How AI Can Impact Your Business – A Deeper Dive
The goal of this article is to provide a summary of new and present AI developments that emerged in 2020 and is expected to grow in 2021 and beyond. Companies can forecast the AI future in 2022 based on trends and successfully reduce risks.
The degree to which AI is being adopted varies from industry to industry. According to McKinsey Global Survey the leading industries using AI are retail, high-tech, telecom, automotive, and assembly.
AI is used in service operations, service or product creation, promotion, and sales by businesses.
Maximum revenue growth was achieved when AI is used in inventory and parts optimization, pricing and promotion, customer-service analytics, sales and demand forecasting. Cost savings were observed in use cases involving talent management, contact center automation, and warehouse automation.
Technology Trends in AI
Artificial intelligence (AI) will be used to simplify and improve processes in 2021 and subsequent years. Businesses should improve their IT infrastructure and data management to benefit from the commercial use of Artificial Intelligence.
Below are some AI trends that could be widely adopted in 2021 and beyond and key areas and fields where these trends can be implemented.
1. Security & Surveillance using Artificial Intelligence.
Face recognition, speech recognition, and video analysis are all examples of AI applications. These applications when used collectively prove quite effective for surveillance. As a result, you will see a lot of AI in video surveillance going forward.
Artificial intelligence is advantageous for a flexible security system setup. In the past, engineers spent time on system configuration, since alarm systems used to get activated if a certain number of pixels on a screen changed.
False alarms were caused with leaves falling or a running animal. The security system recognizes objects thanks to AI, allowing for a more customizable arrangement.
Artificial intelligence can detect suspicious activities in video surveillance by focusing on aberrant behavior patterns rather than faces. This capacity allows for the creation of more secure public and private areas by recognizing possible threats.
Logistics, retail, and manufacturing could all benefit from AI-driven video solutions.
The field of speech recognition is another area where AI applications see a lot of potential. The identification of a person can be determined using speech recognition technology.
Identity is often defined as a person’s age, gender, or emotional condition. The principles that voice recognition for surveillance is based on is similar to what Alexa and Google Assistant use.
A built-in anti-spoofing model identifies synthetic and recorded speech, which is useful for security and monitoring.
Biometric facial recognition is one of the most important security technologies. Various malicious programs attempt to fool security systems by displaying false pictures instead of real ones. Multiple anti-spoofing solutions are now being developed and utilized on a broad basis to fight against such instances.
2. Real-Time Video Processing using Artificial Intelligence
Handling data pipelines is a challenge when processing real-time video streams. AI solutions can assist Engineers in achieving accuracy and avoid latency in video processing.
A pre-trained neural network model, cloud infrastructure, and software is required to apply user scenarios to adopt an AI-based strategy in live video processing.
For real-time streaming, processing speed is critical, so all these components should be tightly linked. Processes can be parallelized, or algorithms can be developed to speed up processing.
Parallelization of processes is performed by separating files or utilizing a pipeline technique.
Additional effects such as face identification and blurring may be applied to pipeline architecture.
Background blur and background removal are closely connected in modern real-time stream processing.
COVID-19’s contribution to the introduction and popularization of new trends in video conferencing has raised demand for these solutions.
And these trends will be actively explored since, according to GlobeNewswire, the worldwide video conferencing industry is anticipated to rise from USD 1 billion in 2015 to USD 2 billion in 2020.
3. The Ever-Expanding Workforce
There has always been a concern that machines, or robots could substitute human labor and, in some cases, render certain jobs obsolete. However, as businesses seek to build data and AI-literate cultures within their workforces, we will increasingly find ourselves working alongside robots that employ smart capabilities to enhance human talents and skills.
We are already used to utilizing AI tools in some areas, such as marketing, to help us evaluate which leads are worth following and what value we can expect from potential consumers.
In engineering, AI systems assist us by offering predictive maintenance, which alerts us ahead of time when something needs to be fixed.
Conclusion
Artificial Intelligence’s evolution and future trends demonstrate that the future of AI is promising due to the value it provides. AI-powered solutions such as autonomous cars, robots and sensors for manufacturing, predictive analysis, virtual healthcare assistants, natural language processing for media reports, virtual educational tutors, AI assistants, and chatbots that can replace humans in customer service — are all taking giant strides forward.
If you are a business that has adopted AI in any of your business functions could you share any key benefits?
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