AI Will Drive The Market By 2030

According to McKinsey, 70 percent of businesses worldwide will be using at least one tool powered by artificial intelligence by 2030. The consulting company’s research says that the AI global market can grow up to 13 billion USD in a decade giving a 16 percent boost to the economy.

Artificial intelligence applications are rapidly expanding across all industries helping them recover after the pandemic. Here is the list of the most high-potential AI uses for the next few years.

Hyperautomation

Intelligent Process Automation, or IPA, allows automating digital processes using artificial intelligence. IPA includes Digital Process Automation (DPA) for data management and process improvement, Robotic Process Automation (RPA) for bringing cost-efficiency to corporate functions of Accounting, Legal compliance, Payments, etc., and Artificial Intelligence (AI) which analyses collected information and recommends actionable decisions based on historical data.

According to McKinsey’s research, operational cost-efficiency improved by up to 35 percent in companies utilizing IPA-based solutions. To achieve this high-performance rate, AI determines weak spots in workflow and suggests actions to improve them. As a result, AI-powered software requires less human involvement in data management which subsequently allows cutting expenses on manpower.

For example, Bancolombia, a Latin-American banking group, managed to reduce operational errors by 28 percent by replacing manual tasks with robotic. The technology upgrade also resulted in higher customer satisfaction.

AI Chips

The global chipset market is going to reach $57.8 billion by 2026. Chips powered by Artificial Intelligence will be used in industrial and retail robotics, hardware utilities, and a variety of other domains including Healthcare.

AI-powered chipsets collect and analyze data enabling real-time optimization. The technology allows a chipset to perform certain tasks remotely, with no need to contact a central server.

For example, AI chips by Edge demonstrates high efficiency of remote operation, autonomously from hub software. Chips collect data from connected IoT sensors and take decisions on process improvement by themselves, helping to save time on process management.

AI for Defence

According to Meticulous Research, the global AI in the cybersecurity market will reach $46.3 billion by 2027. Why is the estimate so high?

The reason is the trend for global connectivity that leads to a higher risk of fraud and security breaches.

Artificial Intelligence algorithms can be trained to immediately recognize and automatically block unauthorized access attempts or suspicious activity.

Additionally, AI-powered programs can be used to effectively train defense specialists by creating numerous controversial situations based on real and presumable dangers.

For example, the most popular AI projects in the US military are Project Maven, Defense Advanced Research Projects Agency’s (DARPA) Squad X Experimentation Program, and the OFFSET program. The programs exploit AI to advance defense utilities and train the responsible.

Chatbots and Sexbots

According to a Research and Markets report, AI in the chatbot market is going to hit $13.9 billion by 2025.

Nowadays chatbots are widely used in customer support services acting as a first-to-go tool to communicate your question. Natural Language Processing technology (NLP) used in chatbots has a rich vocabulary at first and develops it with time after conversations with customers. Artificial Intelligence copies human verbal behaviour and genuinely reflects it in further communication.

A well-trained chatbot can save up to 90 percent of the customer care expense spent.

Another fast-growing application of chatbots is sexbots. Unlike chatbots designed for troubleshooting, sexbots are used in empathic communication. They bring intimacy and the necessary level of compassion to the table. An impressive benefit of sexbots is that, along with other robotized technologies applied in the sex industry, they allow disabled people to express themselves in the way they want.

Generally, the sex tech industry is growing fast, and the total market is expected to reach $52.7 billion by 2026. This growth offers multiple benefits to AI sexbot development.

For example, Harmony by RealDoll is the most popular sexbot up to date. It can mimic human facial emotions and carry a conversation with a human. The sexbot learns from its speakers and reproduces similar behaviour in a corresponding situation.

Predictive Analytics

One of the prime goals of AI development is the deep analytics opportunities that AI opens when it comes to big data.

Using its Machine Learning algorithms, Artificial Intelligence can aggregate impressive volumes of data that cannot be processed by human beings. Instead of a human, AI analyses big data and offers well-reasoned decisions based on it.

AI for Legal

AI can be trained to perform certain attorney duties. It can take months for a human to verify a heap of documents or a few minutes for an AI-powered program to do the same task.

A machine cannot replace people at all due to circumstances often dependent on the human factor - in such a case a human expert will need to interfere for a resolution. However, AI is a friend-in-need when it comes to simpler operations.

Artificial Intelligence-powered technologies are already used in smart video control systems in traffic control where AI identifies improper behaviour or speed limit violations, and automatically signs of a penalty to an identified car owner.

Example: The DoNoPay AI-powered robot lawyer that helps drivers to manage parking tickets is now being extended to assist with over 100 different areas of consumer rights including customer service disputes like airline flight compensation or subscription cancellation.

The Internet of Behaviours

The Internet of Behaviours, or IoB, allows tracking person location, face and fingerprint recognition, and human behaviour identification.

IoB solutions are used in user experience analysis, activity predictions, and instant services. During the pandemic, IoB solutions became highly demanded because businesses and institutions had to immediately have a tool for remote identification of unusual human behaviour.

In a fall detection solution, AI recognizes an unsafe situation through video control or a wristband device and immediately warns its owner and the connected relatives about the possible falling of the owner.

It is expected that IoB will be used in half of all global software by 2025. Nick Grebenkine, a private investor focusing on AI solutions, believes that IoB will remain the most influential technology for decades due to its high impact on people lies.

For example, IoB AI-powered solutions are widely used during the pandemic in the US, China and other countries to remotely control human body temperature and safety measures compliance.

AI vs HR

Artificial Intelligence can help identify a perfect candidate by using relevant search keywords.

In talent acquisition, it takes a lot of time to look through hundreds of CVs. AI can replace recruiters in selecting the best-matching specialists in a few clicks saving hours - and thousands of dollars - on candidate search. You simply enter the keywords and requirements you need and wait for the system to make decisions for you. 

For example, Artificial Intelligence is used on all online job search platforms such as LinkedIn, Glassdoor, CareerBuilder, and others.

AI in Healthcare

In Healthcare, Artificial Intelligence is used in medical research and diagnostics.

With AI, we don’t need to risk human lives anymore. Instead, we input the medical data into a program and wait for it to predict the probability of various outcomes. Thus, AI saves millions of dollars and years spent on data evaluation, research, and testing. Through high-accurate analysis, AI also saves the lives of dozens of human beings and animals that used to sacrifice their health to find out if a drug was effective.

AI is used in the diagnostics of a wide range of diseases including diabetes and autism. Using medical databases and predictive analysis, AI develops diagnoses with recommended treatment advice.

A key benefit of AI in Healthcare is the level of preciseness. While there are multiple unknowns where a medical procedure can go wrong, AI can predict an outcome per various scenarios, either in impossible or in the most probable circumstances.

For example, ConsumerMedical has developed a special AI-based program to predict surgery effects. Analyzing patient data, the program estimates the probability of negative consequences of operative intervention and allows predicting what the patient will look like after the surgery.

Banking

In Banking, Artificial Intelligence is leveraged in Cybersecurity, Robotic Process Automation, Internet of Behaviour, Big Data Analysis, Payments, chatbots, support and customer service automation, smart credit calculators, investment predictions, etc.

AI in the banking market is expected to reach $447 billion by 2023. A huge benefit of AI in Banking is that a single technology keeps the knowledge of the centuries-old industry, automatically tuning the requirements up to date in full compliance with the industry regulations.

For example, almost every bank has applied AI technology to its software. These include Bank of America, JPMorgan, BNP Paribas, UniCredit, Deutsche Bank, and others.

Food industry

The coronavirus pandemic has boosted the use of AI and robotics in the food industry.

AI-powered supply chain management programs help to limit food waste, track crop and food production, control the quality of production, track inventory load, and even suggest stock supply.

Artificial Intelligence in the food and beverage market was estimated at $3.07 billion in 2020. The share is expected to grow up to $29.94 billion by 2026.

For example, Firmenich Flavors, a perfume and taste company, has relied on AI algorithms to create a flavour based on program recommendations. This move is expected to be followed by other creative food ideas developed by a digital mind.

Wildlife

In wildlife, Artificial Intelligence is used in the control of wild animal populations, habitats, and existing dangers.

AI analyses the relation between wild animals and humans, dependence on weather conditions, and risks due to man-made changes. AI-powered programs can predict if a species is endangered, or if it needs special attention.

To enable this analysis, wildlife researchers track animals with IoT sensors and chips put on their skin. Besides that, they watch animals in real-time using ground patrols and air video control systems.

Thanks to the use of AI, the researchers have found out that the African forest elephant population has decreased by 65 percent since 2010, and rhinoceros have come close to extinction due to extermination by poachers. This knowledge helps to refocus the efforts to help the animals survive.

For example, The Protection Assistant for Wildlife Security app collects data from IoT sensors, ground patrols, and video control systems to create AI-based mathematical models of species population changes.

Fashion

Retail has suffered a lot from the pandemic, and its resurrection strongly depends on Artificial Intelligence progress in the industry. This idea is supported by the fact that half of the retailers who had no AI-powered optimization before the pandemic had to face bankruptcy afterward.

AI in the global fashion market is expected to reach $7.3 billion by 2022.

AI solutions are used in smart product recommendations, upselling, and cross-selling on websites. Using AI, you can suggest customer products based on their size and preferences, match clothes with accessories, and even recognize apparel in their photos to suggest similar items.

For example, Look.ai is one of a few image-recognition apps on Shopify that help customers identify apparel in uploaded images and suggest similar products from a retailer store.

Prospects

According to PwC, AI can save up to $15.7 trillion to the global economy by 2030, with $6.6 trillion coming from improved productivity and $9.1 trillion coming from sales improvement.

Believe it or not, in a few years AI will become a leading technology in the global economy, and the sooner businesses hatch it the better they will be prepared for any economic obstacles.