This article was written by Hardik Gohil, Sr Content Writer.
Artificial Intelligence has effectively convinced its necessity to the entire world by performing excellently in various industries. Almost all the industries including manufacturing, healthcare, construction, online retail, etc. are adapting to the reality of IoT to leverage its advantages.
Machine learning technology is constantly evolving and the current trends in the field promise that every enterprise will be data driven and will have the capacity of using machine learning in the cloud to incorporate artificial intelligence apps. Yes, that’s right! Companies will be successful in analyzing large complex data and providing meticulous insights without spending a huge amount on installing and maintaining machine learning systems.
The three newest machine learning trends that will make this possible are Data Flywheels, The Algorithm Economy, and Cloud Hosted Intelligence. In the coming years, every application built will be an intelligent app by incorporating open source algorithms and machine learning codes. Let’s see how these trends will reshape the cloud industry, data handling and everything that’s digital.
Data Flywheels- See the future’s ruler!
Data is anticipated to be the ruler of the digital world in the coming years. It is observed that the world’s data doubles every 18 months while the cost of cloud storage decreases at almost the same rate, which suggests that data will be available in abundance after a few years.
This availability of high amount of data will open the doors of better and extensive machine learning experiments as well as deployment. With the use of the improved machine learning services we will be able to get a hold on more refined data. Ultimately the users of these services will increase which will give us more data. This data flywheel will keep on rolling and expanding.
For instance, Tesla’s data flywheel is planning to release a self-driving car by 2018, and for that project they have collected a massive driving data of 780 million miles and are adding a new million within every tenth hour.
This extravagant capacity of data collection at a very low cost than before will enforce people to use cloud technology primarily. Machine learning algorithms will get an economic market to flourish in the coming years.
The Algorithm Economy- Every industry will be a smart industry!
If there is an abundance of data, but there is no way of manipulating it or generating insights from it, then what’s the use, right? With massive data generation using flywheels, there will be an economy created for algorithms, like a marketplace for algorithms. The engineers, data scientists, organizations, etc. will be sharing algorithms for using the data to extract required information set.
Business owners from different sectors will be able to receive insights in seconds by sending their data directly to the algorithm marketplace. You can also buy algorithms you need for your data research and deploy it to manipulate data and get insights. Making every app and each business smart is absolutely possible with this concept.
Cloud Hosted Intelligence- Intelligence on rent!
Imagine the troubles you may have to go through to create an AI for your own business. Can’t even imagine the hard work and intelligence required, can you? There are obvious options such as approaching Machine Learning service providers for your needs, but the future will be rather different. You will be able to use the cloud hosted AI such as deep learning, Google’s machine learning venture. This is the coolest machine learning trend followed currently.
This advancement will be an efficient cost cutting method as the companies will not need to deploy AI for their business. Analytics and data science will be easier than it ever was. Getting accurate results, faster mining and generation of new models will be possible with the help of cloud-based intelligence.
The smarter tomorrow of manufacturing industry using AI
IoT has already delivered business value to the manufacturing industry through various use cases such as Remote Asset Monitoring, Logistics and Supply Chain, Predictive Maintenance, etc. However, the future is far more interesting than the current scenario of AI deployment in manufacturing.
The most promising factor of AI in the manufacturing industry is automotive production using robots. We are pacing towards a highly robotic industry where assembling of products and packaging of shipments will be handled by Artificial Intelligence. Currently, most of the AI technologies need human support and supervision, which is expected to change in the coming future.
The tomorrow of healthcare industry is in safe hands of AI
Healthcare is the most influenced enterprise by artificial intelligence. IT companies have already started developing AI applications that can track the health of employees or monitor senior citizens’ health remotely from quite some time. However, the future of AI in healthcare is unbelievably hopeful.
IBM Watson has been deployed by a number of medical organizations to help doctors provide intense care to their patients. However this is the current scenario of cognitive computing, the future has a bigger picture. The coming age of artificial intelligence will include mining of medical records to provide better and faster health services.
The most promising example of it is Google’s DeepMind Health Project. The AI research branch of Google has developed this project to collect the medical data, normalize it, and trace its lineage. Being in its initial phase, the DeepMind project is helping the Moorfields Eye Hospital to improve eye treatment.
Following IBM’s Watson and Google’s DeepMind, Microsoft, Dell and Hewlett-Packard are setting their mark in the healthcare industry and analysts predict that 30% of the providers will run cognitive analysis on patient data by 2018.
The future of construction business is secure with Artificial Intelligence
Artificial intelligence has changed the world and will continue to do so being an integral part of Industry 4.0. The construction industry will be affected positively by the deployment of automation. AI can help in saving a lot of money if there is a smarter option available in determining the expenditures on materials, choosing the perfect engineering companies and so on.
Autonomous TMA truck is a fascinating development of artificial intelligence in construction. This truck can function efficiently without the presence of a driver which suggests that for his safety, the driver could remove himself from the truck if any dangerous situation comes up. ATMA trick is equipped with the electro-mechanical system and the fully integrated sensor suite that enables choosing the leader or follower truck. This truck is being used in road construction and will change the scenario of the construction industry in the coming years.
The old talk of 3-D and 4-D will soon be or rather is replaced by the next generation 5-D building information modeling. This is a five dimensional representation of functional as well as physical characteristics of a construction project. All the important aspects such as geometry specifications, aesthetics, thermal and acoustic properties are taken into account to generate its cost and schedule.
However, this model has already been adopted by many companies. The future of this use case is its integration with augmented reality technology using wearable devices. The combination of 5-D BIM and augmented-reality devices will transform the entire construction industry. This technology will enable you to see through a holographic display and allow you to pin holograms to physical objects. You will be able to interact with data using gestures and voice commands.
The future of AI in retail will be a reality, not virtual reality!
Virtual reality is one of the most emerging uses of Artificial Intelligence in the retail industry currently. You may be able to see the virtual reality headsets in stores with the help of which you can actually see how the product looks. It helps the shoppers in selecting products more easily.
However, the future of AI in retail is the inclusion of chatbots in the retail industry. E-commerce is the most flourishing retail platform which is soon going to transform into conversational commerce with the introduction of chatbots. Utilization of chatbots in the retail sector will enable business owners to provide a personalized shopping experience to their customers. This will definitely help in building a strong customer base. Development of chatbots has already begun, and it’s time for every online retail business to adopt this technology.
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