The growth of artificial intelligence within emerging technologies in 2023 and beyond
By John Frizelle, CTO & Venture Partner, Sure Valley Ventures
The processing power of Artificial Intelligence (AI) is growing at an incredible rate and it is now clear that it will form the foundation of many emerging technologies thanks to its ability to learn and adapt autonomously over time. This unique characteristic enables it to optimise systems continuously, improve decision-making, and predict outcomes with increasing accuracy. This rapid progress in AI is having a dramatic impact on many fields, including enterprise software, security, immersive technologies and healthcare.
Enterprise SaaS: Enhancing Efficiencies
There is a huge opportunity right now for AI start-ups to disrupt the enterprise software space thanks to AI’s growing ability to streamline business operations, optimise resources, and make better-informed decisions. The demand is certainly there, as firms seek to reduce costs and improve productivity to battle challenging macroeconomic headwinds. Looking ahead, we can expect even greater advancements in AI-powered SaaS tools that will help businesses stay ahead of the game in an increasingly competitive landscape.
We are already seeing practical applications of AI emerge in various fields. In advanced analytics, AI is being used to uncover new patterns in massive data sets. In customer service, AI chatbots are providing prompt and personalised responses. Meanwhile, in supply chain and inventory management, AI is enhancing efficiency by predicting demand, optimising inventory, and streamlining processes.
However, we can’t ignore the concern that as businesses become more reliant on AI-driven solutions, certain job functions may become obsolete, leading to a challenging employment market for those who lack the skills necessary to adapt. We are already seeing this come to pass with BT recently announcing that up to 10,000 of its 130,000 workforce will be replaced by AI within the next seven years. Just as the Industrial Revolution redefined labour in the 18th and 19th centuries, the AI revolution is doing the same now. Jobs once thought to be the exclusive domain of humans are now being performed more efficiently and cost-effectively by AI systems.
It’s crucial that as this powerful technology continues to develop, businesses and educational institutions work together to ensure that workers are equipped with the skills needed for the future job market. We must prepare individuals for jobs that leverage uniquely human capabilities – like creativity, leadership, emotional intelligence, and complex problem solving. We will also see new types of jobs emerge that are specifically related to AI such as AI Ethicists, Data Curators, Prompt Engineers and policy analysts.
Security: Navigating the AI Security Paradox
AI has become a powerful ally in the development of robust security solutions – both digital and physical. By analysing vast amounts of data in near real-time, AI-powered security systems can identify patterns and anomalies that would go unnoticed by human operators and respond to threats faster than ever before. Surveillance systems will become more potent, capable of recognising faces, objects, and suspicious activities in real-time, thereby strengthening physical security. Furthermore, biometric authentication methods and other advanced security measures enabled by AI have the potential to protect our online transactions and data more effectively.
However, paradoxically, as the security systems powered by AI become more sophisticated, so do the harmful strategies of cybercriminals who aim to profit from this technology. AI systems can be deceived or manipulated, as seen by attacks where inputs are designed to fool AI models. In the hands of the wrong individuals, AI can be used to assist bad actors through the creation of deepfakes that could call into question the validity of any image or video. As we look to the future, organisations must not only maintain but continue to develop robust security capabilities to reduce the likelihood of serious breaches that would have devastating consequences.
Immersive Tech: Balance Between Immersive and Reality
By breaking down barriers between the physical and digital worlds, Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR) will drastically change industries like entertainment, education and healthcare in the coming years, as well as transforming how businesses communicate. AI-driven VR/AR applications can provide remarkable experiences by allowing users to explore distant countries or galaxies and delve into immersive learning from the comfort of their own homes. This technology can also revolutionise healthcare by enabling remote surgery and rehabilitation or providing mental health therapy through exposure treatments. Businesses can use these technologies now to communicate with employees more effectively and to create a more compelling experience for customers, ensuring that they stand out against the crowd.
However, the increasing realism and sophistication of these immersive experiences raises concerns about addiction and social isolation. Privacy issues can also arise when companies collect and leverage user data from VR/AR platforms for targeted advertising or other purposes. In the coming years, we can expect to see immersive technologies becoming deeply woven into our everyday lives but this will require new strategies and potentially even regulation for managing the risks and privacy concerns.
Biotech: Revolutionising Medical Advancements & Overcoming Bias
The role of AI within the biotech market has shown significant promise in revolutionising medical advancements, diagnostics and treatment plans. AI-powered algorithms have the potential to analyse vast amounts of data with unprecedented speed and accuracy, enabling healthcare professionals to make more informed decisions, ultimately leading to improved patient outcomes. Additionally, AI-driven biotech research can expedite drug discovery processes, identify personalised treatment regimes and help develop new therapies for complex diseases.
However, there are concerns around biased decision-making resulting from flawed or skewed datasets. If AI models are trained on biased or unrepresentative data, this may lead to suboptimal or even harmful recommendations for patient care. For example, bias in training data for AI algorithms could potentially increase existing health differences among diverse or under-represented groups. Developers of AI systems in healthcare will have to address these data-related issues to ensure equitable care for all patients.
Conclusion:
As we look to the future, we must acknowledge both the transformational potential and the inherent challenges that come with the growth of AI within emerging technologies. By taking a balanced view towards AI advancements, we can strive to create a future that harnesses the power of intelligent machines responsibly. In doing so, we can continue to push the boundaries of what is possible while ensuring that humanity, and human interests, remains at the heart of our technological revolution.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.