Industry trends related to artificial intelligence (Ai)

AI is a rapidly growing field with many trends emerging. According to Forbes, some of the major AI trends in 2023 include:

• AI-powered chatbots and virtual assistants
• AI-powered cybersecurity
• AI-powered healthcare
• AI-powered supply chain management
• AI-powered predictive maintenance

AI-powered chatbots and virtual assistants: They've been around for a while but now they are becoming more and more sophisticated. For example, Improved Natural Language Processing (NLP) algorithms have become more sophisticated, allowing chatbots and virtual assistants to better understand and respond to human language. This has led to more seamless and conversational interactions between users and AI systems. A MarketsandMarkets report stated that the global market for chatbots is projected to expand from $2.6 billion in 2019 to reach $9.4 billion by 2024. The report highlights the rising adoption of chatbots driven by their capability to offer round-the-clock customer support and drive cost savings by streamlining operations.

AI-powered cybersecurity: As cyber threats continue to evolve, AI is being used to enhance cybersecurity measures. It helps develop new cybersecurity solutions that can detect and prevent cyberattacks. These solutions are becoming increasingly important as cyberattacks become more sophisticated. AI algorithms can detect anomalies, identify patterns of malicious activities, and mitigate potential risks in real-time. AI-powered security systems have the ability to analyze large amounts of data and identify potential vulnerabilities more effectively. According to a Businessdit report, the utilization of AI in businesses is significant, with 51% primarily employing it for threat detection, 34% relying heavily on it for prediction, and 18% utilizing it for response. Furthermore, the report reveals that 71% of organizations today allocate a higher budget to AI and machine learning for cybersecurity compared to two years ago.

AI-powered healthcare: AI has the potential to revolutionize healthcare by assisting in diagnostics, drug discovery, personalized medicine, and patient care. It can analyze large volumes of medical data, identify patterns, and provide insights to support clinical decision-making. AI-powered telemedicine and remote patient monitoring have gained prominence, especially during the COVID-19 pandemic.  Specifically, in 2021, the clinical trials segment emerged as the dominant force in the AI in healthcare market, capturing the largest share of revenue at 24.2%. This can be attributed to various factors, including the increasing number of patent expirations, a growing demand for swift and precise clinical trials to meet the requirements of new drug discoveries and development.

AI-powered supply chain management: There is an increasing adoption of AI technologies in supply chain management, enabling organizations to optimize operations, enhance visibility, and drive efficiency throughout the supply chain. For example, some notable developments are real-time tracking and visibility across the supply chain, and sustainability and green initiatives to support environmentally friendly practices. AI is being used to improve demand forecasting. For example, AI-powered tools are being used to analyze historical data and customer behavior to predict future demand. These are just a few of the many ways that AI is being used in supply chain management today. 

AI-powered predictive maintenance: AI is applied to analyze sensor data and machine performance to predict maintenance requirements accurately. By detecting potential equipment failures in advance, organizations can schedule maintenance activities proactively, minimizing downtime and optimizing asset utilization. Also, Deloitte reports that predictive maintenance delivers several benefits, including cost savings of 5-10%, improved equipment uptime and availability by 10-20%, reduced overall maintenance costs by 5-10%, and a significant reduction of 20-50% in maintenance planning efforts.

So far, 25% of businesses have integrated AI into their operations. AI is also expected to revolutionize various industries with an expected annual growth rate of 37.3% between 2023 and 2030. As AI continues to develop, we can expect to see even more innovative and disruptive applications of this technology in the years to come.