How AI is Changing Technology in 2024: Some Facts
AI has brought tremendous advancement and integration in the last decade in various business sectors. As we approach the year 2024, it is believed that AI will still advance information technology and human interactions with it. Here are some key insights into the developments in AI and how it is transforming major technology sectors:Here are some key insights into the developments in AI and how it is transforming major technology sectors:
Automation and Business Efficiency
Currently, there is a growing trend of using AI automation tools such as robotic process automation to support businesses’ operational processes by eliminating monotonous and time-consuming activities. This is driving higher business productivity – a survey conducted in 2022 revealed that organisations implementing RPA reduced operational expenses by 25-50 per cent on average.
Complex business processes are also being enhanced and supported by AI with automation. People are surrendering every aspect of business from customer acquisition to contract interpretation to smart AI systems that learn.
AI is making it possible for operations to be completely autonomous, that is, they can run themselves almost independently of any human control. More than three-quarters of the startups established in 2023 have adopted the use of AI automation for growth.
AI is being integrated more into employees – sales people use AI to control scripts during calls, support teams use chat bots to deal with inquiries etc., and this increases the efficiency of employees.
Transportation and Smart Cities
The progress achieved in the use of AI in self-driving cars – more than 40% of new cars sold in developed countries have certain degrees of autonomy. Self-driving cars at their most advanced are still not expected to hit the roads for 5 or more years.
AI-based smart city infrastructure is predicted to increase to over $100 billion by 2026, from slightly over $54 billion currently. Use of real time traffic forecasting, smart street lamps, smart waste management are some of the applications of AI and IoT.
AI is simultaneously putting in place a generation of smarter drones; therefore, commercial package delivery through the use of drones with optimal routes in 2024 is achievable.
Healthcare Advances
The global AI in the healthcare market has reached $50 billion in 2024, which is ten times more than what it was five years ago. AI is now changing the way we discover drugs, find diseases at an early stage and much more.
The application of AI diagnostic systems have been found to be rather efficient for early diagnosis of diseases such as cancer and neurological disorder because it is capable of identifying certain patterns that are not easily noticeable by humans. These tools also decreased the critical diagnosis time by an average of 42% in the testing environment.
Routine work processes in healthcare such as documentation, appointments, and bed allocation are being handled by intelligent automation bots. This results to increase in time devoted to the patients by the medical staff.
Cybersecurity and Fraud Detection
CYBERSECURITY: AI algorithms are becoming an invaluable tool for cybersecurity teams struggling with growing numbers of hacking attacks, security threats, and data fraud problems. Real-time AI systems are used in more than 65% of cybersecurity operations in large tech companies.
Through the alignment of big quantities of activity in different networks, users, transactions, etc., AI can identify deviations and cyber threats much quicker than conventional methods. Companies employing artificial intelligence in detection of cyber-attacks recorded a reduction in average of 13%.
AI is complementing fraud detection in banks and other financial institutions. AI integration was tested in fraud prediction during credit card payments, fund transfers, etc., which showed a detection rate rise by 51% as compared to traditional approaches.
The Future with AI
As AI research continues rapidly, we can expect more exciting applications in the near future:As AI research continues rapidly, we can expect more exciting applications in the near future:
The articles, web posts, texts, images, and videos created through AI will be very hard to differentiate from the ones created by people. We will converse with bots, work with virtual authors, generate videos on daily basis.
AI assistants will become more sophisticated and commonplace – for work, for information, for shopping, for friendship and much else.
Instead of the displacement of our jobs and personal talents, smart AI tools will complement them more in the future as AI and human beings extend their partnership.
There are more concerns in ethics such as bias in the algorithms, regulation of AI, and the use of AI for malicious purposes are among the many concerns The need to write responsible measures on the use of AI is becoming paramount.
These AI innovations are set to bring phenomenal transformation across industries in the next five years. Thus, with proper and careful usage, AI is undoubtedly capable of addressing the greatest challenges of humanity and benefit society greatly in the future.
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