No need to mention that 2020 will be marked as an unpredicted year in history due to the adverse impact of COVID-19 worldwide. While this year was challenging for citizens, companies, and governments around the world, it has come with some extraordinary changes in some key areas. Globally businesses are taking the giant leap to become tech-savvy with Artificial Intelligence technology.
In the digital world, artificial intelligence is everywhere, from smartphones to chatbots. AI technology is attracting us all towards an environment of security, efficiency, and confidence. Artificial Intelligence has already made a vast difference in how brands interact with consumers and how marketing strategies are managed. But, in such a rapidly changing environment, it is very challenging to forecast what the future holds, but there are some ways to how AI technology will shape 2021 and beyond. But first, you need to understand in which sectors AI-ML development will bring changes in 2021.
Top 3 areas for AI innovations in 2021
Most of the popular brands Google, Amazon, Facebook in the West, and Alibaba, and Baidu in China would not be as successful without AI for a product recommendation, targeted advertising, facial recognition, and machine learning in voice assistants like Alexa and Google Home.
Here are the top three areas where Artificial Intelligence can make a real leap with reviews from entrepreneurs innovating in each space in 2021.
# 1 – Cybersecurity
Cybersecurity is one of the main sectors where AI will bring great innovations in 2021. It has been expected that artificial intelligence in cybersecurity will reach $46.3 billion by 2027, increasing at a CAGR (Compound annual growth rate) of 23.6%. Cybercriminals are always trying to find new ways to ensure their malware can’t be detected by intelligent security systems. AI will help reduce the number of cyber attacks as well as keep people away from cybercrime. The combination of AI and Human Intelligence is the most promising in the battle against cybercriminals.
# 2 – Healthcare
Healthcare leaders have told us that the real benefits and needs for AI within healthcare have never been greater. As norms are given out, we expect that whatever the new normal looks like in 2021 and beyond, artificial intelligence will be a core capability as companies in the healthcare industry want to implement both AI and Machine Learning operational and healthcare-specific AI use cases.
# 3 – Retail
AI technology will also help the retail sector to thrive in 2021 and beyond. Nowadays, customers are looking for new ways to engage with products and services. And even technology is finally mature enough to offer great solutions at an accelerated time-to-market. Artificial intelligence will help you make better store locations, repurposing decisions and optimizing price.
So, these are the top three sectors where AI will bring changes with innovations and trends in 2021 and beyond. But how?
Some ways how Artificial Intelligence will shape 2021 and beyond
Way # 1 – Serving the digital-first customer
As market trends and customer expectations evolve faster than ever, in 2021 businesses must innovate at speed. In the digital economy, implementation speed, cost, and value of organization and customers, as well as competitiveness, will measure the success of the digital transformation. With global digital revenues have grown by 54%, demand for online retail and consumer goods enhances. So, companies will use AI-powered technologies to engage and serve customers. Every customer experience must be connected, customized, and seamless from whatever device they are using and whichever store they are visiting.
Way # 2 – Fuelling the needs of today’s customer
In 2021, saving costs while improving flexibility will be the main thing that comes to mind for every business owner. Nowadays, all companies want to provide services and experiences to their customers that they want on their smartphones instead of having a far-reaching impact upon their business models. But how? Enhanced automation, AI as well as prediction models will help them to better predict and prepare for what the future may bring.
Way # 3 – By using Reinforcement Learning (RL)
Reinforcement Learning is a portion of machine learning that aims to take action for increasing its reward. RL makes sequential decisions to maximize its reward and it learns by experience. Google’s DeepMind AlphaGo is the most common example of RL. This example has defeated the world’s number one Go player Ke Jie in two consecutive games. In the future, this technology will also be available in fully automated factories and self-driving cars.
The Final Thought!
So, there are some ways how AI will rule the tech world in 2021 and beyond. If you are facing a technology challenge and need some support down the road, hire a reputed mobile app development company. They will help your businesses take advantage of emerging technology trends in a responsible fashion and fuel their growth.