2022 will certainly be an exciting year for artificial intelligence with increased funding, government-boosted research and technology companies accelerating growth in this space, writes spriha biswas
Andrew Yan-Tak Ng, a computer scientist and technology entrepreneur who focuses on machine learning and artificial intelligence (AI), said, “AI is the new electricity.”
In a world where we are all becoming increasingly dependent on technology, it’s hard to imagine an industry untouched by AI. Just as electricity transformed almost every aspect of our lives 100 years ago with its incredible capabilities and convenience, AI is now similarly embedded in our everyday experiences. From unlocking your phone with facial recognition software to making recommendations for nearby restaurants based on what you like to eat! Even when you chat with a customer service chatbot, you are literally talking to AI. We have seen phenomenal development in this area in recent years within Machine Learning, Natural Language Processing, Knowledge Management and Pattern Recognition, bringing greater predictability, efficiency and growth to conventional industries such as banking, healthcare, data processing and new industries, such as content distribution platforms. The emergence and adoption of AI in industries is now becoming a norm and is experiencing explosive growth.
At the global average level of adoption and absorption implied by our simulation, AI has the potential to deliver additional global economic activity of approximately $13 trillion by 2030, or approximately 16 percent higher cumulative GDP compared to today. This amounts to 1.2 percent extra GDP growth per year. According to PwC’s ‘Global Artificial Intelligence Study: Exploiting the AI Revolution’, for this to happen, there needs to be a broad and overarching strategic investment from different countries in different types of AI technology. Improvements in labor productivity will boost the initial positive GDP numbers as companies look to “increase” the productivity of their workforce with AI technologies and automate some tasks and roles. The study also shows that 45% of total economic gains by 2030 will come from product improvements, driving consumer demand. This is because, over time, AI will allow for greater product variety, with greater personalization, attractiveness and affordability.
In 2021 we saw some interesting breakthroughs, such as the launch of DALL-E by Open AI, a multimodal AI system that can generate images from text, the US Department of Homeland Security using AI to recognize masked faces, Tesla’s claim to Building an AI humanoid that can perform repetitive tasks, IBM’s AI service to aid in climate change analysis, DeepMind’s announcement of Player of Games – an AI that can play both perfect information games (like chess) and imperfect games (like poker) and the latest Facebook announcement of Metaverse – a multimodal virtual reality universe. This magnitude and pace of development and breakthroughs in AI can certainly be expected in 2022. Here are some key trends we’ll see in 2022:
The AI revolution is upon us and has only just begun. We will see an increasing demand for physical, manual labor as machines take over routine tasks that are now done by humans in industries such as healthcare or customer support; this will result in many people with those skills having minimal employment opportunities as their jobs are automated in software programs that can be accessed remotely from any device with internet access – wherever you are! To remain competitive in these changing times, employees will need to constantly update their skills in the coming years to work alongside machines in the new AI-powered workplace. Social, emotional and higher cognitive skills such as creativity and critical thinking will become more relevant professional skills.
Voice and Language Controlled Intelligence
In recent years we have seen significant advances in speech recognition, natural language processing and speech synthesis, where machines can understand and speak human language. Language models with large data sets, such as GPT-3 from Open AI (the most advanced and largest language model ever built) have shown that AI is capable of generating human-like speech. We are getting very close to a stage where bots can respond with human intelligence made clear by their word choice and prosody (the rhythm, emphasis, pitch of speech based on context). According to recent reports, AI will save USD 8 billion per year. year by 2022 for the customer service industry. Other industries where Voice AI will create a wave is healthcare, where advanced diagnostics will become more accessible through AI. Today Voice Biomarkers based AI can detect Covid with 80% accuracy! Similar progress will be seen in detecting other lung diseases and mental illnesses such as depression, anxiety and Alzheimer’s disease.
In the past 2 years of the pandemic, we have seen a massive shift of purchases from offline to online stores that require huge feet on the ground. It is therefore necessary to invest in the development and deployment of the next generation of vans that are fully autonomous, whether they are long-haul trucks or last-mile vans. Motional, the $4 billion autonomous driving joint venture formed by automaker Hyundai and Aptiv, has announced a partnership with Uber Technologies Inc to deliver Uber Eats food orders using self-driving vehicles. Service will begin in Santa Monica, California, in early 2022.
Amazon has already started delivering packages with drones and testing autonomous vehicles on the road. There is also a big data revolution in the automotive industry where these autonomous vehicles can collect tons of information about their passengers and environment, which can then be used for various purposes, such as providing personalized services. The AI-powered car market is expected to grow to 35 percent by 2026.
Metaverse is a virtual reality platform that uses speech API, computer vision and natural language understanding to simulate real environments and characters, where people can operate in their real-life avatars and collaborate and communicate with each other. In late 2021, major headlines came from Facebook, Nvidia, and Amazon announcing their venture into this future of digital space. With the pandemic-driven shift to a digital world, Metaverse is expected to see growth beyond gaming and media. For example, Microsoft is building a version for virtual team meetings. The fashion brand H&M launched a metaverse store. Metaverse will become more accessible to mainstream users this year, and we will see many more experience movies, digital stores, social networks, and digital tourism frontiers open up.
Low code/ No code AI
While every industry assesses how AI can be used to improve their business, proportionately fewer people understand the depths of this technology and how to use it efficiently. There are even fewer people today who can develop AI-based solutions for their organizations. The talent gap is a real challenge that would lead more organizations to look for low-code/no-code implementations for AI/ML solutions for faster turnaround times. While the machine learning models will be developed by a handful of experts, implementation and use will be opened up to the masses.
Human Factors and Ethics in AI
Over time, artificial intelligence (AI) will enter our lives in ever newer ways. This does not only apply to professional applications, where technology already plays a major role in many fields of science and industry. What is often overlooked, however, is that intelligent machines don’t just find their way into individual situations or human-machine interactions; increasingly also in very intimate settings, by predicting human decisions.
India has made rapid strides in AI. Of the 5000 AI patents filed in the past ten years, 94% were from the past 5 years, 60% of which were from India. Computer Vision and NLP are the leading segments with 50% AI patents. VC funding from Indian AI funds has increased fivefold from $200 million in 2015 to more than $1 billion in 2019. While we initially saw a wave of smart personal assistants (chatbots) in consumer electronics, today we see more complex use cases in IOT, Robotics, AR & VR are being applied on a larger scale. The educational institutions of our countries are also preparing to nurture talent in this space. At the beginning of 2022, IIT Madras has incubated startup GUVI and partnered with AICTE (All India Council of Technical Education) to provide free Python and AI courses online to 1 million children from low-income groups and families
2022 is sure to be an exciting year for AI with increased funding, government-incentivized research and technology companies accelerating growth in this area. In the next decade, it is hoped that additional curricula will be developed that not only teach artificial intelligence in technical colleges, but also target children at an elementary level of school, just as we teach other subjects such as physics, chemistry and mathematics. There needs to be a concentrated effort to do this as the knowledge and proficiency in AI will become an indispensable background for even non-software professionals. With a conceptual understanding of AI and how it works, more people can contribute to its growth through new ideas and use cases.
As early as 2014, researchers at the University of Glasgow were able to demonstrate how machines could understand our mind better than our partners, as early as 2014! By merging existing technology with mind-reading apps to understand intention or thought processes, autocorrect and speech recognition software will be able to achieve 100 percent accuracy.
Concerns about AI security will remain. Government interest in artificial intelligence and security has skyrocketed, as has legislative recommendations. In contrast, many of these policies place greater emphasis on plans to fund more AI research and train more people in this sector, which will ultimately boost economic growth and creativity through the development of AI technologies, rather than AI technologies. security. The importance of transparency, testing and accountability for algorithms and their developers has been emphasized by countries that have proposed or implemented security-focused AI policies, although few have reached the point of operationalizing these policies or figuring out how to implement them in the would work in practice.
To protect the interests of people in this AI-driven environment, governance policies and cyber laws in India and globally must be thoroughly reconsidered and reformed.
The writer is Chief Product Officer, Augnito, India’s First Advanced Medical Voice AI Solution for Healthcare