AI Developments to Watch in the Future Next Decade

There is an immense potential for AI in drug development. Historically, the journey to discover new medicines has been notably sluggish, with the discovery process extending up to 26 months before initiating clinical trials. AI stands poised to revolutionize this pace, significantly expediting the process by forecasting optimal drug candidates and crafting drugs customized for specific targets. Notably, the inaugural drug entirely designed through AI has commenced clinical trials in China, and projections indicate AI could introduce 50 new therapies within a decade, potentially slashing development costs by billions annually.

AI is also making substantial progress in healthcare diagnostics and treatment. The FDA has granted authorization to a multitude of AI-enabled medical devices, spanning from atrial fibrillation sensors embedded in smartwatches to image reconstruction algorithms designed for disease detection. These innovative tools carry the potential to enhance accuracy, efficiency, and accessibility in healthcare.

Several organizations are developing direct-to-patient solutions for triaging and offering advice through voice or chat-based interactions. This approach ensures swift and scalable access to address basic questions and medical concerns. The potential benefits include preventing unnecessary visits to GPs, thereby alleviating the increasing demand for primary healthcare providers. Additionally, for certain conditions, it can offer essential guidance that might otherwise be unavailable to populations in remote or underserved areas.

Educational Resources

As AI technology advances, students actively use various tools for their assignments, including NLP and machine learning algorithms, ChatGPT, and an AI Text Generation program that searches the web for article topics and generates original content tailored to the student's requirements.

So, what’s AI future in education?

First of all, advanced AI systems will be able to adjust educational programs, making them more engaging for students. Virtual tutors will provide an interactive learning experience while AI-enhanced assessment tools will track the progress of students and provide real-time feedback.

Secondly, employing AI tools, VR and AR technologies help students learn complex concepts with ease and enhance their emotional awareness and intelligence.

A great example might be Microsoft Mesh which allows students and teachers to interact with each other in virtual space, for instance, working together in a coding environment, elaborate 3D models of scientific concepts, etc.

Self-Driving Vehicles

The surge in the popularity of autonomous vehicles is rapidly gaining momentum. Through the utilization of AI, these vehicles excel in perceiving and predicting changes in their environment, recognizing obstacles, interpreting road signs, and more, surpassing the capabilities of human drivers.

The inception of the self-driving car project by Google dates back to 2009. Subsequently, in 2016, Waymo, an autonomous driving technology company, became a subsidiary of Alphabet, Google's parent company.

Fast forward to 2022, Waymo unveiled a strategic partnership with Uber, marking a significant collaboration where Uber will integrate its autonomous technology into its freight truck service.

Future AI technologies in self-driving cars will become more advanced and interwoven into our everyday lives. According to ResearchandMarkets, in ten years, the autonomous vehicle market is expected to reach between $300 billion and $400 billion which shows a boom in their popularity.

Financial Management

AI is set to revolutionize financial management in the future. It will continue enhancing daily banking operations, including reporting, data extraction, document classification, and credit scoring, impacting customer satisfaction directly and indirectly. 

AI plays a crucial role in improving compliance monitoring, swiftly identifying potential fraud or money laundering transactions, and safeguarding banks against cyber attacks. 

For instance, deep learning algorithms employed in fraud detection with machine learning have proven to be 50% more effective at identifying fraud and have a 60% lower false alarm probability. In credit underwriting, AI has increased loan accessibility, with algorithms accepting 27% more applications and reducing lending rates by 16%. 

The potential applications of AI in banking are vast, promising to improve efficiency, and freeing up customer service representatives to focus on complex issues.

Cybersecurity

As technology advances, the artificial intelligence future will be likely closely interconnected with cybersecurity, bringing both: opportunities and challenges.

Current applications of AI in cybersecurity range from automating threat detection and response to enhancing incident management. AI's ability to quickly analyze vast amounts of data, identify patterns, and make real-time decisions is crucial in the fast-paced business environment where potential threats are increasingly complex.

However, the rise of offensive AI, designed to evade traditional security defenses, poses new challenges. AI-powered malware, phishing campaigns, and advanced persistent threats demonstrate the potential risks. 

Intelligent Residential Spaces

The Artificial intelligence future in smart homes is exciting and promising. As smart city infrastructure keeps evolving, we can predict smart homes to be more connected to city-wide traffic monitoring systems which will potentially reduce commute times.

The growing popularity of voice assistants such as Amazon Alexa and Google Assistant can lead to more seamless integration with other house devices, allowing better control and automation. What’s more, these devices could work together to automatically adjust lighting and temperature configurations according to user behavior, eliminating the need for manual input.

Addressing the Climate Emergency

The development of alternative fuels and renewable energy sources has already made a great impact on decreasing the amount of carbon in the atmosphere. However, AI technology future can contribute to climate change mitigation even more through energy efficiency, reducing emissions from agriculture and transportation, and improving our ability to predict extreme weather conditions and react to them.

According to the BCG Climate AI Survey, 87% of public and private sector CEOs believe that AI is a critical tool in fighting climate change. 

One of the examples of the deployment of AI-driven research is using it to combat unsustainable practices within the fashion sector (an industry with a record of high emissions). By utilizing machine learning, manufacturers can optimize the supply chain, minimize waste, and monitor resource consumption to foster sustainable manufacturing processes.

Myths and Risks of AI That Aren't True

There are some myths about the future of AI: 

#1 AI Will Take Humans’ Jobs

AI technology in the future will reshape industries, necessitating new specializations for individuals. While AI has assumed various roles, offering more complex opportunities, the overall impact could be optimized with a focus on economic considerations. The ongoing pursuit of self-improvement ensures that humans won't face unemployment.

#2 Your Business will be Better without AI

AI strategy is indispensable for businesses aiming at efficient growth and development. Through predictive models and logical analysis of business challenges, it offers myriad effective solutions to foster exponential growth.

#3 The Accuracy of AI Systems is Dependent on Training Data

AI output is often derived from imperfect data, marked by issues like scarcity, imbalance, lack of structure, and low quality. However, accuracy is achieved through meticulous data processing, problem formulation, the use of synthetic data, targeted sampling, and incorporating limitations into models. It's crucial to recognize that AI's accuracy isn't solely reliant on data; instead, it involves a synergy of algorithms, human expertise, and hardware, all contributing equally to the generation of results.

Prepare for the Future with inVerita

The AI revolution is upon us and businesses must adapt to this change. Failing to act means falling behind. Artificial intelligence is already entrenched in a lot of industries and is to extend in the years to come. 

Retailers, educators, automotive manufacturers, energy providers, and healthcare professionals can already see the potential reasonably clearly.