AI is already present in many industries and it is still in its infancy. In the next few years, Al systems will continue to advance and many industries will be able to take advantage of new types of functionality and productivity. AI will not only improve but revolutionize business processes by 2024.
AI Adoption Will Become Widespread
While the majority of large-scale IT corporations and many new-gen startups have already been employing AI, it is not very popular in most industries. However, in the next couple of years, AI solutions will be cheaper, more flexible and easier to use. Other exotic AI applications will be created and can be employed by SMBs. AI will become a part of the business environment and will not necessarily need a high level of technical background as it is at the moment, which will contribute to the increase in its usage.
A recent industry report states that AI software revenues are expected to rise from $28 billion in 2022 to about $420 billion in 2027, with a CAGR of 72%. Expenditure on AI hardware and services is also anticipated to grow significantly. More organizations will adopt AI, and AI will be incorporated into the organizations, products, and services of various industries. One of the notable advancements in this area is the benefits of an AI detector, which can help organizations ensure the integrity and authenticity of their AI-generated content.
Key AI Capabilities That Will Drive Business Value
Several AI capabilities will unlock tremendous value for businesses over the next few years:
1. Predictive Analytics
AI algorithms are most useful in identifying patterns within large datasets. AI can make precise predictions about the future based on the data available to it now and the data available in the past. These insights can help companies predict shifts in demand, identify new trends, avoid equipment breakdowns, manage the supply chain, and make many other decisions.
AI is already assisting e-commerce firms in predicting the products that will most likely sell, banks in determining credit risks, and hospitals in predicting patient traffic, among other things. The above capabilities will be mainstream by 2024.
2. Natural Language Processing
AI systems are becoming increasingly sophisticated at comprehending, translating, and generating human languages. NLP is used in chatbots, understanding customer inquiries, text data analysis, and other text-related processes.
Organizations will use NLP to automate customer service, analyze market trends, gain insights from documents, improve product recommendations and many other uses. Voice-based interfaces will also be focused on in the next few years.
3. Computer Vision
Computer vision enables AI systems to identify, categorize accurately, and process images, videos, and other visual inputs. It powers facial recognition, object detection, image classification, self-driving vehicles, and other visual perception use cases.
Computer vision has endless potential applications. Retailers can automatically monitor stock levels using cameras and sensors, logistics firms can automate package sorting and shipping, and manufacturers can detect defects and anomalies on production lines.
Computer vision will open up possibilities we can only imagine today and transform visual inspection and analysis across sectors. By 2024, transportation, manufacturing, retail, and more companies will unlock substantial value from deploying CV technologies.
Key Industries That AI Will Disrupt
While AI holds tremendous promise across all industries, a few sectors will be radically transformed over the next 5 years. Let’s look at some of the major developments:
1. Banking
AI has been adopted by financial institutions with ease and applied in areas such as fraud detection and prevention, customer relations, process automation, security and market analysis among others. AI will become nearly ubiquitous in banking across all functions and critical to creating superior customer experiences in the next few years.
According to Business Insider Intelligence, the application of artificial intelligence in banking will rise sixfold in the next four years. Some of the key application areas include biometric identity, robo, high-frequency trading, banking advice, and conversational commerce.
Larger conventional banks and new-wave fintech players will continue to tinker with AI in order to offer even more customized, secure and convenient banking. This paper concludes that AI will be the primary enabler for the future of intelligent banking by 2024.
2. Healthcare
AI innovation in health care has already made a great leap, but what is ahead is even greater. As patient data sets grow in size and dimensionality in the next few years, deep learning algorithms will tell things that even the best physicians cannot.
The present medical AI applications include diagnostic image analysis, individualized therapy, drug discovery and development, robotic surgery, virtual assistants, hospital process management, and others. Healthcare AI could add $150 billion of annual savings in the US alone by 2026, as per Accenture estimates.
AI will play a major role in early disease diagnosis, accurate risk assessments, effective treatment design, advanced precision medicine and more – transforming healthcare delivery globally by 2024.
3. Manufacturing
AI adoption in manufacturing has lagged slightly behind other sectors. However, innovative manufacturers are now beginning to realize AI’s full potential. According to McKinsey research, AI could create $3.7 trillion of value annually across global manufacturing sectors by 2025.
Over the next few years, manufacturers will use machine learning algorithms to optimize complex production schedules, predictive maintenance to maximize equipment uptime, computer vision for defect detection, AR/VR to assist human operators, inventory optimization using demand forecasting models, and more.
Industrial IoT, additive manufacturing, intelligent robotics and other Industry 4.0 technologies will integrate with AI to realize smart, agile and efficient manufacturing operations. Manufacturing sectors that adopt AI could realize over 10% cost reductions by 2024, along with substantial increases in speed, quality and customizability.
How Companies Can Start Preparing for AI Now
Given AI’s tremendous promise over the next 5 years, companies across industries must start preparing to unlock its full value. Here are some suggestions:
Build Foundational Data Infrastructure
High-quality, well-organized data is critical to training and deploying enterprise AI models effectively. Companies should focus on capturing, cleaning, labeling and consolidating their data across platforms. Building robust data pipelines will pay rich dividends as they embark on their AI journey.
Experiment With AI Pilots
Rather than directly attempting ambitious, large-scale AI projects, companies should start with smaller pilots focused on a single use case. Choosing the right pilot project is critical—it should be relevant to business priorities and feasible given available data and resources. Many companies spread themselves too thin by simultaneously trying out too many disjointed AI proofs of concept.
Develop In-House Capabilities
In conclusion, organizations will require competent personnel to search for, deploy, and sustain AI solutions specific to their enterprise. The first approach is to recruit AI specialists or train current employees to work on the technology. It is highly recommended that you have a basic understanding of AI technology and some experience in AI development.
Collaborate With AI Consultancies
While building in-house AI expertise is critical, external consultants can provide valuable guidance and support. AI consultancies can help identify high-value AI use cases, provide development bandwidth to experiment quickly and share industry best practices to scale AI pilots into production. They can help companies accelerate AI adoption cost-effectively.
The idea that AI will revolutionize businesses is not far from being realized. It is time for organizations of all industries to start exploring the possibilities of integrating AI. Those firms that do not incorporate AI as a top strategic priority in the next couple of years stand to lose out on this enormous market. The AI train is now set and ready to pull out of the station—it is time to jump on board!
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