What Are the Top 6 Artificial Intelligence and Machine Learning Trends in 2023–2024?
Artificial Intelligence (AI) and Machine Learning (ML) have potentially changed the landscape of digital space. Especially the software development services segment, which alone accounts for 88% of the total AI market revenue. The global AI market is rapidly growing, promising to add half a trillion USD to the world economy by the end of 2023.
Here are some interesting AI/ML use cases that remained in the spotlight during 2020–2021
If you want to become a part of the AI ecosystem and join the innovation labs, it is important to keep a keen watch on changing market trends. Because what happens is, the AI market is highly dynamic and changes within a blink. Hence, it becomes important to choose updated Artificial Intelligence and Machine Learning trends that keep up with the changing technology trends.
So, let us see what is new for you in the realm of AI/ML
Top-6 Artificial Intelligence and Machine Learning trend to watch for in 2023–2024.
Increasing Adoption Rate for AI/ML:
Be it SMEs or enterprise-grade organizations, all types of businesses have already integrated AI/ML in some capacity. Organizations already using AI/ML claim a 57% improvement in user experience.
So, there is no looking back. Businesses are looking forward to accelerating their plans to leverage AI/ML in business analysis, R&D, risk assessment & mitigation. Going with the numbers, the global AI market generated USD 433 billion in revenue in 2023.
However, implementation and execution are two completely different things. Here, Artificial Intelligence benefits overpower its implementation complexities. Where businesses are rapidly implementing AI/ML into their organizations, they are finding difficulty in its execution due to a lack of expert skill set.
Over 82% of organizations worldwide said that they are in search of AI/ML experts. Henceforth, the demand and supply for talented AI/ML skill-set are to run full throttle.
Transparent AI Architecture:
Can you trust a system of which you don’t have a proper understanding? No? Though AI is ubiquitous, it suffers trust issues.
So, organizations are pushing towards building a more transparent yet reliable AI architecture that offers increased clarity and ease of operation. To build easily understandable AI models, software development services must focus on sophisticated ML solutions that are easily explainable to users.
With more emphasis on transparency in the AI space, the role of developers will become more critical. This scenario seems to generate a high demand for expert AI/ML skill sets.
Strict Data Privacy and Security Protocols:
A data breach is an expanding privacy risk in the near future. Where data is emerging as the new currency, data protection is turning into a big issue.
When we talk of AI/ML, we know that there is a huge risk associated with handling, storing, and processing massive amounts of user data. It is your responsibility to secure sensitive user data stored in the database of your organization.
With government-powered data protection regulations like General Data Protection Regulation (GDPR), Data Privacy Protection Act (DPPA), or the recently launched California Consumer Privacy Act (CCPA), data security is becoming stringent and penalties for violations much more expensive.
This scenario arises a demand for efficient data scientists and analysts who can proficiently handle data in compliance with security protocols.
The blend of AI and IoT:
AI and IoT are innovative technologies with unique qualities. Before going deeper with IoT, let us first understand Artificial Intelligence and Machine Learning differences.
Where ML is a subset of AI, it broadly deals with data analytics. Deep Learning is an ML technique that is developed based on the structure of the human brain. This enables machines to process data like a human brain and simulate human behavior more naturally.
AI/ML-powered IoTs are increasingly being adopted to build smart appliances, smart gadgets, smart homes, smart offices, and even smart cities. With USD 1.1 trillion in global IoT spending, IoTs are turning everything smarter.
AI/ML-powered embedded technologies are an emerging branch showing greater employment opportunities in near future.
The Refreshing AR/VR:
Augmented Reality (AR) and Virtual Reality (VR) are the refreshing pods of AI/ML that shows higher opportunities to boom into a blooming flower. With USD 52.05 billion market volume, AR/VR is expected to grow at a CAGR of 13.72% by 2027.
Where organizations are embracing AR & VR technology, there arises a demand for tech experts skilled in efficiently handling AI/ML and offer optimal results.
The global market depicts 23 million job opportunities encouraged by AR/VR by 2030.
Hyper Automation:
Hyper automation is an effective way to effectively handle customer service and improve customer satisfaction by speeding up various processes. Hyper automation also helps in automated orchestration & management as well as system integration & organization. This boosts productivity, increases efficiency, and saves time, money, and resources.
AI, ML, deep learning, and cognitive process automation are some technologies that empower hyper-automation.
Wrapping up
If you are thinking that AI/ML are soon to be outdated, you are absolutely wrong. Refreshing trends like AR, VR, deep learning, NPL, robotics, etc are sure to keep the AI ecosystem fresh and rejuvenated.
So, whether you are looking for a team of robust app developers, expert guidance, or a comprehensive AI-enabled system; we are here to help. We are one of the top mobile app development company dealing with AI-powered automation and tech advancements.
So, what are you waiting for? Call us for a FREE consultation with our AI data science expert to develop your upcoming AI/ML driven project.
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