Latest developments in the field of artificial intelligence technology are growing in a vigorous way. Many internet giants and startups are moving swiftly and investing a lot to adopt them.
According to Narrative Science survey, nearly 38% of businesses are already using AI, and the number is expected to reach 62% by 2018.
Forrester Research predicted that the growth in investment in AI is more than 300% in 2017 when compared with 2016.
IDC reported that AI market is expected to reach USD 47 billion by 2020 from USD 8 billion in 2016.
Artificial intelligence today comprises of numerous tools and technologies, some time-tested and others are considerably new. Forrester published a TechRadar report on important artificial intelligence technologies that companies should adopt to support human decision-making. Here is a list of 10 latest technologies in artificial intelligence based on Forrester’s analysis.
Natural Language Generation- Converts data into text
NLG (Natural Language Generation), a subfield of AI has become more popular in 2017. It is a software that automatically processes data into human-friendly text. It can be applied anywhere where there is a need to generate text from data. NLG is currently being used in different spaces such as summarizing business intelligence insights, report generation, and customer service.
Some of the companies offering these types of services include Automated Insights, Digital Reasoning, Yseop, SAS, Attivio, Narrative Science, Cambridge Semantics, and Lucidworks.
NLP (Natural Language Processing) and Text Analytics- Allows communication between human languages and computers
NLP focuses on the interaction between human languages and computers. It uses text analytics to understand sentence meaning and structure via statistical and machine learning methods. NLP and text analytics are used for system security and fraud detection. They are also used extensively in applications to remove unstructured data and in automated assistants.
Some of the companies offering this technology include Expert System, Sinequa, Synapsify, Stratifyd, Coveo, Linguamatics, Basis Technology, Knime, Mindbreeze, Indico, and Lexalytics.
Speech Recognition- Converts human speech into useful format for computer apps
Today, a wide range of systems supports the transformation and transcription of human speech into a useful form that is appropriate for computer applications. Speech recognition is currently used in mobile apps and voice response interactive systems.
Some of the companies offering these services include Verint Systems, NICE, OpenText, and Nuance Communications.
Machine Learning Platforms- Develops techniques that allow computers to learn
Nowadays computers can also learn and it could be extremely smart and intelligent. Machine learning is a part of artificial intelligence and a subfield of computer science. Its objective is to develop more and more techniques that enable computers to learn. Machine learning platforms are gaining ground every day by providing APIs, algorithms, big data, development and training tools along with designing and deploying models into applications and other machines.
These platforms are currently being used in various business activities, mostly for the classification or prediction. Some of the companies offering machine learning platforms include Microsoft, Google, Amazon, SAS, H2O.ai, Adext, Leverton, Skytree and Fractal Analytics.
AI Optimized Hardware- Speeds up the next generation of applications
Companies are investing in large amounts in AI optimized hardware to speed up the next generation of applications. Appliances and graphic processing units (GPU) are especially designed to run artificial intelligence oriented computational jobs efficiently.
Some of the companies offering these services include Intel, Google, IBM, Alluviate, Cray and Nvidia.
Deep Learning Platform- Comprises artificial neural networks with different levels of abstraction
Deep learning is a special type of machine learning comprising artificial neural networks with different levels of abstraction. It is currently used in the classification of applications and pattern recognition that are supported by large-scale data sets.
Some of the companies offering deep learning platform services include Peltarion, Ersatz labs, Fluid AI, MathWorks, Saffron technology, Ersatz labs, and Deep instinct.
Virtual Agents- Interacts with humans efficiently
Forrester says virtual agents are "The current darling of the media," that can interact with humans in an efficient way. Chatbots are the best example of this type of technology. They are currently used as a smart home manager and in customer service and support as well.
Some of the companies offering this technology include IBM, Amazon, Google, Apple, Microsoft, Creative Virtual, Satisfi, IPsoft, Artificial Solutions, and Assist AI.
Decision Management- Performs automated decision making
Decision management is a set of processes that insert logic and rules artificial intelligence systems that are utilised for initial setup and its services conduct ongoing research for better maintenance and tuning. It is currently being used in executing automated decision making and various enterprise applications.
Some of the companies offering these services include Pegasystems, Advanced Systems Concepts, UiPath, Maana, and Informatica.
Robotic Process Automation- Automates human tasks
RPA is a software that uses scripts and other methods to automate human tasks or processes to support standard business processes. It is used to execute specific tasks or process where it is too costly or humans are inefficient to perform.
Some of the companies offering RPA include WorkFusion, Blue Prism, Automation Anywhere, UiPath, and Pegasystems.
Biometrics- Enables communication between humans and machines
Biometrics technology deals with the measurement, analysis, and identification of people’s biological information. It allows a wide range of interactions between machines and humans, including but not restricted to body language, speech, touch and image recognition. Currently, this technology is widely used in market research.
Some of the companies offering this technology include FaceFirst, 3VR, Sensory, Tahzoo, Synqera, Agnitio, Affectiva.
Artificial intelligence technologies today show a huge impact on business activities across the globe. It is not only made available for large enterprises but also for small businesses that want to have remarkable appearance on the internet. But according to Forrester survey, different companies expressed that there are some drawbacks in implementing AI to their businesses. Forrester concludes that the companies can gain from artificial intelligence technologies once these companies overcome all the drawbacks.