How will Artificial Intelligence affect the Market in 2018?

Artificial Intelligence (AI) is one of the most promising technologies of 2018 and perhaps of the decade. AI is a machine simulation of human intelligence, run by a computer system that constantly evolves. While some people believe AI will lead to job losses, it has the potential to help increase human productivity and elevate our standard of living.

AI has been around for over 60 years. In fact, “Deep Blue” – the first computer chess-playing system — beat the then reigning champion, Garry Kasparov, in 1997. There have been many advancements in AI technologies since then and now every leading tech firm talks about AI transforming the way we do business. From “talking” to your smartphone to “automating” everyday tasks, the future of AI is already here.

Experts believe 2018 is the year that AI will become more mainstream. It will impact many aspects of our lives in a ubiquitous and meaningful way:

Your gadgets will invariably come with “assistants.”  Right from the time you wake up, your gadgets will keep track of your everyday needs. With AI, it becomes easier to stick to your routine, thanks to smartphones and home assistants who will record your activity history and predict your current needs or tasks. AI is progressing so much that every device at home will start working together to deliver autonomous intelligence.

Business will be increasingly dependent on data-driven machines. With the steady growth of data produced by Internet of Things (IoT), companies will be relying on machine learning to process and analyze the information. It is a way for them to make sense of the humongous streams of data generated in today’s world. According to Forrester, about 80% of firms will rely on “insights-as-a-Service” in at least some capacity in 2018.

From fingerprint authentication to facial recognition, AI can “remember” you. Those days of using six digit passwords are slowly being replaced with fingerprints. AI is now recognizing your face patterns to keep your information secure,better than ever before. Widely used for smartphones, this technology is likely to enter the market in 2018 for financial technology-related services such as credit cards and financial transactions.

The crossover of AI to the field of medicine is bright in 2018. Diagnostics using AI is on the horizon as medical doctors seek solutions and support for public health, hospital operations, and a broad set of clinical specialties. It could change the way healthcare providers work and the way patients experience healthcare. Advancements in healthcare AI also means a greater likelihood for quality care in societies that are in dire need of expert medical professionals and equipment.

Machines will, in some form, replace humans. Technology is growing rapidly as we all see and experience. Many companies are harnessing the power of conversational AI chatbots and other virtual assistants to manage customer interactions. It is estimated that around 85% of customer interactions will be managed by AI by 2020. But that’s not to say that human influence and impact will be completely eliminated. Humans will always need to be part of the AI training process, and will still oversee AI interactions, especially when customers or clients are involved.

AI will continue to grow well into the future. AI has already triggered wars in the marketing industry with its ability to customize and personalize marketing campaigns. We might well continue to see AI bringing smart automation to a wider range of industries—from retail to energy, and more. The more main steam AI becomes, the greater the potential there is to eliminate the mundane aspects of our daily routine and personal lives—something all of us can rally behind as we embrace another active year of technological progress.

Author: David Hughes