The artificial intelligence has seamlessly entered into our lives, changing a lot of aspects of our regular routines. May it be at work or at home, the AI-powered gadgets are getting all hype and attention. From multi-millionaire companies to struggling start-ups, all are trying to integrate this technology or take advantage of it. As per IDC, the artificial intelligence market is expected to grow from $8 billion to more than $47 billion by 2020. Come, let’s see what prominent AI technologies are dominating the present and are going to rule future as well.
Natural Language Generation (NLG): A listener or reader understanding a speech or write up in the right way as told or written by somebody is a tricky business. But with artificial intelligence, the task has gone simpler. The AI-powered NLG software turns all sorts of data into an easily readable text. May it be market reports, financial reports or any kind of database, the technology turns the unstructured data into structured one at a speed of multiple pages a second. The players to watch in this market are Lucidworks, Digital Reasoning, Narrative Sciences, and etc.
Speech recognition: The ability of your iPhone’s Siri to recognize, analyze your spoken words and convert them into data is speech recognition. This technology is commonly adopted by mobile companies where voice dialing, voice search, and speech to text facilities are provided. Presently, this technology has found its application in voice response interactive systems like Alexa or mobile apps like Google Translate.
Virtual agents: From simple chatbots to advanced systems which can communicate with humans just like other humans come under virtual agents. Virtual agents can respond to customer queries 24/7 without waiting any longer for somebody to come and open the call center in morning. This technology has huge potential considering the delivery of personalized customer experience a mandatory aspect for businesses now.
Machine learning (ML): Probably the Ai technology which we are using every day and not realizing is machine learning. From intelligent apps to software applications, ML has been replicating the power of cognitive learning through trained ML models. Machine learning is currently being used in wide range of enterprise application for prediction and classification. The companies found focusing on it, are Amazon, Google, Microsoft, H2O.ai and etc.
Decision management: Decision management software improves the process of making decisions by taking into account all the constraints and risks and utilizing every bit of information with precision. This software actually maximises the value of big data, helping in making quick, consistent, right and information-driven decisions. Financial organizations like banking and insurance have already integrated this software into their system.
Rather, not just financial, the manufacturing, retail, healthcare, automotive and almost every other industry is employing this technology and reaping the benefits out of it. With AI still more to develop, for sure the coming year will see even better uses and innovations of its technologies.