iMerit's Rajsekhar Aikat on top 5 trends that will rule AI and ML in 2023
Just when people thought that they got accustomed to the intricacies of the digital world, technologies like the internet of things (IoT), blockchain, and robotics came in to push the sector's boundaries much further.
However, what even outshone these technologies were artificial intelligence (AI) and machine learning (ML). Surmounting various barriers, AI/ML has gained a key foothold in our lives in no time, and the momentum of their implementation to provide intelligent experiences in real time is stupendous. Meanwhile, the democratisation of AI/ML technologies is paving a path of success for every industry.
“Once regarded as an unattainable dream, these technologies can be found in every possible smart device we use. It is indisputable that AI/ML is becoming an integral part of every industry. Becoming an immediate success by virtue of its capabilities, AI/ML is also proving to be a provider of global career opportunities for the rising tech talent in India.
"According to a report by McKinsey, ‘The state of AI in 2022—and a half decade in review,’ investment in AI/ML has increased from 40% in 2018 to 52% in 2022,” says Rajsekhar Aikat, chief technology and product officer at AI data solutions company iMerit.
In an exclusive interaction with People Matters, Aikat weighs in on the top five AI/ML trends that are set to predominate in 2023.
Rise of Industrial AI
Industrial AI refers to the applications specifically developed for industry. This type of AI addresses the pain points of the manufacturing industry such as product improvement, supply chain management, risk analysis, and more.
Industrial AI offers not one but many benefits such as automation, smart decision-making, improved customer experience, reduced risk, and error detection. As we tighten our grip in the digital world, companies will reinvent their infrastructure with AI/ML models to cut costs, and increase productivity and profits.
Opening avenues with Generative AI
As our focus shifts from traditional to digital mediums, the demand for content has also increased. Today, the demand for quality content has significantly increased and so has the content consumption rate.
That’s where generative AI comes into play.
Generative AI is another branch of AI which is gaining popularity these days owing to its ability to create quality content on its own. With the use of data and necessary algorithms, generative AI models create content that resonates with the audiences.
The content created can be in the form of text, audio, video, code, or image. A perfect example of generative AI would be Polar, an AI-based virtual influencer launched by Sony. The virtual influencer creates remarkable content for its audiences on social media platforms. Generative AI will soon emerge as a go-to choice for companies in marketing, sales, manufacturing, medical, and many others.
Expanding with Multi-Modal Machine Learning
With an aim to automate routine tasks with human intelligence, companies are embracing multi-modal machine learning models (MMML). These models combine techniques of natural language processing, computer vision, and machine learning for AI models to understand and process information effectively. MMML models are usually regarded as one of the most important technologies to improve accuracy and ensure efficiency in AI models.
Low Code or No Code
Today, low or no code platforms are gaining popularity in the IT industry. These platforms are application composers typically meant for people who have a very little knowledge about coding or the people who do not have any knowledge about coding.
Running on actual coding languages like Python, Java, HTML, and C, low code or no code platforms leverage AI/ML algorithms and data to build applications as per a company’s requirements. With rising focus on core areas of the businesses, companies will implement these platforms to save time and costs to increase productivity, in the year 2023.
AI and ML for Cybersecurity
The use of IoT-enabled devices has certainly raised our standard of living, however, what it has also increased is the scope for cybersecurity attacks. As we get hold of the digital world, attackers are also getting proficient in stealing sensitive information, data and passwords.
A cybersecurity attack can have severe impacts on a business such as loss of precious data, loss of customers, and loss of market value and goodwill. AI and ML technologies can substantially help in identifying and blocking cybersecurity attacks and mitigating the risk of loss of data.
However, technology requires skilled personnel, and Aikat also shares some recommendations for professionals looking to explore a career in the field, whose potential will only increase.
Upskilling has become an unignorable aspect as it can help in reducing the skill gap and expanding employees’ current set of abilities. As the business landscape in India is adapting to new technologies, it has become necessary for companies to address the skill gap in order to ensure productivity.
It is a fact that reading can help in increasing knowledge. However, gone are the days, when one could rely just on theoretical knowledge. With business models changing swiftly due to technological upgrades, practical knowledge has become a necessity.
Practical knowledge significantly helps in increasing the self-confidence of employees and taking the initiatives to lead tasks on their own. To increase the practical knowledge of employees, companies must organise workshops, hackathons, and encourage the newer workforce to take strategic decisions.
Find the right source
In a dynamic market such as today’s, it has become important for professionals to keep abreast of the latest trends and technologies in order to stand out from the crowd. Keeping a track of what is happening in the industry can considerably help tech enthusiasts in gaining a competitive edge against peers.