Artificial Intelligence, or AI, has been making heads turn since the start of the 21st century. As we welcome 2023, AI will only become more evident in our lives. With time, AI will get smarter and will be used to handle many routine tasks.
AI models are already offering automation and cyber security to diverse industries across the globe. Firms need to be aware of AI-based systems to improve productivity and efficiency.
In this blog, we will have a look at 6 AI trends that will dominate the tech charts in 2023.
6 Dominating AI Tech Trends for 2023
AI will be part of our daily lives in one way or another without us being fully aware of the same. Along with that, there are some sectors where AI will have increasing dominance in 2023.
So, let’s dive in.
#1 Retail Sector Automation
Machine Learning models are capable of helping enterprises in increasing the quality of assortment planning and reliability of delivery. This ensures that enterprises can maintain stocks at the required level with distribution centers and retail outlets. AI will play a role in retail by coming up with an accurate prediction of patterns and trends for future consumer demand.
As per McKinsey reports, companies with AI-powered supply chains witnessed a 15% improvement in logistics costs, a 35% increase in inventory levels, and a 65% increase in service levels.
With AI-powered supply chain management systems, there is a 20-50% reduction in errors, a 65% reduction in shortages and lost sales, a 5-10% saving in storage costs, and a 25-40% saving in administrative costs.
Retail stores can select the level of AI automation they want. Cash registers can also be automated, making use of computer vision, which helps in saving time and improving customer satisfaction.
#2 Manufacturing Quality Assurance
Production automation can autonomously monitor production and ensure high quality. With AI’s object identification capability of images/videos, Quality Assurance and inspection systems can become more accurate.
Artificial Intelligence can control the assembly of car components and detect defects in the product on the conveyor.
With the use of high-resolution cameras and IoT sensors, Artificial Intelligence software can detect the nature of defects in parts or finished products. Evaluation of the criticality of defects and decisions regarding dealing with them will also be automated.
#3 FinTech Automated Systems
Artificial Intelligence can identify clients via facial recognition, biometrics, and speech. The technology can send personalized offers to customers and increase user engagement. Chatbots which are powered by AI can become a firm’s investment advisor.
Automation of internal work processes is needed to reduce human error in checking accounts, closing accounts, credit risk assessments, processing inquiries, and checking electronic documents.
Using AI in FinTech will ensure the speed and accuracy of transactions, prevention of errors, security of customer data, and confidentiality. Machine Learning systems can quickly discover suspicious transactions and frauds.
Timely detection of fraud is essential for improving security and strengthening the financial organization, client rapport.
#4 Healthcare Diagnostics
As per reports, healthcare data volume will increase by 36% annually very soon. As a result, vast amounts of data will be available for processing and analysis. However, processing such large amounts of data requires statistical AI models. Such models will be much more in use in 2023.
Chatbots can be used for telemedicine, which helps in providing remote consultation for patients who are in rural or isolated places. Patients even have autonomy in the selection of healthcare providers with ease.
AI can also be used for creating digital twins, which enables the automation, and customization of trials in developing drugs and vaccines. The technology increases diagnostic accuracy and monitors disease progression using Machine Learning, Natural Language Processing, and Neural Networks.
In cases of diseases like Dementia, early diagnosis is necessary for successful treatment. This can be done over a telephone call which is recorded for neuropsychological testing. Based on this call analysis, early diagnosis, changes in the patient’s condition can be monitored.
#5 AI & Ethics
There is increasing interference of AI in all aspects of personal, institutional, and business activities. For instance, there are reports of Apple, Google, and Amazon digital assistants speakers listening to the conversation of their owners.
If that is not enough, there are reports of AI-powered toy’s manufacturers spying on kids. AI-powered financial institutions reject your loan applications due to the bias unintentionally loaded into their algorithms.
Artificial Intelligence will also be used in courtrooms for risk assessments to find out which criminal is at high risk of not showing up for court. Governments are also planning to introduce AI-based facial recognition systems to fight against crime.
All this without not knowing how much of it can go wrong!
The absence of best practices for using AI-based systems and recent reports of privacy concerns will compel authorities to create a framework for iterations of AI in 2023.
#6 Autonomous Transportation
The tech world is looking forward to totally AI-enabled autonomous transportation, which includes cars, public transport to business logistics.
Fleet management software employs AI to manage the number of vehicles as they move around the globe.
With autonomous transportation, more smartphone applications are required to augment the technology. We have already seen Google Maps and Waze in this segment, but we will see more players in 2023 and beyond.
For megacities across the globe, AI brings processing, predictive, and control capabilities to contain the traffic, which has a major impact on their economies.
AI can also be used for detecting drivers who are under the influence of alcohol. Advanced AI-based analytical capabilities will also be used to identify drivers who are texting while driving.
Although we have seen 6 AI trends that will dominate the tech world in 2023, there are many more which are under development in different parts of the world. We have just seen the tip of the iceberg as far as AI is concerned.
Machine learning statistics is another dimension of AI that expands its possibilities even further. The Internet of Things (IoT) will make use of AI in more ways than one. AI is only going to be more intruding into our lives in years to come.
Of course, we do not want the scenario of machines taking over the world, as they did in Terminator!
Author Bio: Victor Ortiz is a Content Marketer with GoodFirms. He likes to read & blog on technology-related topics and is passionate about traveling, exploring new places, and listening to music.