The Artificial Intelligence (AI) market will be worth more than $47 billion in 2020, says IDC.[4]

AI will be increasingly interconnected with devices, products and different AI technologies. As Machine Learning will start answering the ‘why’ factor, US based businesses will implement AI into their business models one way or the other, and save up to $60 billion in the near future.[7] Narrative Science predicts that 62% of companies surveys will use artificial intelligence by 2018.[4] AI will be the new customer representative face. AI will breathe data from any and every connected system and develop more to sense, learn, infer, interact and grow their experience.

AI technologies focus in 2018 are: Speech recognition, decision management, deep learning platforms, natural language generation and processing, and robotic process automation.

Few Implications:

By example: intelligent inventory management

A German online retailer had implemented AI solution to optimize their inventory management by predicting what consumers will purchase in the near future by analyzing billions of transactions contemplating other variables like website searches, trends, weather, customer reviews etc., and predict future buying behavior. Find out more

Personalization of products, services and content hugely depends on capturing and reading micro moments of users right. User Interface and design experimenters are going a step above to introduce customized interface and persona-mapped designed user journeys that will shape the experience based on user’s mood and emotions by using brainwave biometrics, and other sensory receptions like gaze, hand gestures etc. The individual’s mood or intuitive interface will guide the interaction with dynamic content, as well as navigate the journey of using an application.[16][17]

By example: empathetic chatbots

UK based online retail has powered their customer interaction on website with AI driven chatbot and Machine Learning to evaluate customer’s mood while interacting with them, and improve customer interaction quality and provide contextual information across multiple touchpoints. Find out more

Augmented Reality (AR) apps with GPS combination will be rapidly moving into industries such as retail, manufacturing, life sciences and more. Games like Human Pacman and Pokemon Go may take advantage of this unique way to interact with gaming and get more people out of their couch to outdoors. VR plugins are now available to integrate Virtual Reality (VR) viewing functionalities in wordpress websites and give that ultimate 3D experience to website viewers, and the same will be replicated in other website building platforms by 2018.[23]

By example: furniture shopping with AR

'IKEA Place' is a mobile AR app by IKEA that enables users to place IKEA catalog furnitures around their room. Users have to scan the room with their mobile device. Once it’s done, 3D furniture from the IKEA catalog can be place contextually around the room to evaluate the compatibility of size and shape. Users can also change color and reposition the furniture, and position more than one furniture to complete the look of the room. Find out more

Security for IoT and mobile devices is still fumbling with the rise of botnets. Healthcare, finance and enterprise related data are more than mobile now, consequently, there is a looming need for a concrete cybersecurity framework, which addresses all the touch points. Enterprises must be ready with a ransomware deflecting plan and should be transparent and upfront with any data breach. The skill set for cybersecurity is dwindling, thus creating an opportunity for employment.[29][31][34][35]

By example: machine learning to fight cyber attacks

A British start up has created an AI weapon that fights against cyber threats and data breaches. The Machine Learning fed tool not only searches for threats, but also responds automatically to the threats, and continues to learn from the attacks and breaches. In case of detecting Ransomware, the tool stops files from automatic encryption. Find out more

Recruiting right talent and empowering employees is at the core of the organization’s health. Efficient HR planning and enabling it with technology is the right mix to lead a successful organization. Companies are initiating to fix poor employee experiences by developing different processes on principles of creating customer experiences.

By example: intelligent hiring process

‘HireVue’, an AI-powered video tool that analyzes the ongoing video call and evaluates interview candidates facial expression, voice modulation, and the use of words to look for clues of bluffing, or honesty in their answers. Find out more

Sources:

  1. 1. https://www.raconteur.net/business/the-rise-of-artificial-intelligence-in-6-charts
  2. Tractica: Cumulative AI Revenue, Top 10 Use Cases, World Markets: 2016 – 2025
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  27. Statista: Virtual Reality Content Set to Outpace Hardware
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