Since the emergence of artificial intelligence (AI) and machine learning (ML), the technologies have transformed the way we live and work. But now, more than ever before, these disruptive technologies are fueling business decision-making and operational efficiency.
Gartner has predicted that the global AI software market is likely to reach $62 billion in 2022.
Businesses around the world are curious about which ML and AI trends are going to rule 2022. Well, considering where things are heading to, our AI/ML team at AQB Solutions has predicted the artificial intelligence and machine learning trends for this year. Let’s take a look at them.
Key ML and AI Trends for 2022
1. Hyperautomation
Automation is the buzzword this year! In 2022, more businesses using AI and ML will automate repetitive processes, which involve large amounts of information and data.
In the near future, several industries will see a heightened rate of automation using intelligent business process management software (iBPMS) and robotic process automation (RPA).
This will significantly help businesses to lower their dependence on human workforce. Additionally, it will boost the reliability, speed, and accuracy of each process.
Chatbot automation will also be widely used by businesses of various industries. Chatbots today can give correct responses to customers’ queries instantly, and they are available 24/7. This makes chatbots a highly helpful tool for businesses to enhance customer support.
Application of Hyperautomation:
Hyperautomation is widely used in the banking industry, in areas like back-office transactions, loan transactions, payment transactions, banking service, sales and distribution, marketing, and regulatory reporting.
2. No-code and Low-code Technologies
Many companies aren’t able to adopt artificial intelligence due to a lack of AI engineers or developers. No-code and low-code technologies address this issue. These technologies provide simple interfaces to build complex AI systems.
Currently, using no-code UI, you can create machine learning pipelines by simply dragging and dropping graphical elements. Some free tools you can use for this are KNIME, RapidMiner Studio, Weka, and MLjar.
With no-code technology, developers can create intelligent artificial intelligence systems by combining several ready-made modules and feeding them data that’s industrial domain-specific.
Moreover, in the forthcoming days, no-code, low-code, and NLP technologies will allow you to instruct complex machines using your voice or through written instructions.
Application of No-code AI:
No-code AI can be used for improved financial services. Financial service providers and banks can use no-code AI solutions for several purposes, like automation of the registration process, rightsizing, lowering risks for lenders, and improving loan portfolio. It increases the cost-efficiency and speed of the key processes.
3. Increased Cybersecurity
As per reports, in 2021, the average amount involved in ransomware transactions was $102.3 million per month.
Cyber attacks are a huge risk today, and with each device being added to the network, the risk only increases. Furthermore, the complexity of the networks is gradually increasing.
AI and ML can serve as powerful weapons to tackle the issue. The technologies can predict trends, identify patterns, and check for anomalies. AI/ML can detect suspicious activity using smart algorithms.
In 2022, heightened cybersecurity with the help of AI/ML will be one of the prominent ML and AI trends.
4. The Metaverse
One of the top AI and machine learning trends in 2022 and beyond is the metaverse.
Similar to the internet, the metaverse is a virtual space where users can play and work together and get immersive experiences. Artificial intelligence and machine learning will be a keystone of the metaverse.
With AI and ML, enterprises can build a virtual world where users can feel at home. There will be virtual AI bots in that space helping users pick the right products or services. Additionally, the bots can play games with the users, helping them unwind and relax.
Some of the applications of the metaverse are – virtual learning and work spaces, virtual markets and businesses, and expansion of the social media platforms.
Industries Using the Metaverse:
The Metaverse is one of the key AI future trends, likely to revolutionize some industries. These are – gaming, media and entertainment, ecommerce and retail, manufacturing, and architecture and engineering.
5. Quantum AI
Another among the key ML and AI trends for 2022, quantum AI is artificial intelligence driven by quantum computing. Businesses would soon start using quantum AI for solving complex business problems, much faster than conventional AI.
Quantum AI performs more accurate and faster pattern prediction and data analysis. Hence, it helps enterprises to identify unforeseen problems as well as come up with appropriate solutions. The technology is set to revolutionize several industries, like finance, chemistry, and healthcare.
Applications of Quantum AI:
Some of the applications of quantum AI are:
- Processing large data sets
- Improved business models and insights
- Integration of multiple data sets
- Solving complex problems faster
What is the Future of AI and ML?
These ML and AI trends will very soon transform all industries by helping businesses create innovative products and services, make important decisions, and achieve business objectives.
It has been estimated that businesses are likely to have at least 35 artificial intelligence initiatives in their operations by 2022. Furthermore, by 2027, the AI/ML industry is likely to grow at 33.2% CAGR.
Following these machine learning and artificial intelligence trends can open new opportunities of growth for businesses. With the help of an AI/ML solutions partner like AQB Solutions, businesses can use these ML and AI trends to expand their existing capabilities and enhance their operational efficiency. So, to reap the benefits of AI and ML, talk to us today!
