Predictions for Artificial Intelligence 2023
Artificial intelligence may enter the mainstream in 2023 when industries including banking, healthcare, and tourism begin to use it extensively. Five professionals provide their forecasts.
According to IDC, global investment in artificial intelligence will reach $500 million this year. Information Age asked five AI specialists for their predictions on how the usage of AI would grow in 2023.
Healthcare and travel will increasingly use AI
Adonis Celestine, head of automation at Applause, predicts that AI will have a larger role in frontline healthcare in 2023. This will be especially true in the UK and Europe, where there is a lack of general practitioners and physicians. According to Celestine, chatbots were employed during COVID to identify symptoms. In the future, we’ll see more examples of AI directing patients to the appropriate medical specialists once the initial diagnosis has been made. Celestine predicts that AI helpers will be used more often in the travel industry. These computerized assistants will make traveling easier by handling every step of the procedure, including getting to the airport, boarding the aircraft, reserving a cab once you are at your location, and checking you into the hotel. He thinks they will even give you advice on what places to go and where to dine while you are there.
AI will become much more widely used
According to Carolyn Prior, UKI practice leader applications, data, and AI at Kyndryl, we have reached the tipping point where AI will no longer be an add-on in isolated fields like virtual assistants or recommendation algorithms but will instead be the foundation of how business is conducted more broadly.
According to Prior, automation enabled by AI would save hundreds of millions of dollars in costs and free up thousands of workers to retrain for higher-value jobs.
This extensive adoption across industries occurs at a time when resources and labor are scarce. Businesses will realize that utilizing AI-powered automation to accomplish work quicker and smarter will be as existentially vital as increasing the skill base of the workforce when they look at the human balance sheet of capacity and burden.
The benefit of this is that when AI becomes more prevalent in business, it will be possible to show how technology enhances not just the consumer experience but also that of employees and contributes to sustainability.
By this time next year, Prior predicts that there will be a much wider awareness across sectors of the benefits of automation.
Maritime carbon emissions to be decreased
The maritime sector, which includes all those container ships that travel across and back across the oceans, is well aware of its obligations in terms of net zero. In fact, eight out of ten marine industry experts are aware of how crucial digital technology will be in reducing carbon emissions by half by the year 2050. However, there is a dearth of specific expertise and understanding regarding how the sector will do this.
Sarah Barrett, head of product insights for maritime tech company Wärtsilä Voyage, says: “To get the most out of AI and data-driven technologies, maritime will have to bring in talent from adjacent sectors, such as logistics or supply chain. Data, IT and sustainability specialists will be critical to increase the pace of change and deliver against companies’ ambitious net zero strategies.”
Rise in artificial data
Data artificially generated by a computer simulation — will grow exponentially in 2023, says Steve Harris, CEO of Mindtech. “Big companies that have already adopted synthetic data will continue to expand and invest as they know it is the future,” says Harris.
Harris uses the automobile industry’s vehicle accident testing as an example. Using crash test dummies to repeatedly simulate the same auto accident would be impossible. But you can accomplish it with artificial data. Because the virtual environment is not constrained in the same manner, artificial intelligence (AI) road safety testing has heavily adopted synthetic data.
Harris claims that in order to enhance innovation, development, and services, synthetic data is already being used in sectors he never anticipated.
We can anticipate this to continue as synthetic data offers a more economical and effective way to gather data for more intelligent AI, according to Harris.
Banks to adopted it widely
In order to get a competitive edge, banks will employ AI more often to analyse the capital markets and identify possibilities.
“2023 is going to be the year the rubber meets the road for AI in capital markets, says Matthew Hodgson, founder and CEO of Mosaic Smart Data. “Amidst the backdrop of volatility and economic uncertainty across the globe, the most precious resource for a bank is its transaction records — and within this is its guide to where opportunity resides. Extracting the value from these records is no longer a nice to have, it’s a core necessity for competitive advantage.
“Those that take action now will benefit from being the first past the post — they will generate more business and start to generate more data, from which they can extract more insight and continue the cycle of prosperity. As we head into 2023, the race to become data-first and deploy AI effectively is well and truly underway.”
So I believe 2023 will be the year that AI will go mainstream for businesses. What are your thoughts?
