Artificial intelligence has been in the limelight for several years now, but 2023 is expected to be a more notable year for the AI industry.
According to the experts, AI is going to boom in forthcoming years with technology becoming much more advanced and extensive than ever before.
Moreover, businesses and governments will keenly be investing in AI technology, and it is expected. Investing in AI will definitely lead to increase in automation, enhanced operational efficiency, increased revenue generation, and reduced cost.
From virtual assistants like Siri, to robots serving food to autonomous vehicles, to facial recognition in security systems; AI has already strengthened its position in our daily lives.
This blog post elaborates the reasons behind the AI enhancement in businesses today.
Increased investment in AI
One of the major aspects which is driving Artificial intelligence is the increased investment in AI technology. As per the report, the AI market is predicted to reach $500 billion in coming years. AI market size globally was valued at USD 454.12 billion in 2022, and is predicted to reach around USD 2,575.16 till 2032, preceding with a CAGR of 19% from 2023 to 2032. The investment is expected to drive transformation and advancements in AI technology. This will lead to the development of a high-powered AI system.
Advancement in AI Technology
Another important reason why AI is rising is due to the advancement in AI technology itself. The powerful algorithms and tools are enabling AI to be more quick-witted and capable of managing complex functioning. This surge of AI advancement is getting widespread to almost every industry ranging from finance to healthcare to logistics to telecommunication to transportation to real estate to name a few.
Demand for AI based Applications
There is a huge demand for AI based apps in several sectors, as businesses are keen to obtain a competitive edge and enhance their operations. AI technology is being considered to automate tasks, improvise on decision making processes, and increase consumer experiences. Some of the AI apps like ChatGPT, Siri, Lensa, Alexa, Bing, facial recognition apps are mostly accessed softwares. This demand for AI apps will continue to grow in 2023 and beyond.
Cloud computing
The emergence of cloud computing has played an essential role in boosting AI technology. Cloud platforms provide a cost-effective framework to process huge datasets, which in turn makes it easier for any industry to get advantage of AI capabilities without any investment in additional infrastructure or hardware.
Automation
Undoubtedly, AI-powered automation is transforming industries globally. AI-based automation comprises intelligent algorithms and technologies that efficiently automate all the manual operations performed by humans. AI capabilities such as ML and NLP are enabling businesses to organize operations and boost-up productivity.
Big Data
The advent of the digital era has resulted in a vast quantity of data being generated from diverse sources such as social media, sensors, and online transactions. This profusion of data serves as the fundamental material required for the training of AI models and extraction of valuable insights.
Through thorough analysis of extensive datasets, AI algorithms are capable of identifying patterns, making predictions, and unearthing concealed correlations that may elude human perception.
Big data acts as a catalyst for AI by furnishing essential information necessary for refining and enhancing AI models. Consequently, this facilitates more precise and intelligent decision-making across various applications and industries.
In Final Words
Undoubtedly, AI is booming in 2023 and is shaping a new future for businesses and society. With rapid advancement in technology and demand for AI apps, it is expected to see more powerful AI frameworks. With the amalgamation of big data, intelligent algorithms, and computing power, there is much more from the side of AI in upcoming years that will transform the world.
