The last decade has witnessed the great rise of Artificial Intelligence. Especially, in the business world, AI has made a significant impact. According to Gartner’s survey, between 2018 and 2019, the organizations that have incorporated AI into their business operations grew from 4% to 14%.
But as a new decade and New Year begins, it is critical for entrepreneurs to ponder upon how this powerful technology is going to have a further impact on businesses. What major changes we are going to see in the implementation of AI? What areas of AI businesses need to focus on in the future? If you too are struggling with such a dilemma, here is a list of five significant AI trends for 2020 that you must keep an eye on to stay at the top of your AI game.
- Predictive Analytics
Predicting the future has become quite easier these days. No, you don’t have to look in a crystal ball, there’s a new way to find it out. Powered with AI, predictive analytics can predict future outcomes through a combination of machine learning, historical data, and other processes. You can predict everything from your business growth to marketing and security with the help of patterns and trends. This technology is now gaining hype among businesses as it has the potential to increase their bottom line. And if we look at the statistics, the predictive analytics market is forecasted to reach $10.95 billion by 2022. This makes it a lucrative AI trend worth keeping on the radar for entrepreneurs.
- AI-Powered Recruiting Tools
According to a survey conducted by Manpower Group, 45% of employers say that they can’t find the talent they needed. Recruiting is no doubt a hectic and time-consuming process. But with the advancement of AI, it doesn’t have to be that complicated anymore. AI-powered recruiting tools can help the recruiters to screen the candidates, handle the ongoing communications, speed up the shortlisting process and find the best-fit applicants. Having AI as a recruitment strategy is rising in popularity and hence it makes one of the crucial trends to watch out in 2020.
- The Rise of Conversational Chatbots
Another trend that grabs our attention this year is the increasing popularity of conversational chatbots. In recent years, we have seen businesses implementing chatbots for improving their customer service. From receiving a pizza order to answering FAQs, chatbots were used everywhere. In 2020, the AI-powered chatbots are expected to become even more advanced and human than before. Gartner reveals that 47% of organizations are going to use chatbots for customer care and 40% will deploy virtual assistants in the next couple of years. Thus, unless you want to lag behind, make sure to keep up with all the recent developments in this field.
- AI-Driven Cybersecurity
Losing all the crucial business data is the last thing you want for your business. But with the growing concerns around cybersecurity, keeping the data protected has become more critical than ever for an organization. According to the Verizon 2019 Data Breach Investigations Report (DBIR), 43% of cyber attacks generally target small businesses. This creates a growing need for machine learning models for enforcing cybersecurity. The AI-driven tools run in the background as a business operates and identify the threats before it can cause any damage. Thus, more organizations are going to implement AI to improve cybersecurity in 2020.
- Production Pipelines
Remember the droid manufacturing facility episode in Star Wars? Well, with AI being implemented to optimize the production, clone wars might be a not-too-distant future. Today, AI can make a huge impact on production optimization. Assisted by an AI, the plant operators can optimize their production in a dynamic and efficient manner. This can also minimize the cost, enhance quality and reduce energy consumption for those organizations that are investing in it. In 2020, the use of AI in production will continue and bring further advancements.
Over to You
Despite being invented in the 1950s, AI is only recently been globally accepted and implemented by a wide range of industries. Today, it can be a game-changer for businesses. Identifying and capitalizing on this revolutionary technology can help you achieve a higher level of productivity. Now that you have few significant AI trends to look forward to in the New Year, keep an eye on these emerging trends to stay one step ahead of your competitors.