Top 6 Artificial Intelligence Trends You Should Know in 2021

The Covid-19 pandemic in 2020–21 affected almost every industry and organization. It also brought significant changes in the way companies consider incorporating advances in technologies.

Artificial Intelligence (AI) continued development was not affected by the pandemic’s influence on the economy. In fact, applications of AI in businesses and people’s lives have increased — and look likely to continue in the future.

According to the International Data Corporation (IDC), spending on AI is projected at $97.9 billion by 2023. At least half of businesses started using AI in 2020, according to McKinsey’s November 2020 report.

Here are the top six AI trends in 2021 and beyond:

Ethical AI

Ethical AI is the leading trend in Artificial Intelligence. Some of the biggest tech companies (Apple, Microsoft, Google, Facebook, etc.) focus on ethical AI and the four principles of effective data governance: transparency, accountability, fairness, and explainability.

The big tech companies want to provide an inside look into their AI systems and the extent to which these algorithms respect basic human values. They’ve begun encouraging other firms to accept ethical AI within their business strategies and requirements, and it’s considered an integral part of responsible AI.

AI ethics is an increasingly important trend given the growth in technology. Many businesses want to use Artificial Intelligence to solve major world problems such as climate change and ensuring diversity and inclusion. AI is even helping in stimulating economic growth and innovation.

Explainable AI

Companies are becoming more inclined to provide complete explanations of their Artificial Intelligence models to predict and suggest meaningful business insights, helping maintain transparency. It’s particularly incumbent upon the companies leveraging disruptive technologies to remain transparent with all their stakeholders. With advances in AI and new regulations, explainability will become a bigger focus.

AI in IoT

The use of Artificial Intelligence with the Internet of Things (IoT) is called AIoT. With the widening 5G network, AIoT presents huge opportunities for beneficial business solutions. It’s already bringing visible changes in automation. We can expect AIoT to assist with wearable devices and other products, from refrigerators to virtual assistance. AIoT aids with efficient decision-making by analyzing data without human intervention.

Increased Use of NLP in Finance Sector

In the past decade, we’ve seen exponential growth in data accompanied by computational power. Using this, the advances in Artificial Intelligence and natural language processing (NLP) technology have offered beneficial solutions to financial services companies. They are using NLP to process unstructured data to increase efficiency and unlock hidden value. The potential of structured data has been explored in the past. Now it’s time for unstructured data with NLP.

AI Chatbots

Businesses are deploying conversational AI chatbots to help in customer service automation. These chatbots are gradually using machine learning to develop customer communication further. They’re mostly used in healthcare, banking, and finance sectors with increased responsiveness and improved customer satisfaction. Their use will increase across industries looking for better customer management and efficient deliveries in the coming years.

Popularity of AIOps

With the increased complexity of IT systems, IT leaders improve their decision-making, process, and tasks with AIOps solutions that empower cross-team collaborations. AIOps solutions are helping in data correlation and integration IT operations. IT companies are looking for solutions that can combine multiple disciplines such as infrastructure, networking, etc.

Conclusion

AI is expanding in all industries, from chatbots on websites to NLP and automated speech recognition. Organizations are shedding their inhibitions, and people are becoming more receptive to AI developments.

The scope and possibilities of AI applications and innovation are huge. So it’s vital to stay abreast of the latest developments in the field. If you’re looking for an AI application in your business, please contact us.