AI and Emerging Tech in 2022
Technology is advancing rapidly in today’s world. It has enabled faster change and progress. However, it is not the only thing that evolved during the pandemic. Software professionals have started realizing that their roles will no longer be the same in the future, contactless world. They will have to constantly learn and stay updated with the latest, emerging tech.
Today, AI is embedded in our lives like never before. In 2022, we will come across increased usage of AI and tech. Here are some of the top emerging tech that everyone must pay attention to:
Artificial Intelligence has already created a notable effect on how we live, play, and work. It is known for its usefulness in ride-sharing apps, smartphone personal assistants, navigation apps, speech and image recognition, and a lot more.
By using AI, companies have started achieving better results like predicting demands for services and detecting the changing patterns of customer behavior by analyzing data in near real-time.
Experts anticipate that the industry will reach $190 billion by 2025. Also, Global investments in cognitive and AI systems are predicted to reach over $57 billion in 2022.
Faster Market and Operational Agility for AI-Enabled Companies
AI-enabled companies can gain a significant advantage by responding quickly to operational and market changes. Thus, companies have started investing more in AI, especially after the pandemic. As per a survey conducted by PWC, AI is being used in strategic decisions around demand projections, scenario planning, supply chain resilience, and workforce planning.
Currently, companies conduct only an annual scenario/strategic planning process, but by creating AI models, they can update it continuously based on competitive moves, demand, operations, changes in supply, etc.
AI also helps companies understand the new opportunities and threats. It advances them to insightful forecasting, which is more beneficial than historical reporting.
Improved Understanding and Mitigation of Risk
Companies are now more aware of the risks associated with AI and the methods to manage them. They want to address AI risks but are slow to take action. The top issues are improving defenses against cyber threats, bias reduction, explainability, and privacy.
For any organization, data protection is vital, and AI lives on data and data privacy. In some cases, it is necessary to know why and how AI has made certain decisions while, in others, they might not find it crucial.
AI can have many different types of bias risks. The company management must know how to reduce the risks and take action promptly.
Other Emerging Tech
Here are some of the other emerging techs of 2022.
IoT is yet another promising trend. It connects multiple devices or “things” over WiFi. Hence, it is named the Internet of Things. This technology has already helped devices like cars, home appliances, and a lot more to interconnect and exchange their data.
Consumers can now lock their houses remotely if they have forgotten to do it while leaving home. Or, they can even preheat the oven while on the way to their homes.
Businesses have also come a long way when it comes to using IoT. IoT collects and analyzes data to enable better decision-making, efficiency, and safety for businesses. It also helps in improving customer service, speeding-up medical care, and enabling predictive maintenance.
Experts forecast that by 2030, there will be around 50 billion of these IoT devices worldwide. It will create a massive web of interconnected devices which will include everything from kitchen appliances to smartphones. Global spending is expected to reach 1.1 trillion U.S. dollars in 2022.
Smart Technology Community Integration
Smart cities or intelligent communities went through tremendous challenges in 2021. They went through issues like rising crime rates, tense political climates, extreme weather events, and dangerous driving behavior, in addition to the ongoing pandemic.
Despite everything, communities have started becoming more sustainable and equitable places to live. Cities are now making their space technically smart. They are attempting to enable fiscal efficiency, enable everyday cryptocurrency exchanges and bring blockchain to the doorstep. They will also try to add more protection concerns, privacy, cyber, and data management as data monetization truly takes shape.
Since the pandemic, agile and more comprehensive implementation of automation across all functions of an organization is becoming a top priority. Emerging tech has given companies the ability to automate processes and tasks without programming knowledge. Companies can now adapt much more flexibly and quickly to changing business requirements. AI and machine learning will support the work of employees to an even greater extent and help in the cooperation between man and machine.