5 Upcoming Trends in Artificial Intelligence for 2023!

The artificial intelligence (AI) market has been growing exponentially over the past few years, thanks largely to consumer-accessible products such as ChatGPT, Google Bard and IBM Watson, which are now widely used around the world.

According to consulting firm McKinsey, between 50% and 60% of all organizations are already using AI-based tools, and that percentage is expected to increase in the near future.

Forbes reports that AI is one of the fastest-growing industries in the world, and the total market capitalization is expected to grow at an annual average growth rate of 37.3% by the end of this decade, reaching a total value of $1.81 trillion over that period.

This growth is not unreasonable and is being driven by certain technological trends, such as generative AI and natural language processing (NLP), which have led many experts to predict that AI's contribution to the global economy will grow to $15.7 trillion by 2030, which is more than the current Gross Domestic Product (GDP) of economic powerhouses such as India and China combined.

Growth in use of AI-based assistants

As technology evolves, the use of AI-based assistants appears poised to automate and digitize a wide range of service sectors. Pavel Andruszkiewicz, chief operating officer of VAIOT, a company that develops AI-based digital services, told Cointelegraph that legal services, public administration and citizen services are just some of the areas that can be completely modernized using AI.

"Andruszkiewicz believes that AI-based assistants can optimize formal legal documentation, process digital signatures or payments, provide users with possible outcomes of various cases, prepare customized contracts, and even provide corporate services related to compliance or due diligence.

Similar benefits, according to Andruszkiewicz, can be extended to the field of public administration, including formal processes such as setting up a company, applying for visas, registering real estate or obtaining various licenses, which are often complicated and require a lot of paperwork.

Finally, he believes AI-based assistants are great at "reading" more complex technologies, such as blockchain and smart contracts. "By using AI, a person doesn't have to be a programmer to create things on blockchain. You can simply specify what you want to achieve, and the AI assistant will do the hard part for you," - he said.

Greater adoption among Fortune 500

Miguel Machado, CEO and co-founder of Keenfolks, an AI consulting firm, told Cointelegraph that in the next few months people will be surprised by the speed of innovation and how quickly AI products are able to scale and reach a wider audience. He cited OpenAI as an example, and how its ChatGPT interface didn't launch until March 2022, and today has more than 100 million users.

"The availability of experimentation through various tests will foster innovation, allowing the Fortune 500 to quickly iterate and refine their AI-based strategies. Communities will also play a key role, leveraging the knowledge of language models to create platforms that facilitate collaboration and skills development," - he said.

Moreover, he sees a growing number of C-level executives adopting AI to take their companies to the next level, especially in areas such as legal, HR and finance.

"The emergence of codeless solutions aims to democratize AI adoption, allowing brands to integrate advanced technologies into their operations without the need for extensive technical expertise," - He added.

Continued growth of generative AI

Over the past few years, most AI-based applications have relied primarily on the use of predictive models, which, as the name suggests, focus on making predictions or providing guidance based on existing data sets. In other words, the results generated by these frameworks are recycled and free of new content.

Generative AI, on the other hand, uses machine learning and deep learning to create original information that has been computed independently using newer patterns built on existing training data. Over the past year, these models have been widely used to generate text, images, and audio and video content.

Speaking of the technology's potential, Henry Ajder, a generative AI expert and technical advisor to Meta and Ernst & Young, said: "We are still in the early stages of this generative revolution; the future will be one in which synthetic media will be widespread and democratized in everyday life, not as a frivolous novelty, but as a tool for breakthroughs in entertainment, education and accessibility."

The rise of natural language processing systems

Another area of AI that is poised to gain popularity in the coming months is natural language processing (NLP). This technology underpins the various technology products that thousands of people interact with on a daily basis, whether they are search engines or voice assistants.

Through the use of NLP platforms, it is possible to make machines understand, interpret and respond to human language in a life-like manner. In fact, the technology uses language modeling, syntactic analysis, sentiment analysis, machine translation and speech recognition to provide realistic responses for users operating in various business sectors.

The potential of this still immature market is highlighted by Grand View Research in a recent report, suggesting that it will grow at an annual average growth rate of 40.4% from 2023 to 2030, reaching a total capitalization of $439.85 billion by the end of the decade.

AI in healthcare

According to Forbes, the use of AI in healthcare is expected to grow tremendously, especially in diagnosing and treating patients with various ailments. In addition, the use of machine learning is expected to increase in areas such as drug discovery and medical research.

The use of AI in drug discovery is expected to reach $4 billion by 2027 (with an annual average growth rate of 45.7%). Similarly, more than 50% of all U.S. healthcare providers have implemented or plan to use AI tools, such as process robotics, as part of their internal medical processes.

Therefore, heading into a future driven by technologies such as AI, machine learning, deep learning and NLP, it can be predicted that their use will grow across industries, helping to usher in an automated, digitized future.

#planetary #metaverse #metaiverse #blockchain #newtechnology #ai #artificalintelligence