR, for AI, skyrocketing its market valuation to $1.81 trillion by 2030. To put this in perspective, AI’s value could surpass the combined current GDP of India and China.
- AI Assistants Revolutionizing Industries
AI-powered assistants are already automating and digitizing sectors like legal services and public administration, among others. AI assistants are able to make legal documentation, digital signatures, and even operate via blockchain technology, making it more accessible and cost-effective.
- Fortune 500 Companies Embracing AI
Many Fortune 500 companies are at the forefront of AI development, both in research and development. Many of these companies are investing heavily in AI technologies to gain a competitive edge and drive innovation. A great example would be OpenAI’s ChatGPT, which gained over 100 million users in just a few months of its launch.
- The Rise of Generative AI
Generative AI, the tech being OpenAI’s ChatGPT, is arguably one of the most exciting phenomena in the AI landscape. ChatGPT took the world by storm, and for good reason. Going forward, generative AI may not be limited to text generation but could extend to creating video and audio content as well.
- Natural Language Processing
Natural Language Processing, or NLP, which is the technology behind search engines and voice assistants, is also experiencing big time growth. AI-driven machines can now understand, interpret, and respond to human language with remarkable realism, and will only get better and better as the years progress. NLP is poised to revolutionize customer service, content generation, and much more.
- AI in Healthcare
In the field of healthcare, AI is set to revolutionize medicine. Machine learning is already purportedly being used by big Pharma companies to aid in drug discovery and medical research. AI-powered tools may soon be used to help doctors diagnose and treat patients more accurately and efficiently, and could one day even help doctors perform surgery — or even perform surgery without a human doctor, with the integration of AI robotics. The AI-driven drug discovery market is projected to reach $4 billion by 2027.
It seems like most people have the sense that AI isn’t going anywhere, and will only increase in ubiquitousness. From its increasing mainstream adoption to its profound impact on diverse industries such as healthcare, law, and content creation, AI is set to shape and reshape our world.