As big data and artificial intelligence continue to spread their gargantuan influence throughout the global economy, today’s investors and tech entrepreneurs eager to make a buck off of these innovations in 2018 are starting to identify the key trends that will come to define them. So, what exactly are the driving forces behind today’s artificial intelligence and big data boom, and what can eager investors looking to cash in on this phenomenon do to prepare themselves?
As it turns out, many of the forces that have defined the AI revolution thus far are still at work, and will continue to define how AI impacts the markets well into 2018. By familiarizing yourself with these top 5 emerging trends, you and your company will be well-prepared to leverage big data and AI-based solutions as the new year approaches.
1. More focus on retail
Few areas stand to benefit as much from the recent boom in big data and artificial intelligence as AI; whether it’s Walmart or your local mom and pop shop, businesses everywhere seem to be leveraging these technologies to cut their overhead cost while widening the scopes of their business. Customer service stands to be by AI assistants, for instance, but perhaps more importantly, how retailers track their inventory and consumer interest will soon be revolutionized.
As more retailers adopt big data and AI into their business models, expect that industry to pull in more profits now that it can harness the power of humans and machines alike. Furthermore, AI will likely continue to enjoy an explosion of investment due to this, as more businesses hop on board and seek to apply it to their own operations.
2. A new era of dark data
As big data grows, so too will the opportunity to exploit dark data for business successes. So-called dark data, which is confusing to many not intimately familiar with the field of AI and data management in general, is continuously proving useful for new business insights.
Dark data can be hard to comprehend, but as more businesses pour funds into artificial intelligence, the current mist shrouding it may dissipate, leading to even more enthusiasm for the ongoing data revolution.
3. Combining AI and the cloud
As more companies flock towards artificial intelligence solutions to their business dilemmas, many of them will be turning to the cloud as they seek to beef up their IT infrastructure. As big data growers even bigger, and artificial intelligence becomes more mainstream, the ensuing data demands will place a higher burden on company’s native servers, meaning they’ll need to look elsewhere for their data needs.
The cloud is perfectly suited to help manage those growing demands, as in-house servers and data management grow too confusing and expensive for companies to manage.
4. Smarter marketing
Marketing is one of those key fields which has been revolutionized by harnessing the power of big data; by combing through mountains of data, companies can target specific consumers with greater accuracy than ever before, delivering their advertisements and deals directly to the inboxes or doorsteps of would-be consumers.
As more companies seek to exploit automated algorithms to sort through mountains of data to find those prospective buyers, the field of artificial intelligence will benefit from an increase in industry investment. Real time targeting is said to produce some 20% more sales opportunities for companies who properly use it, meaning the lucrative profits from embracing AI could be too enticing to pass up.
5. Say hello to chatbots
Of all the innovations being fostered by the world-wide embrace of big data and artificial intelligence, few stand to wow consumers as much as chatbots. There’s a reason companies like Facebook, Skype, and Slack are all rushing to include chatbots in their services; they’re incredibly interesting to consumers, including , and recent innovations are making them truly intelligent for the first time. This means they can be as useful as explaining personal injury law as guiding injured patients through an effective diagnosis.
Expect a broader adaption of chatbots into the social media platforms you use every day if big data continues to expand at its current breakneck pace. Sooner than we may be willing to admit, these AI-driven bots may be chatting us up so effectively, we may not even be able to tell whether we’re talking to another human.
Big data and artificial intelligence often gets a bad rap in the press, inspiring doomsday scenarios that wouldn’t look out of place in many Hollywood blockbusters. The truth, however, is that AI and the big data revolution driving it are reshaping our world indelibly for the better, and that companies and individuals who move to invest in these tech-wonders now are setting themselves up for a lucrative future. Few things are ever certain in this world, but if one thing’s for sure, it’s that big data and AI are here to stay.