“2020 Is An Important Year For AI Adoption.”
I was not surprised when I read this news headline. AI and machine learning markets are already growing at a fast pace. According to a recent report by IDC, the global spending for AI systems will be around $97.9 billion in the year 2023. This year alone $37.5 billion will be spent on the same.
So, 2020 is the year when you can expect to see a lot of innovations in the AI and machine learning space. Many opportunities will also open. Hence, it is important for companies to keep track of new trends so that they know in which areas they should invest.
With that said, here we present:
Six Emerging AI and Machine Learning Trends in 2020
1. Augmented Analytics
Back in 2017, Gartner published a report introducing a new concept called augmented analytics. The research firm called it the future of data analytics. Today, after almost three years, it has become a big trend. Gartner analyst and VP Rita Sallam has said that organizations will look forward to accessing vendor selections in the future. Even vendors of technologies like Salesforce and Workday are incorporating augmented analytics into their products and services to improve the user experience.
Why should we care about augmented analytics?
The truth is that data by itself is useless. You will find many chunks of data that are either repetitive or that you are already aware of. Now, you can try traditional data analytics but it takes a lot of time and there are greater chances of errors. However, with the help of artificial intelligence and machine learning, data extraction and analysis becomes a whole lot simpler. Augmented analytics can save a lot of time and money. That’s why businesses are preferring it more.
2. Natural Language Processing / Conversational Analytics
Another trend that has become very popular in the last few years is NLP and conversational processing. This has allowed even non-data experts who know nothing about SQL to build their own queries. If stats are to be believed, more than 50% of the analytical queries will be generated via search or via NLP. So, there are a lot of scopes.
Why is NLP/conversational analytics so popular?
Most analytics and business intelligence platforms implement basic keyword searches. As a result, displaying results for simple queries like “What were my sales by product?” is easy.
Not so when it comes to complex questions like “What were my top 10 products or customers within a 50-mile radius in New York this year vs last year?” You probably would not be able to display a result. The reason: It involves ranking functions and synonyms. For this, you will need NLP and conversational analytics that will provide you detailed insight and help you drill down with specific queries.
3. Conversational AI or Chatbots
AI has completely changed the way users interact with companies online. Conversational AI is the new trend that is becoming an integral part of business practice across industries. Many companies are using chatbots for customer support, marketing, and sales purposes.
With the advancements in technology, customers have also grown more demanding. They want businesses to be at their service 24×7 and to quickly respond to their queries. But we all know how difficult it is to be online all the time. Today, if you can’t respond to customers on time, you risk losing them. That is when chatbots come into play. Whenever new customers come on the website, chatbots can keep them engaged. Chatbots also cut back on unnecessary costs by automating tasks that otherwise required manual efforts.
Note: Chatbots have a bright future and they are supposed to play a major part in the industry in upcoming years. Still, they are far from what we have envisioned about them. There is still a long way to go.
4. Self-learning Systems
Another emerging AI and machine learning trend in the year 2020 are self-learning systems. These are computer machines that use a knowledge base and data algorithms to learn and acquire new skills on their own. This is why they are so powerful and are being used in different industries like healthcare, education, security, finance, and information technology.
5. AI Security
Cybersecurity has always been a concern in technology. It continues to be a point of interest this year as cybersecurity begins to be incorporated into artificial intelligence systems.
According to Gartner, more than 30% of AI cyberattacks are going to be centered around training-data poisoning, AI model theft, and creating adversarial systems to compromise AI systems. Companies have to ensure that they are capable of protecting their AI systems from making any false decisions or leaking underlying data sets.
Companies also need to enhance their security capabilities so that no cybercriminal is able to penetrate the system. This is possible with the help of the latest security technologies. Another important thing is to get into the heads of cyber criminals that you can beat them in their own game. For this, you will need a team of the finest ethical hacking professionals.
6. RPA Solutions
As we said earlier, technological advancement have made customers more demanding. Now, they want businesses to offer their products and services faster without quality being affected. As a result, companies have started automating tasks that don’t require much human effort so that they can cut back on time and cost. RPA has made this automation process possible.
The trend to using RPA is slowly picking up pace. According to Gartner, RPA is the fastest-growing segment of the global enterprise software market. Hence, the future is bright for RPA and the companies investing in it.