In 2020, Machine learning and Artificial Intelligence technologies are real-world industry applications validate their hidden benefits and value to the customers. Scientists and researchers have made claims on behalf of AI-enabled technologies, but they have not been tested in large-scale market applications. So we will see a lot of those latest technologies put into marketplace repetition for the users to judge and assess.
Why Artificial Intelligence and Machine Learning Trends in Businesses?
Machine learning in 2020 tracing the Artificial Intelligence Development Path makes the following reasons
- Everyone known, machine learning is recognized globally as a key driver of digital transformation, will be responsible for increasing investments of $58 billion by the end of 2021
- The worldwide ML industry, growing at a CAGR of 42 percent, will be worth almost $9 billion in the latter part of 2022.
- The neural networks market will be more than $23 billion in 2024
- The Deep Learning applications market in the US alone has been forecast to shoot from $100 million in 2018 to $935 million in 2025.
Artificial Intelligence and Machine Learning Trends in 2020
Best Artificial Intelligence and Machine Learning Trends in 2020 signals the beginning of the digital rebellion slated to transform global businesses from the grassroots. So, let’s understand how the above will start activating the front-running AI and ML trends upcoming year
- The aggressive growth of business data, low-cost data storage, and AI reaching maturity will lead to more businesses subcontracting their data center to enter activities to cloud service providers. The Upcoming of Machine Learning and Artificial Intelligence explains that while cloud brings agility to businesses, AI and ML leave a major influence on business outcomes.
- The easy obtainability of both live and dead business data will donate toward the creation of better Machine Learning models and algorithms. The algorithm marketplace in 2020 may create more opportunities for AI and ML researchers to interact with business practitioners to build real-world solutions.
- Wearable devices and the development of intelligent apps will rise in tandem, with the increasing rise of mobile customers.
- Major MNC’s like Amazon, IBM, Microsoft, and Google already offer virtual agents to consumers, and this trend may be picked by other businesses the upcoming year.
- The use of Natural Language Processing will rise meaningfully in customer-service functions that require text processing at scale.
- Block chain will move outside banking-finance domains and into many other business sectors.
- A robot may become more of a reality, especially in large engineering meeting lines such as an airline or automobile manufacturing plant.
- On the other side, AI technology progressions will trigger huge job cuts and economizing of operations due to increased automation of business functions. Re-skilling of staff employees may become necessary to mitigate the opposing effects of automation in industries.
- The worldwide job market will begin to shrink and readapt to accommodate re-skilled and re-trained talent.
- Will self-driving cars survive the AI wave of Tesla’s data flywheels
Top AI and ML Applications
Here are some Machine Learning and Artificial Intelligence applications in the current market
Natural Language Processing: Natural Language Processing helps to change data into text, thus providing language capabilities to machines. This technology can interact in human languages, which may be used in customer service to make feedback précises and reports.
Image Recognition: This competency helps machines to recognize specific features in images, based on prior learning. Image recognition is extensively used on social platforms for image searches and has been successfully applied to the discovery of license plates or diseases.
Speech Recognition: This skill helps machines to interact via human language. Voice-based systems like Alexa use speech recognition to cooperate with mobile users.
Virtual Agents: As stated before, large players are using virtual agents for client service. A virtual agent is a machine-generated lively character who emulates the role of a human customer service agent. This virtual agent has enough smarts to provide first support to an inquiring customer.
The whole field of Artificial Intelligence enables “machines” to become modernizers a single concept in human history. The combined influence of Artificial Intelligence, Machine Learning, Deep Learning, and neural networks is felt across business strips from boardrooms and executive suites to staff compartments. Many business users are both happy and anxious about the future penalties of AI-powered business processes.
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Also, read: Machine learning v/s Artificial Intelligence