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US Data Forecast: What are the AI trends of 2023 and beyond?
In 2022, we saw some amazing advances in Artificial Intelligence (AI). From developments in conversational AI and machine learning, to a generative AI program winning an art competition in Colorado!
As 2023 begins, we thought it was time to look forward and consider what the most important trends for New Year and beyond will be. We’ve collected some of the most significant market trends in Big Data and AI set to unfold across 2023. From Cloud technologies to corporate oversight, robotics, and more, read on to learn about the most impactful tech trends that will impact the new year.
A look back at Big Data and AI trends from 2022 in North America
Data from McKinsey shows that AI adoption is now 2.5 times higher than in 2017. Although adoption has somewhat plateaued, the last few years have been all about refinement – and 2022 was no different.
The three leading use cases of AI and Big Data technologies today are robotic process automation (also known as ‘RPA’), computer vision, and natural language processing. While automated solutions are also popping up in manufacturing, AI’s biggest fans are in digital marketing/sales, product development, and finance.
ChatGPT, a next-gen conversational AI tool is making huge waves from its ability to seamlessly write accurate, human-like responses to questions. Elsewhere, Big Data technologies are helping to advance scientific research and healthcare outcomes like never before.
The Allen Institute, a neuroscience research organization based in Seattle, recently released a new dataset with recordings from around 300,000 neurons – three times larger than the previous record holder. We could soon see a wave of discoveries and a transformation in patient outcomes thanks to the new level of insight that advanced analytics software offers.
What’s next? 6 data and AI trends for 2023 and beyond:
Below are some of the key trends that we think data-conscious business leaders should pay attention to in 2023. By recognizing which ones might affect your business, you can start to lay the right foundations to help your business stay ahead of the curve
1. Digital transformation on its own won’t be enough
Cloud migration projects have been all the rage in the last few years, but their advantages are waning. The US leads the way in cloud adoption, according to Gartner estimates, but businesses are finding that simply being “on the Cloud” isn’t enough.
Data from McKinsey shows that the benchmark for what was considered “best-in-class transformational speeds” in 2018 has become slower than average. As a result, investments in digital transformation reached record levels in 2022 – up 65% from 2020 – as companies try to keep up with competitors.
In 2023, we think it’s finally time for “digital maturation”: ensuring technology is a core element within your business strategy and embedding a culture of continuous learning across your operations. Doing this will allow you to access new levels of productivity and keep pace with market expectations as they evolve.
2. The scope of data governance will grow
Big Data needs big oversight. What’s more, as intelligent automation assumes more responsibility in the workplace, the importance of AI ethics comes into play. Therefore, over the next few years, the significance of data governance will only continue to grow.
Unfortunately, it’s not enough for board rooms to have a single data-literate person like a CIO or CTO. Instead, senior business leaders as a whole must become more confident at navigating tech-based challenges. Some of the most important factors you should pay attention to in 2023 are:
- Visibility over your cybersecurity architecture and networked devices (phones, laptops, etc.). In particular, your employees’ own devices since they’re not fully within your control. Remote/flexible working has its benefits and drawbacks, so look to establish a “Zero Trust” cloud architecture with AI-enabled cybersecurity tools to ensure each access attempt is validated before it’s granted.
- Your machine learning algorithms are only as good as the data you provide, so maintaining and enhancing your data quality is vital. If you find that your data quality is lacking in some places, predictive analytics tools could help you fill in the gaps by generating appropriate values based on the rest of your data set.
- If you haven’t already, set up a dedicated AI ethics group to examine whether your programs are at risk of biased performance or causing harm in some way. AI regulation is still lagging in some jurisdictions, so it’s crucial to do your best before a formal legislative framework is available.
3. “Data science for good” goes mainstream
Data science for good (DS4G) is a movement that applies Big Data technologies to some of society’s biggest problems. The hope is to uncover new insights into the root causes of issues like climate change and unemployment. DS4G allows non-profits and policymakers to model potential solutions and allocate resources more effectively.
Businesses also have a role to play in the net-zero transition, and AI solutions will continue to be a key tool. For example, AI-powered analysis of digital twins – comprehensive models of real-life environments – can help businesses identify more efficient operating models and ways to lower energy consumption. Similarly, digital twins can also help you maximize the lifespan of your asset by modeling when they’re most likely to break and scheduling preventative maintenance ahead of time.
4. Business intelligence adopts web scraping
Predictive analytics and forecasting will become more important over the next few months as the economy is set to become more uncertain. One area of Business Intelligence that’s particularly ripe for growth is web scraping: the process of gathering publicly available data from across the internet.
At early stages, web scraping typically allows businesses to gather data on their competitors’ goods and dynamically price them to remain competitive. However, this is just one application. If done well, web scraping allows you to gather all sorts of strategic data on potential new markets, product sentiment among your customers, and audits over your supply chain. Equipping your business with these new data sources can help you build a more robust business strategy and eliminate redundancies across your operations.
It’s likely that we’ll even see the emergence of a ‘Data as a Service’ market since third-party developers of web scraping tools have a critical lead in browser rendering and anti-ban tech. As a result, you can focus on iterating on your core product or service and outsource the remaining developer workload.
5. Advances in natural language processing will revolutionize the online customer experience
Businesses should be excited about the latest developments in conversational AI. To date, AI chatbots have been useful but imperfect tools for automating routine customer service tasks, like routing customers to the right support team. However, this has all changed thanks to OpenAI’s latest innovation: ChatGPT.
The tool is a next-gen generative AI program that produces extremely high-quality text. It’s even able to refer back to previously discussed topics and maintain a conversation. As a result, this development stands to transform online interactions and lower the workload for customer success teams. Instead of getting bogged down with the same “Where is my order” questions, expert customer service agents can provide more proactive customer support and dedicated solutions to more complex tasks.
We could even see more intelligent digital assistants emerge over the next few years and handle workplace admin tasks when combined with other programs.
6. Automation in hospitality grows
Service robots have made great strides in the last few years. New developments in computer vision have allowed them to navigate physical environments more easily and recognize task-relevant objects.
Although the Federal Reserve has been increasing interest rates, inflation remains a stubborn issue, and hiring has become a challenge as the labor market shrinks. And so, while the pandemic proved robots were a safe and sanitary way to interact with customers, they continue to be relevant as a way to fill vacant job positions.
According to data from the International Federation of Robotics, the number of new consumer service robots grew by 9% to 19 million units in 2021. So, it’s clear that customer attitudes are positive, indicating that the public is ready for more robot-based interactions.
Harness the full power of data in your business today
At Astrato, we’re passionate about data visualization and empowering teams with seamless access to insights. Data visualization is often the first step in understanding the challenges within your business, so it pays to have a flexible dashboarding tool that will help you gain new insights.
We offer cloud-native BI software that simplifies the first step in any analytics journey: visualization. With Astrato, you can ensure your data is credible, easy to understand, and actionable. With the correct data, teams obtain the vital insights needed to make informed decisions.
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