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Top 10 Emerging Artificial Intelligence Technologies in 2024
Published
23rd Dec, 2023
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Artificial Intelligence has had a profound impact on every sector of society, truly changing the way we live our lives. From breakthroughs in machine learning to advancements in language processing, the list goes on and on.
Did you know that the global market for Artificial Intelligence is currently worth $328.34 billion? Not just this, the AI market is also expected to witness tremendous growth of 38.1% by the end of the year 2030.
With the increasing demand for AI technologies, there has also been a rise in the need for such Artificial Intelligence courses that can train individuals with the necessary skills and knowledge.
On that note, let me take you through some of the many emerging AI technologies that are on their way to redefine our tech interactions and reshape the future of various industries.
Emerging Artificial Intelligence Technologies
Listed below are some of the latest AI technologies that I believe will completely transform the world that we see today.
1. Robotic Process Automation
Robotic Process Automation can be defined as a type of AI technology that empowers software robots or bots to communicate and interpret data. These bots are capable of performing a wide array of tasks ranging from data entry, data extraction, transaction processing, and more. By the end of the year 2028, the global market size of robotic process automation is expected to hit $11.37 billion, reflecting the dynamic growth across this industry- all thanks to AI!
One of the most popular applications of this new AI technology is, I believe, in customer service operations. From handling routine inquiries to providing assistance in issue resolution, RPA can streamline all such tasks in a much more efficient and effective manner. This, in turn, allows human agents to focus on more complex and nuanced customer interactions.
2. Speech Recognition
Speech recognition is another crucial subset of Artificial Intelligence that has been able to bridge the gap between human and computer interactions. It involves the analysis of audio signals to identify and interpret human speech, thereby allowing computers to comprehend and respond to verbal commands.
Some of the most popular examples of such speech recognition software include Amazon Alexa and Siri. Users can interact with devices using natural language, issuing commands for tasks such as setting reminders, playing songs, or searching the internet.
3. Machine Learning Platforms
Machine learning is an AI technology that focuses on developing algorithms and models, enabling computers to learn patterns and make decisions without being explicitly programmed. From forecasting future trends to fraud detection, machine-learning platforms are capable of a wide range of tasks and are proactively used by enterprises to help with all their business operations.
One of the most profound impacts of this AI technology can be witnessed, especially in the healthcare sector. Medical professionals are constantly using this technology to analyze medical images, predict patient outcomes, and even identify potential health risks.
In addition, machine learning techniques are also actively used in the vast realm of ecommerce, predicting changing customer preferences and consumer behaviour by analyzing customer data.
For aspirants hoping to explore various intricacies of these technologies with the best online Data Science courses offered by KnowledgeHut. They come alongside numerous benefits, including professional certifications, industry expert trainers, and more!
4. Biometrics
Yet another transformative technology that has had a profound impact on the business world is biometrics. In layman’s terms, it refers to the measurement and statistical analysis of an individual’s unique characteristics. The physical and behavioural attributes are then used for identification and access control, contrary to the traditional methods of passwords and PINs.
Biometrics has emerged as a robust method for verifying the identity of individuals in various contexts, such as financial transactions. A few examples of the same include fingerprint recognition, facial recognition, voice recognition, and behavioural biometrics, among others. Biometrics is particularly crucial in enhancing security for AI tech companies and their products and services.
5. Natural Language Processing (NLP)
Natural Language Processing, or NLP, is a type of AI technology that primarily focuses on developing algorithms and models that allow computers to comprehend, interpret, and generate text or speech.
One of the many reasons why NLP is one of the best AI technologies and has gained significant momentum in today’s world is because it paved the way for businesses to efficiently process massive amounts of unstructured and text-heavy data. By analyzing the same, enterprises can make well-informed decisions and streamline all their operations.
Let me provide you with a few examples of some of the many applications of this AI technology.
- Natural Language Generation: This involves using NLP algorithms to analyze vast amounts of data and generate content based on the same. One of the most popular examples of this is GPT3.
- Machine Translation: It refers to the process by which computers can translate one language to another without the need for any form of human intervention.
- Text Extraction: As the name suggests, text extraction can be defined as the process of summarizing text and finding important pieces of data.
6. Virtual Agents
Virtual agents are conversational chatbots that can simulate conversations with users through NLP and other cognitive technologies. From analyzing patterns in a conversation and understanding user input to generating appropriate responses, they are capable of performing multiple tasks.
Virtual agents are primarily used in customer service operations to handle routine queries, troubleshoot issues, and provide all the relevant information, thereby allowing human agents to focus on more pressing tasks.
In some cases, virtual agents can also be used as language assistants that are capable of picking cues from the choices and preferences of the users.
Some of the many reasons why virtual agents have been widely used across various industries are their 24*7 availability, cost efficiency, consistency, and scalability.
7. Cyber Defence
Did you know that by the first half of 2022, the entire world witnessed as much as 236.1 million ransomware attacks? Given this increasing number of cyberattacks, organizations, and businesses are constantly looking for ways to manage the same. This is where cyber defence comes into play.
Cyber defence can be defined as a coordinated act of resistance that aims to protect computer systems, data, and networks from unauthorized access, attacks, and damage. It encompasses various technologies, strategies, and practices that ensure the protection of infrastructures and individual devices such as computers and mobile devices.
Artificial Intelligence and machine learning play quite a crucial part in this aspect. With the help of this technology, businesses can quite easily detect anomalies and automate responses, thereby enhancing cyber defence capabilities.
8. Decision Management
Decision management involves the use of AI technologies to automate and optimize decision-making processes. It integrates data-driven insights, predictive analytics, and machine learning algorithms to support more effective and efficient decision-making processes within business organizations.
The rapid utilization of this current AI technology can be witnessed across industries such as healthcare, e-commerce, banking, and trading, among others.
In the finance sector, AI-driven decision management systems are used for credit scoring, fraud detection, and investment portfolio optimization.
9. AI-Optimized Hardware
AI-optimized hardware can be described as specialized computing hardware that is specifically designed and tailored for the efficient execution of AI and machine learning workloads. It comprises four main components, namely, CPU (Central Processing Unit), GPU (Graphics Processing Units), FPGA (Field Programmable Gate Arrays), and ASIC (Application-Specific Integrated Circuits).
Did you know that the global market for AI-optimized hardware will increase by 10-15% by the end of 2025?
One of the most popular applications of this AI technology is for training deep learning models, which involves computationally intensive tasks. In addition to this, AI-optimized hardware is also used for image and video processing tasks, such as object detection and facial recognition, among others.
10. Deep Learning Platforms
Last but definitely not least, deep learning involves employing neural networks with multiple layers to automatically learn and extract features from data. Deep AI technologies can mimic the human brain’s ability to learn and make decisions based on complex patterns.
Some of the many applications of such deep learning platforms can be seen across various industries, such as,
- Healthcare: detecting abnormalities, medical imaging, and diagnosing diseases.
- NLP: language translation, sentiment analysis, and chatbot interactions.
- Autonomous Vehicles: traversing the traffic, recognizing traffic signals, and identifying or planning routes.
Conclusion
The year 2024 promises to be a milestone in the evolution of Artificial Intelligence, with all these different AI technologies leading the change. From robotic process automation to virtual agents and deep learning platforms, all these technologies signify a transformative era in the vast realm of Artificial Intelligence.
As various industries embrace and integrate these advancements, the impact on how we work and live is undoubtedly going to be profound. If you wish to become a successful part of this dynamic realm, I recommend checking out impactful KnowledgeHut Artificial Intelligence courses to fuel your career further!
Frequently Asked Questions (FAQs)
1. Which is the most advanced AI?
Developed by OpenAI, ChatGPT is an AI-language model that is capable of generating human-like text. Within the first week of its release, ChatGPT was able to capture as many as 5 million users. However, that being said, ChatGPT is one of the many advanced AI technologies that exist in today’s world.
2. What is the future of AI?
The future of AI holds tremendous promise and is likely to bring about transformative changes across various domains. All these different AI technologies carry the potential to solve many world problems and can create new opportunities for growth and innovation. However, that being said, ethical considerations and regulations will also play a crucial role in shaping the future of AI.
3. What is the smartest AI system?
Developed by IBM, Watson is considered to be one of the most intelligent AI systems due to its ability to complete a wide range of tasks and processes. It combines NLP, machine learning, and other AI technologies to analyze massive amounts of unstructured data. In addition to this, Watson also features powerful data visualization tools, with the help of which users can explore and analyze data in an effective and intuitive way.
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