Top Trends 2023 - Artificial Intelligence

By TechDogs Editorial Team

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Overview

We bet if there are two words everyone has heard in the past few years, it would be Artificial Intelligence. This technology has revolutionized almost every industry and seems to grow smarter every time we talk about it! This is thanks to the fact that Artificial Intelligence has received a strong boost in development across industries and domains. This, naturally, has given rise to several breakthroughs in how we use AI in business operations. Just think of the fact that in 2023, the AI software market will have an estimated worth of $71 billion!

Artificial Intelligence influences various aspects of our lives today. Not just businesses but consumers are also reaping the benefits of this incredible technology. Although we’re at least a few decades away from creating loveable and helpful AI such as Robocop or R2D2, it is beneficial to stay updated with the latest – so here are the top 5 Artificial Intelligence Trends of 2023.

Who knows, you might just create the next Terminator – a good version, we hope!

What’s more common than seeing a Burger King next to a McDonald’s or finding a “stupid GAP on every street corner” (Yes Joey, it’s literally everywhere!)? It’s finding applications, tools and platforms powered by Artificial Intelligence – from finance to retail to rewriting content in the style of Shakespeare! If it’s not AI-powered, it’s not a new technology!

For the unacquainted, Artificial Intelligence or AI is a technology that makes it possible to replicate (or simulate) intelligent human behavior, such as analyzing information, making decisions or replying to queries. However, AI has recently found applications in tasks that cannot be done by humans (we found it surprising too!). Needless to say, every business today is investing in AI, in some form or the other.

As a matter of fact, research shows roughly 97 million people will be working in AI-related fields by 2025. Naturally, businesses and employees alike need to know about the latest developments and use cases in the world of Artificial Intelligence – after all, no one is a know-it-all AI robot!

We bet you too want to keep up with the ever-evolving world of AI. Last year, we highlighted AI trends such as language modeling, cybersecurity integrations and contactless services. To keep you updated this year, we have put together the top 5 Artificial Intelligence Trends that are expected to dominate in 2023!

Let’s check out what they are!

Trend 1: AI Will Intersect With IoT To Form AIoT

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The Internet of Things is being used by businesses to reduce operational inefficiencies and enhance business revenue. It uses smart sensors and devices that exchange information over the Internet, allowing businesses to make instant decisions and respond to situations in real time. However, we expect IoT devices to become smarter and more secure through integration with Artificial Intelligence this year.

According to a study published by Gartner, by the end of 2022 more than 80% of Internet of Things projects will integrate Artificial Intelligence to create AIoT (Artificial Intelligence of Things). The number of devices connected to the Internet will skyrocket in 2023 to help businesses gather and analyze data. However, combining with AI technologies will help them move one step ahead and provide insights in real time. AIoT will quickly acquire data to analyze patterns/trends to detect anomalies. AIoT essentially applies AI algorithms to data that is locally captured on IoT devices. This precludes the need to process the data separately, saving time and costs, as well as providing real-time analytics and monitoring. #BeSmartWithAIoT

The data can be sourced from various intelligent IoT sensors (temperature, pressure, humidity, computer vision, etc.). This intersection between AI and loT will be leveraged in applications such as smart homes, smart grids or intelligent wearable devices as it will allow them to automatically perform the required actions by reacting to the insights from sensor data.

TechDogs' Opinion: Two of the most significant technologies of the 2020s are combined in AIoT. Yet, the combination of these technologies was inevitable given their operations. AIoT will help businesses create more efficient IoT operations, improve human-machine interactions and enhance data management and analytics. Moreover, the performance of IoT applications, such as transport infrastructure monitoring and manufacturing robots will improve as AIoT will react to sensor data instantly. It will also be used to monitor, analyze and manage traffic movements in congested areas. We expect to see decision-making be offloaded to AIoT in several real-world use cases.

Trend 2: Artificial Intelligence Will Become More Creative

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In recent months, Artificial Intelligence has been used increasingly for creative tasks. It is anticipated that Artificial Intelligence will be used by businesses for straightforward creative tasks, such as generating news and newsletter headlines, designing logos, creating infographics, etc. Some businesses are highlighting the creative potential of the technology rather than just demonstrating its promise by optimizing workloads. This will be a major trend to watch out for in the coming years.

Generative AI applications are gaining traction as they will allow businesses to create noteworthy and unique new content using inputs from pre-existing content such as images, audio, texts, videos, documents, etc. This will be a scalable solution to many operational problems such as answering new customer inquiries or promoting the brand with fresh content across digital channels. The idea that only humans are capable of creative thought is being called into question this year, as Artificial Intelligence models are now displaying these same abilities.

We’re sure you must have seen certain artworks generated by AI models. However, it’s not just art; even content such as blogs, podcasts and videos can be AI-generated. Researchers are working on Artificial Intelligence that will be capable of creating even more complex works, such as songs, movie scripts and even video games! Better models like GPT-4 and Google's Brain will expand the frontiers of what AI can create to meet the increasing demand for complex yet natural creative outputs from generative AI. Here’s one example for you to get an idea of where we are!

TechDogs' Opinion: Businesses constantly need to create new content – be it blogs, infographics or audio. However, not every organization has a skilled workforce for these tasks and that’s where generative AI will fill the gaps. These Artificial intelligence applications will allow users to create the nearly perfect content. For example, certain applications under development will soon be able to use voice commands to create images, write replies to emails, etc. It will also give businesses the ability to generate unique and complex visuals, that can be used to draw in readers. For example, NFT artists will soon be able to create new projects on NFT platforms such as OpenSea through integrated generative AI tools. Artificial intelligence is quickly approaching actual intelligence!

Trend 3: New-Age Workforces Will Be Driven By Augmented Intelligence

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We’re used to seeing movies that depict Artificial Intelligence robots being the bad guys and trying to wipe out humans. Hope we don’t need to remind you of Skynet from the Terminator franchise! However, the same movie also shows the T-800 Terminator helping John Connor, the leader of the Human Resistance – which is related to our next trend. This year, businesses will invest in Augmented Intelligence, a human-centered collaboration model, where people and Artificial Intelligence cooperate to create innovative experiences and improve the AI’s cognitive performance, including learning, decision-making, etc.

This trend aims to combine Artificial Intelligence applications and human workforces to enhance business productivity. According to Gartner, by 2023, roughly 40% of infrastructure and operations teams will be automating work using Augmented Intelligence to achieve increased productivity. As a result of this trend, most of the complex and painstaking tasks will be handled by AI, assisting human workers in achieving higher efficiency and productivity.

Augmented Intelligence strategies will enable businesses to quickly collect, analyze and act on business information. The AI algorithms seamlessly analyze and structure the data collected from various sources into more useable formats, so humans can make decisions quickly. This enables the workforce to get a complete picture of the information in an instant; be it customer data, transactional data, etc. This will boost productivity across domains such as financial services, healthcare, travel, eCommerce, etc. this year. The role of AI-based Augmented Intelligence will be to serve as a 24/7 assistant to human workers.

TechDogs' Opinion: The use of technologies to augment traditional processes is not a recent trend. However, Augmented Intelligence aims to push the limits of human-machine interaction. In most sectors, adoption is already in progress. For instance, AI-driven process automation bots are helping fill out forms more quickly by anticipating the next values based on the values entered so far. Augmented Intelligence will soon stop being an additional functionality and start becoming a requirement for businesses. Open-source platforms are also being used to create Augmented Intelligence for individuals. For instance, it will assist content creators and influencers in coming up with ideas for new projects based on current and predicted trends.

Trend 4: Artificial Intelligence Will Get Better At Forecasting And Predictions

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Bet you could forecast this one! Among the most significant purposes of Artificial Intelligence is the development of predictive analytics algorithms that use business data, statistical algorithms and machine learning models to identify and analyze historical data to create better business outcomes. Given the market upheavals in the past few years, businesses are more likely to invest in tools that can help them utilize data to provide the best insights for future decision-making and to predict the likelihood of future outcomes. Hence, in 2023, businesses are poised to get smarter at predictions and forecasting through Artificial Intelligence.

Business data forecasting has recently emerged as a key pillar for analysts and market experts. Most of them will rely on tools driven by Artificial Intelligence that can analyze massive datasets to identify trends and patterns within them. This makes it possible to look at current data and make highly accurate forecasts. Financial businesses are already using the technology to evaluate the demand for currency pairs, identify changes in consumer behavior, predict stock market crashes, etc. based on real-time time. This year, non-financial businesses will also adopt AI for its predictive and forecasting abilities.

Artificial Intelligence models will play a massive role in helping business stakeholders understand, predict and improve their business performance through better insights. For example, risk management will move from preventive approaches to reactive methods as AI can detect potential risks before they happen. Moreover, businesses are integrating predictive functionality within daily AI applications such as smart voice assistants, smart locks, IoT devices, etc. to predict human needs. Most devices currently only operate when instructed. Yet, when combined with predictive AI algorithms, they will be able to predict human needs and initiate processes on their own without any assistance from a human. Imagine a smart alarm that can evaluate how much sleep you need and snooze itself!

TechDogs' Opinion: The majority of businesses are aware of how crucial it is to be able to anticipate and forecast business needs. The pandemic demonstrated the value of Artificial Intelligence in this aspect by implementing dynamic simulation modeling, workforce planning, demand projection and other business uncertainty management strategies. Analysts and business stakeholders will soon have the essential information needed to anticipate the worst-case scenario, thanks to this application of AI. They will be able to detect anomalies faster through the use of predictive AI algorithms and in time for them to take appropriate action in response. If T-800 had known about this trend, the Terminator movies would have been so different!

Trend 5: Artificial Intelligence Will Aid In Process Discovery

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Artificial Intelligence has found several applications across a spectrum of business needs. Businesses have used AI techniques to some extent to identify the performance of various components involved in their business processes. One of them is process discovery, which helps businesses identify the granular details of their workflows and processes through an event log. This year, businesses looking to optimize their operations will leverage Artificial Intelligence to enhance their process discovery.

Most businesses use basic process mining to understand the working and performance of their business processes. However, process discovery goes deeper as it helps automatically determine and construct a visual representation of the organization's business processes. Since processes are the backbone of business workflows, optimizing them will lead to higher productivity, output and revenue. We expect companies to rely on AI-based process optimization as they will offer significant improvement over process mining.

Imagine a complex system like the T-800 Terminator. While process mining will allow you to understand all the nitty-gritty details of its workflows and logic, AI-based process discovery will illustrate processes that can be automated to streamline critical functions and create a better T-800 (or do we mean T-1000?). This Artificial Intelligence model will have a wider range to track activity from mouse clicks for specific purposes to the timestamps of when files, documents, web pages, etc. were opened. This will help businesses get a much better picture of the enterprise and allow them to automate processes for enhanced efficiency. AI-driven process discovery will transform how businesses identify and represent their business processes, leading to more relevant automation of critical operations.

TechDogs' Opinion: Using AI-based approaches will enable businesses to automate and streamline critical components or steps in a workflow to improve overall efficiency as well as ROI. It will act as an ideal blueprint for businesses looking to automate or redesign business processes. Organizations will also benefit from this AI application by discovering new process flows that can lead to higher business revenue, lower costs and reduced errors. Artificial Intelligence will not just automate workflows but help create intelligent process discovery that can iteratively improve processes till they achieve the highest performance. How do you think they designed the T-1000, huh?

Conclusion

Artificial Intelligence has been one of the biggest disruptors in technology. After all, it has allowed businesses to create greater value by optimizing existing processes, services and products. Businesses can further enhance their revenue and operational effectiveness by staying up to date on the latest Artificial Intelligence trends. Integrating AI with IoT will help in real-time decision-making, while generative AI and augmented intelligence will transform how humans work with AI. Businesses will also get better at forecasting and discovering improved ways to deploy processes by leveraging Artificial Intelligence.

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