The world of Artificial Intelligence (AI) and Machine Learning (ML) has become a place where machines are learning to think, reason and act like humans. AI is revolutionizing various industries, from healthcare to finance, hospitality to transportation, and beyond. The developers are gaining pace with the speed of light and have given us therefore 8 latest technologies in Artificial Intelligence to talk about in 2024.
Where they harbour great interests in homo sapiens, they strike great fear as well due to their high-level competency and consequentially extract job roles in many sectors. This is why spearheading experiments in AI and ML has become very debatable among common people as well. AI and ML may exacerbate existing inequalities and biases in society. For example, if AI algorithms are trained on biased data sets, they may produce biased outcomes that discriminate against certain groups. In addition, there are concerns about the potential for AI to replace human workers, leading to job displacement and unemployment.
Another concern is that AI and ML may be used for nefarious purposes, such as cyberattacks or social engineering. There are also concerns about the potential for AI to be used in military applications, leading to the development of autonomous weapons systems that could pose a significant threat to global security.
In nutshell, while there are undoubtedly many potential benefits to these technologies, it is essential to carefully consider their impact on society and take steps to mitigate any negative effects. As a result, experts and scientists are understandably cautious about the widespread adoption of AI and ML until these issues can be addressed.
But today here we are to explore the 8 hottest AI technologies that are expected to make waves in 2024.
Natural Language Processing (NLP)
Natural Language Processing (NLP) is an AI technology that enables computers to understand and interpret human language. With the rise of voice assistants like Siri and Alexa, NLP has become an essential technology in the development of intelligent chatbots, language translation systems, and virtual assistants.
And then we got ChatGPT introduced in December 2022, which is a Natural Language Processing (NLP) model developed by OpenAI. It is a beautiful example of NLP, which is able to understand, interpret, and generate human language. Just like other NLP models, ChatGPT is a great helping hand to innovative and curious people, making it easier for people to communicate with machines and access information quickly and efficiently. These models are being used in a wide range of applications, from virtual assistants and chatbots to language translation and sentiment analysis.
According to a study by MarketsandMarkets, the NLP market is expected to grow from $10.2 billion in 2019 to $26.4 billion in 2024, at a compound annual growth rate (CAGR) of 20.3%.
Computer Vision – Latest Technologies In Artificial Intelligence
Computer vision is an AI technology that enables machines to interpret and analyze visual data from the real world. It is used in various industries, including healthcare, retail, and automotive, to develop facial recognition systems, object detection, and autonomous vehicles.
According to a report by MarketsandMarkets, the computer vision market is expected to grow from $10.9 billion in 2019 to $17.4 billion in 2024, at a CAGR of 7.8%.
Predictive Analytics
Predictive analytics is an AI technology that uses statistical algorithms and machine learning models to predict future outcomes. It is used in various industries, including finance, marketing, and healthcare, to forecast trends, identify patterns, and make data-driven decisions. AI algorithms are used to analyze data from sensors and cameras, allowing robots to perceive and understand their environment and respond appropriately. Machine learning techniques are also used to help robots learn from experience and improve their performance over time. With continued advances in AI technology, robotics is becoming increasingly versatile and adaptable, with applications in industries ranging from manufacturing to healthcare and also in the field of hospitality.
The integration of AI and robotics has the potential to transform the way we live and work, creating new opportunities for automation and innovation.
According to a report by ResearchAndMarkets, the global predictive analytics market is expected to reach $23.9 billion by 2027, growing at a CAGR of 21.8%.
Robotics – Latest Technologies In Artificial Intelligence
Robotics is an AI technology that involves the development of machines that can perform tasks autonomously. With the rise of Industry 4.0, robotics is becoming an essential technology in manufacturing, logistics, and healthcare.
According to a report by Grand View Research, the global robotics market is expected to reach $147.26 billion by 2025, growing at a CAGR of 12.8%.
Autonomous Vehicles
Autonomous vehicles are self-driving cars that use AI technologies such as computer vision and machine learning to navigate the roads. AI enables them to operate safely and effectively in a variety of real-world conditions. The algorithms use data from sensors such as cameras, lidar, and radar to detect and analyze the vehicle’s surroundings, identify obstacles and other vehicles, and make decisions about how to respond. Machine learning techniques are also used to help the vehicle learn and adapt to different driving conditions, improving its performance over time. With continued advances in AI technology, autonomous vehicles are becoming increasingly capable and reliable, with the potential to revolutionize the way we travel and transport goods and we can call it certainly one of the most interesting latest technologies in artificial intelligence.
According to a report by Allied Market Research, the global autonomous vehicle market is expected to reach $556.67 billion by 2026, growing at a CAGR of 39.47%.
Edge Computing
Edge computing is an AI technology that involves the processing of data at the edge of the network, rather than in a centralized location. It is used in various industries, including healthcare, finance, and retail, to enable real-time decision-making and reduce latency.
According to a report by MarketsandMarkets, the edge computing market is expected to grow from $3.6 billion in 2020 to $15.7 billion in 2025, at a CAGR of 34.1%.
Generative Adversarial Networks (GANs)
Generative Adversarial Networks (GANs) are an AI technology that involves two neural networks competing against each other to generate new data. They are used in various industries, including gaming, design, and art, to generate new content and improve existing ones.
According to a report by ResearchAndMarkets, the GANs market is expected to reach $4.4 billion by 2023, growing at a CAGR of 45.8%.
Explainable AI (XAI) – Latest Technologies In Artificial Intelligence
Explainable AI (XAI) is an emerging field of AI that focuses on developing AI models and algorithms that can provide clear explanations for their decisions and actions.
XAI seeks to overcome the “black box” problem of traditional AI, where it can be challenging to understand how an AI system arrived at a particular decision or recommendation.
In recent years, the use of AI in various fields has grown significantly, from healthcare to finance, and transportation to education. However, there is often a lack of transparency in the decision-making process of these AI systems, which can lead to concerns about bias, unfairness, and lack of accountability. This is where XAI comes in, providing a way to explain how AI systems arrived at their decisions and recommendations. Making its way to one of the best latest technologies in artificial intelligence.
How is it miraculous?
In healthcare, for example, XAI can help explain the reasoning behind medical diagnoses and treatment recommendations, helping to build trust between patients and doctors. In finance, XAI can help explain credit and loan decisions, providing greater transparency and fairness. In the legal system, XAI can help explain the reasoning behind legal decisions, increasing transparency and accountability.
Ain’t it already sounding like Hogwarts?
Leave feedback about this