10 Latest Innovations in Artificial Intelligence (AI)

  • Bhumika Dutta
  • Jul 30, 2021
  • Artificial Intelligence
10 Latest Innovations in Artificial Intelligence (AI) title banner

Introduction

 

The replication of human intellectual processes by machines, particularly computer systems, is known as Artificial Intelligence, and it is one of the modern world's fastest developing technologies. Also, discover emerging technologies.

 

The various creative Artificial Intelligence initiatives in various sectors such as Finance, Healthcare, Business, Marketing, Security, Automation, and so on are creating promising trends in the market. These developments are reshaping the world, altering people's perceptions about technology. 

 

Let us look at the Top 10 latest innovations in the field of Artificial Intelligence that are currently trending in 2021.

 

 

Top innovations in Artificial Intelligence

 

  1. Intelligent Process Automation (IPA)

 

Companies may automate the processing of unstructured data using a feature called Intelligent Process Automation in Artificial Intelligence. Unstructured data is more difficult for machines to understand than structured data, yet unstructured data makes up the majority of data received from the actual world. 

 

In the banking and financial industries, IPA is utilized with other technologies such as Machine Learning, Cognitive Automation, and Robotic Process Automation. IPA is used by investment bankers to spot discrepancies in data collection that are practically impossible to spot with human eyes.

 

(Must read: Introduction to Investment Banking)

 

  1. AI in the Healthcare industry

 

The Healthcare industry is one of the most important working industries in the world. With the passing days, technology is having a huge impact in the healthcare field and AI is currently supporting the healthcare business in a meaningful and precise way. 

 

(Similar reading: Role of AI in healthcare)

 

Some of the latest innovations of AI, according to health it analytics are:

 

  • AI has helped in narrowing the gaps in mental healthcare. There are many smart-phone based AI applications that recognize different problems one might be facing with their mental health and offer cognitive behavioral therapy for them.

  • By identifying damage patterns and studying the types of fractures depicted on x-rays, AI is utilized to detect any symptoms of domestic abuse that may be experienced by individuals. This will allow medical personnel to approach the patient without fear of offending the patient's partner/spouse.

  • AI can recognize the sort of stroke a patient is having and determine where the clotting or bleeding is occurring. This aids detection since every second matters when someone is having a stroke.

  • AI has also made it possible to monitor brain health in real-time. The brain is one of the most complex organs of the human body and it produces a lot of complex data and is harder to treat. But, with the help of AI, many things like predicting seizures, identifying early stages of dementia, reading EEG, etc, are possible now.

 

 (Recommended read: Top 9 Healthcare Technologies)

 

  1. AI with the Internet of Things (IoT)

 

The Internet of Things (IoT) is a method of connecting a large number of physical objects over the Internet in order to gather and share data. IoT has done miracles in the world of technology, alongside AI. 

 

Many products, such as smart locks, smart plugs, Google Nest, and others, have taken automation to the next level. It is a business solution and a powerful technology in the sphere of business. It is assumed that it comprehends and meets the basic needs of humans. 

 

IoT devices function with instructions, but when combined with AI, they can foresee the requirements of the user and start equipment without the need for human interaction. 

 

(Also read: How is AI integrated with IoT?)

 

  1. AI in Smart Money

 

Artificial Intelligence is proving itself to be revolutionary in the field of finance. According to appen, the fast advancing applications of AI are as follows:

 

  • 60% of the companies are now using Natural Language Processing (NLP), which is a subfield of machine learning that helps computers understand and manipulate the natural language spoken by humans.

  • 70% of the firms are now actively using machine learning for business solutions.

  • Leading financial services businesses are seeing a 19%  increase in overall income as a result of their AI projects.

  • 49% of frontrunners have a full AI adoption plan in place, with departments expected to follow, providing them an instant size and speed advantage over competitors.

  • Today, 45 % of AI frontrunner companies are investing more than $5 million in AI projects, which is three times the amount of early or late adopters.

 

  1. AI in Automobiles

 

Artificial Intelligence has made vehicles Autonomous now. Cars are now able to operate themselves without the need for any driver’s intervention. There are six levels of automation that can be installed within the vehicle. 

 

  • At level 0, the car requires human control. 

  • At level 1, the advanced driver assistance system (ADAS) in the car may aid the driver with navigation, acceleration, and brakes. 

  • In some circumstances, the ADAS can handle steering, acceleration, and braking at level 2, but the human driver must maintain total attention to the driving environment during the travel while also completing the other responsibilities. 

  • In some circumstances, the ADS (advanced driving system) can execute all aspects of the driving duty at level 3, but the human driver must be able to restore control when the ADS requests it. 

  • In the remaining cases, the human driver performs the required tasks. In some circumstances where human attention is not required, the vehicle's ADS can execute all driving duties autonomously at level 4. 

  • Finally, level 5 entails complete automation, in which the vehicle's ADS is capable of performing all duties in all situations and no human driver assistance is necessary. 

 

The use of 5G technology will enable full automation by allowing cars to communicate not just with one another, but also with traffic signals, signage, and even the roadways themselves.

 

  1. AI for Virtual Assistants and Chatbots

 

We've all heard of voice assistants like Alexa, Siri, and Google Assistant, as well as chatbots that are embedded into many websites to aid and advise new users. A voice assistant is a piece of software that employs NLP, Artificial Intelligence, and speech recognition to interpret and respond to a user's spoken instructions. 

 

Chatbots, on the other hand, are programs that are meant to help a user 24 hours a day, seven days a week, and to reply correctly and answer any questions that the user may have. Most Chatbots and Virtual Assistants have pre-programmed response systems that respond in accordance with particular rules and patterns. 

 

Some voice assistants can now communicate with the user and reply properly thanks to powerful AI. They even improve as they are used more. Siri and Alexa, for example, may converse with the user just like a normal human being!

 

(Recommended: Examples of AI)

 

  1. AI in Processors

 

Because of the abundance of low-cost processors on the market, it is relatively simple to incorporate Artificial Intelligence and related technologies into projects and tasks. 

 

AI-enabled processors or chips are offered from a variety of firms, including NVIDIA, AMD, and Qualcomm, and aid in the improvement of all business operations. 

 

These chips are utilized in facial recognition and object detecting features. Biometrics are widely used in many devices since they improve security and restrict access to any system to only registered users.

 

  1. Quantum AI

 

Artificial Intelligence has been playing a very important role in the progress of quantum computing. With classical computers, artificial intelligence creates usable applications; nevertheless, it is restricted by the computing capabilities of classical computers. 

 

Quantum computing can provide artificial intelligence a computational boost, allowing it to solve more difficult tasks. The use of quantum computing for the calculation of machine learning algorithms is known as quantum AI. Because of the processing benefits of quantum computing, quantum AI can assist in achieving outcomes that are not achievable with traditional computers. 

 

It is slowly but steadily expanding as firms embrace technology that allows them to solve problems more quickly. This can aid in the analysis and processing of large amounts of data, allowing the pattern to be quickly retrieved. Quantum AI is improving the sectors of banking and healthcare.

 

  1. AI for Cybersecurity

 

Cybersecurity is very essential nowadays as most of the important data is stored on the internet by companies and businesses. Even as an individual one might have many personal data stored on the internet like passwords, photos, documents, etc. It is convenient and easier to find but with it comes the risk of data breach and leaking. 

 

Every business requires internet security since all of their company's key databases, including financial data, plans, and private information, are housed online. Cybersecurity is a must-have for all businesses, making it one of the most essential uses of AI. 

 

Cyber professionals can use Artificial Intelligence to identify and eliminate undesirable noise or data that they may notice. It enables them to be aware of any unusual activity or viruses and to be ready for any assault. In order to decrease cyber risks, it also analyses large volumes of data and improves the system accordingly.

 

(Also read: Best data security practices)

 

  1. Robotic Process Automation (RPA)

 

Robotic process automation (RPA) is a technology that allows the creation, installation, and management of software robots that mimic human movements while dealing with digital systems and software. Many businesses are turning to RPA to improve their operations. 

 

RPA is capable of handling and automating repetitive activities. It can help in the repetition of any task multiple times each day, freeing up human time for other useful pursuits.

 

RPA is widely utilized in the insurance business, but by incorporating AI into typical insurance RPA procedures, automation can employ image recognition to access and process claims with minimum human intervention.

 

(Suggested reading: Uses of RPA in manufacturing industry)

 

 

Conclusion

 

With the passing days, Artificial Intelligence is advancing more and more in its domain and setting new trends every day. In this article, we have discussed some of the latest innovations that have been possible with the help of AI. AI has now taken over many fields and has become a very essential part of businesses, healthcare, and other industries.

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