Artificial Intelligence (AI) though has been around for quite some time, only gained traction in the last couple of decades. AI has now emerged as an essential ingredient in all business strategies and is widely accepted in current times. Companies and organizations must use AI to have a competitive edge over their competitors by streamlining marketing, advertising, and sales parameters.
There are quite a few emerging trends in the AI industry of late. We chart out a few of them that need to be watched out for in 2020.
Predictive analytics:
Gone are the days of guessing and assuming. Predictive analytics is an AI platform that is gathering currency these days. It utilizes a blend of machine learning, historical data, and other resources to predict future outcomes. Businesses can be a step closer to success by using predictive analytics as it leverages patterns and trends to improve pretty much every process of the business.
All this translates into better sales and hence, better bottom lines and be ahead of the competitors in the process. Predictive analytics has seen compound growth of 21% since 2016 and is forecasted to have a market potential of $10.95 billion by 2022.
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Predictive analytics is being widely used since:
- It is easy-to-use and can be implemented with affordable platforms.
- Huge data sets and analytics are available from tools and other channels.
- It helps differentiate in a saturated marketplace.
Anomaly detection:
One of the AI trends that is on the rise is Anomaly detection. The purpose of this AI platform is to find problems even before it occurs. It is common to see missing budgets, breaking integrations, and so on, all due to human errors. Most of the times such errors result in incomprehensible loss.
Anomaly detection, by using an AI-powered procedure, compares historical and current data to find datasets that do not match. These discrepancies can be isolated to discover flaws in marketing, advertising, cybersecurity, and other areas of the business. It also is capable of uncovering opportunities in business.
Machine learning-driven cybersecurity:
Businesses bank on cybersecurity and there is no compromise on that at least. They cannot afford to lose a customer or proprietary data due to a breach in security. The threat perception of cybersecurity is real. About 67% of small businesses have reported cyberattacks in 2018. To counter this problem, businesses are increasingly leaning towards cybersecurity driven by machine learning (ML) models.
These AI tools run in the background as a business operates, spotting threats even before the damage is done.
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User-friendly AI platforms:
The general notion of any AI platform is it is complex and intimidating. This perception amongst companies and businesses made them slower to adopt AI in their respective business. But things have changed drastically and about 37% of businesses globally have now effectively implemented AI in their companies as of 2019.
This is due to the more user-friendly AI software being tested and released each year, with attention towards adaptability and presenting data in a more simplified manner. Users of this data don’t need to be experts in Machine learning and artificial intelligence to integrate them with strategies and can easily read data outputs.
ONPASSIVE AI platform is one such user-friendly AI-powered smart business tool that features simple interfaces and straightforward dashboards helping individuals, small businesses and enterprises to be able to reap benefits of AI without feeling threatened or intimidated.
Conclusion: AI, no doubt, is a game-changer. With more and more companies and businesses adapting and adopting AI, we are seeing it is enhancing not only complex operations such as predictive analysis, anomaly detection, and machine-learning also powered cybersecurity but also achieving a higher level of productivity resulting in better ROIs.
The year 2020 is only getting started and AI is now in the crux of everything that a business does. Watch out for these above-mentioned trends ruling the roost this year.
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