Artificial Intelligence (AI) is a profound technology, as it allows machines, especially computer systems, to mimic the behavior of humans. Although artificial intelligence is increasingly being used in all sorts of industries to assist with repetitive tasks, many established tech giants and startups are exploring ways to use it in everyday life.
Let’s take the example of the famous tech giant - Amazon. Many of Amazon's most popular initiatives are powered by artificial intelligence (AI). Incorporating artificial intelligence into Amazon's virtual assistant Alexa is a significant step forward.
This virtual assistant uses natural language processing (NLP)) and machine learning (ML) to handle users' queries and execute actions like ordering products and managing smart home devices.
According to Statista, the global artificial intelligence (AI) software market is forecasted to increase in the coming years, reaching around USD 126 billion by 2025. This indicates that artificial intelligence (AI) will soon become more prevalent than ever.
It will allow businesses to save time and money by automating repetitive tasks and processes, boosting productivity and operational efficiencies, and making quick business decisions based on outputs from cognitive technologies.
Let's unlock some possible AI trends leading the marketplace in 2023 and how they will impact businesses worldwide.
Chatbots and Virtual Assistants
Virtual Customer Assistants (VCAs) and Chatbots are constantly gaining traction and have become the two most crucial technology components for organizations globally. Technology Company organizations leverage chatbots and virtual assistants to automate their internal business processes.
Chatbots are typically employed as interfaces for knowledge capture, such as when retrieving product information. Virtual assistants, on the other hand, can help organizations run their business by scheduling meetings, organizing their to-do lists, taking notes, and performing other tasks.
Chatbots
According to Business Insider, it is likely that the chatbot market will reach USD 9.4 billion in 2024. What does it mean for businesses? Chatbots are a faster and cheaper solution for companies wanting to expand their competitiveness and profitability. It helps businesses:
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Improve customer engagement.
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Offer a personalized experience.
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Offer Real-time support and 24/7 availability.
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Reduce operational costs.
AI-powered Chatbots are constantly gaining prominence in various sectors, such as marketing and sales, healthcare, banking, travel, hospitality, etc., and will continue to do so in the coming years.
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For example, in the healthcare industry, a medical chatbot can assist medical professionals in eliminating redundant tasks, such as scheduling an appointment for patients, saving their data, responding to frequently asked questions (FAQs), and reminding them to take their medicines on time and exercise.
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Besides, Chatbots play a crucial role in categorizing and routing consumer requests for processing, sending messages and individualizing offers, and providing additional support.
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Educational chatbots have evolved into indispensable aides that will continue to aid learners in enhancing their knowledge anytime they want.
Understanding Chatbots with a Use Case
Several organizations used chatbots to offer information during the Covid 19 outbreak. WHO, one of the pandemic's most credible sources, integrated chatbots into their websites to give billions of people the most recent information on the disease's progression and symptoms.
Virtual Assistants
According to Grand View Research, in 2020, the market for intelligent virtual assistants was estimated to be worth USD 5.82 billion and is projected to grow at a CAGR of 28.5% from 2021 to 2028. What does it mean for businesses?
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One could obtain necessary information without taking time away from other daily activities by interacting with conversational AI agents. Thanks to the improvements in Natural Language Processing (NLP) that have greatly expanded the potential of personalized automated solutions.
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AI-powered virtual assistants, capable of rapidly responding to inquiries and automatically offering different, more effective ways to achieve goals, will also become increasingly common in the workplace.
Understanding Virtual Assistant with a Use Case
Nokia introduced a virtual assistant for telecom engineers in 2017. The Multi-purpose Intuitive Knowledge Assistant (MIKA), the first digital assistant "trained" specifically for the telecom industry, seeks to provide automated support.
It will save time and free up highly experienced staff, allowing them to concentrate on essential duties. The MIKA links users to pertinent knowledge base resources and diagnostic tools while offering quick recommendations for typical networking problems.
AI-Assisted Software Development
2023 seems to be a promising year for Artificial Intelligence Company and professionals, as the era of AI-powered developers is finally with us. Let's see how:
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Turning Bots will produce 10% of the world's tests and code, claims a report. Turing Bots are nothing but AI software that will write code. It has become easier to develop, test, and deploy products that can automatically create clean code from natural language requirements using reinforcement learning and large language models (LLM). It's expected that they'll be integrated more deeply into the software development lifecycle by 2023.
Hyper automation
Though Automation plays a crucial role in getting work done fast and efficiently, hyper automation opens up many more possibilities that challenge our preconceived notions about what software bots are capable of.
The concept of hyper automation refers to using advanced automation technology ecosystems to increase businesses' use of human knowledge. By combining Hyper automation technology with improved operational processes, Gartner predicts that enterprises will reduce operational costs by 30% by 2024.
This means Hyper automation will increasingly become relevant in a constantly evolving business landscape. Here are some added benefits of Hyper automation for businesses.
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Hyper automation will enable a cohesive, integrated workforce that fosters business growth.
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Hyper automation can open up a realm of interoperable tools operating in synergy to deliver maximum ROI and commercial advantage by removing the constraints a single tool or technology is bound by.
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Utilizing the synergy of AI technologies, improved business processes, robotic process automation (RPA), and analytics, hyper automation enables businesses to act intelligently on valuable data from various sources and better understand current performance metrics, perform predictive analysis, and much more.
The Businesses Outlook of AI in 2023
The information about the future trends of Artificial Intelligence will enable businesses to remain on top of their game in 2023.
The Artificial Intelligence such as Chatbots and Virtual Assistants, Cognitive Automation, Hyper automation, Intelligent Automation, Process Intelligence, and AI-Powered RPA, have already become mainstream and will continue to show their dominance in the following year.
Considering the current AI trends mentioned above, companies are primarily in varying stages of implementing and investing in AI.
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