The artificial intelligence (AI) market is on an unprecedented growth trajectory and is expected to reach $42.4 billion by 2023. This momentum will be further strengthened by the launch of powerful new AI-powered tools and services across industries. In order to understand what is driving this exponential growth and how it will shape the industry in the coming year, let’s take a closer look at three key AI trends that will emerge in 2023.
1. AI Democratization
Data-driven insights are increasingly becoming a fundamental differentiator for business success. Companies that can’t access deeper insights in data quickly and at scale will be left behind by their competitors. With the demand for top engineering and data science talent far exceeding the supply, the democratization of AI is becoming increasingly important. More AI consultants and the availability of low- and no-code features will simplify AI adoption across various vertical markets. Additionally, cloud vendors are combining their services building blocks to include AI capabilities, making them more accessible to the masses.
2. Commercialization of Generative AI
Generative AI is having a moment and is set to produce a wide range of products and services in 2023. One particularly promising area is the use of generative AI-powered language applications. In gaming, for example, users can opt to sound like their on-screen character. In virtual meetings, people with a cold can make their voice easier to understand, enabling them to focus on their work contributions. Generative AI also has a wide range of business use cases, such as customer service, which can dramatically improve customer experience.
3. AI Ethics Will Be a Priority
As AI technologies become more pervasive, legal and ethical issues must be addressed. The severity of AI’s implications can range from negative to dangerous, with cases like deep fakes and biased algorithms being prime examples. Regulatory frameworks are in the works to ensure AI is used responsibly, such as the proposed AI Bill of Rights. Businesses must take responsibility for using AI in a safe and ethical manner, and increased transparency around AI-related cases will help us learn how to avoid missteps in the future.
2023 will be a pivotal year for AI. The commercialization of new products and features, strides in access and affordability, and a focus on responsible practices will open up disruptive use cases for the enterprise and beyond. It’s going to be an exciting year for the AI industry, and it will be interesting to see how it progresses over the next 12 months.