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Artificial Intelligence: Trends and Developments in 2023
Artificial Intelligence is gaining a stronghold across the globe. The driving force behind this popularity is pretty straightforward; the world is moving toward an era characterized by highly sophisticated and advanced technologies. AI is the center of attention in this new era, and many AI trends are set to emerge in the coming years.
The Rise of Artificial Intelligence Adoption
The artificial intelligence ecosystem has experienced explosive popularity in recent years. The pandemic was a major propeller of this popularity. The outbreak of COVID-19 accelerated the global quest for digitization, which shifted general attention to AI. For instance, a PWC study found that about 52 percent of the companies interviewed had increased their AI adoption due to the coronavirus pandemic. Ever since the virus propelled AI adoption, the AI industry has grown significantly.
This AI buzz has also gained the attention of global Investors. Investors are increasingly paying attention to AI technologies and their prospects. In fact, a sizeable number of investors have decided to pitch their tent with AI technologies. This shows that investor confidence in the AI industry is getting stronger. The numbers tell the same story. According to a Pitchbook report, venture capital investment in Artificial Intelligence has increased by about 425% since 2020. The investment volume is currently pegged at $2.1 billion.
However, while AI innovation seems like it's here to stay, it is far from static. Since the internet was launched in the 1990s, it has experienced multiple iterations and improvements. AI Is set to experience a similar growth pathway. More AI trends will emerge to revolutionize the concept of AI and improve its functionalities. Already, experts have predicted specific AI trends that will likely receive attention in 2023. The major trends are highlighted in this article.
ARTIFICIAL INTELLIGENCE Trends and Developments to Expect in 2023
1
Democratization of Artificial Intelligence
When the concept of artificial intelligence was first sold to the world, it was dominated by big tech companies. Conversations around the possibilities presented by AI were also shaped by feedback and plans from Big Tech. However, Big Tech’s domination of the AI space is set to reduce significantly. This is because the AI ecosystem is becoming increasingly democratized. The wave of democratization was ushered in by the large-scale AI open-sourcing conducted by big tech companies. In 2016, many tech companies decided to open-source their AI code. This move gave the public access to inspect and modify the source code. One of the major benefits of this democratization trend is that it has contributed immensely to the improvement of AI functionalities. It has also reduced entry barriers into the AI industry and paved the way for startups or individual enthusiasts to AI versions that fulfill market demands.
2
The Rise of Generative AI
Generative AI is a form of artificial intelligence that generates new output based on information provided. In this case, generative AI can create text, images, and even audio output using a backdrop of specific information or examples. ChatGPT, DALL-E, and MidJourney are examples of generative AI technologies. This year, more companies will likely develop highly sophisticated and more advanced generative AI technologies. More importantly, low-code or no-code generative AI solutions could be deployed to ensure that companies can easily integrate AI into their systems. The launch of GPT 4 could also set the tone for generative AI technologies with more functionalities.
3
Heightened Regulation
Many grey areas in the artificial intelligence ecosystem need to be resolved with regulation. Similar to the wave of regulations that occurred when the popularity of cryptocurrencies exploded, national governments are likely to increase regulatory oversight of the AI industry. This regulatory oversight will likely be targeted at protecting consumers and ensuring data protection. For instance, the Joe Biden administration recently proposed an AI “bill of rights”. The European Union has also proposed the AI Act, which is expected to demonstrate the EU's position on AI usage. The bill is still being discussed in the European Parliament.
4
Increased Human-AI Collaboration
One of the major concerns surrounding the widespread adoption of AI is that it could replace human competencies and increase unemployment. However, there is a growing realization that AI can hardly replace humans. This is because AI is quite literally, artificial intelligence. It is a simulation of intelligence that can hardly replicate human-like approaches and interpretations. Thus, more companies have started to realize that higher productivity levels can be achieved with seamless human-AI collaboration. Such collaborations could manifest in different ways. For instance, generative AI technologies can provide insight for diagnoses to medical professionals. Artists could also utilize AI to generate script ideas that will ultimately be tweaked and modified with human intelligence. These collaborations could increase creativity and work efficiency.
5
AI for Personalization
Personalization is currently a prominent concept in the e-commerce ecosystem. Many e-commerce companies have realized that personalization is crucial to their ability to expand and maintain their user base. These companies will likely explore the possibility of integrating AI to achieve their personalization targets. In this case, AI will be deployed to personalize brand communication and provide tailored product offerings. AI can also be deployed to improve the chatbots of e-commerce platforms.
Conclusion
Artificial Intelligence is here to stay. Whether you are an expert in the AI space or a company operating in any industry, you must stay updated on the latest AI trends. This way, you can prepare for possible outcomes of certain trends and also compete effectively in the market.
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