Each and every year, a new technological narrative takes over mainstream media. In the most recent years, we experienced the development of blockchain technology, the Metaverse, NFTs, decentralised finance (DeFi) and Web3, to name a few. Although Artificial Intelligence innovation has been evolving for decades, the closing months of 2022 witnessed new levels of excitement following the release of practical consumer-level AI platforms such as MidJourney and most notably, ChatGPT.
The worldwide hype surrounding AI technology is not slowing down. 2023 will be a year of major growth and disruption for AI. Here are 5 industries that will be impacted by the rapid evolution of AI.
Content Creation – Endless Inspiration
Forbes estimates that the creator economy is worth around $104.2B and encompasses independent content creators, designers, artists, bloggers, influencers, course creators and others who earn money by monetising their skills, talents, knowledge and expertise with each one looking for new ways to standout.
As social media usage increases, so does the daily demand for new content. This challenges creators to be more consistent with the quality of content while also standing out with unique content ideas.
Advancements in AI technology has provided content creators and marketers with a host of solutions aimed at automating tedious tasks and providing assistance with idea generation, research, writing and editing.
Take for example Jasper.ai and Synthesia.io – two AI powered tools built to support content creators with copywriting and video creation.
Financial Services – Removing Emotion and Bias
For decades the traditional financial system has been negatively impacted by human bias. One of the major causes of the 2008 global economic crisis was the failure of financial ratings which highlighted the need to eliminate bias. 2022 also witnessed the crash of multiple high profile cryptocurrencies which resulted in investors and institutions losings billions.
The merging of Artificial Intelligence with Machine Learning technology can produce powerful tools within the finance industry. By feeding self-learning machines the appropriate data, traditional and digital businesses can unlock valuable and powerful tools that can be used to automate and improve specific applications to increase efficiency and accuracy.
Evai Crypto Ratings harness AI and Machine Learning technology to provide crypto traders and investors with unbiased crypto ratings. With the use of AI and ML, large amounts of data can be analysed within short periods of time. Additionally, these machines can be trained to identify price patterns within past data streams and forecast their repetition in the future, ensuring users make well-informed decisions when buying and selling crypto assets.
Providing an early warning signal in turbulent market conditions, the Evai Crypto Ratings were predictive in downgrading both LUNA and FTT before their high profile crashes, giving investors time to exit positions. To find out how Evai Crypto Ratings can generate and protect profits, head over to our dashboard to view live crypto ratings.
Cybersecurity – Identifying and Managing Threats
As the use of AI technology becomes more prevalent, it’s becoming a crucial aspect in the field of cybersecurity. On one hand, businesses and organisations can utilise the advanced capabilities of AI to enhance security measures and identify potential threats in real-time. However, it is also important to note that malicious actors may also take advantage of AI to launch more advanced and sophisticated cyber-attacks.
The growing number of cyberattacks has led to a significant increase in the demand for AI-based security solutions. According to a report by Acumen Research and Consulting, the global market for these solutions is projected to reach a staggering $133.8B by 2030.
Artificial Intelligence in cyber security and risk management has many applications including:
- Threat Identification
- Cyber Incident Response
- Credit Card Fraud Detection
- AI-Powered Biometrics
- Email Spam/Phishing Filters
- Securing Authentication
- Cloud Security Automation
Blockchain – Increasing Scalability and Efficiency
Blockchain and Artificial Intelligence are two of the most disruptive technologies of recent years. Both have different strengths and weaknesses. At its core blockchain technology is known for its secure, decentralised and transparent nature, making it ideal for storing data and information. In contrast, AI is focused on processing large amounts of data and is typically centralised, fast-evolving and lacks transparency. Despite these differences, blockchain and AI complement each other well.
AI is capable of addressing the scalability and efficiency issues that blockchain faces, while blockchain technology can address the transparency and privacy issues that AI faces. Together, blockchain provides trust, privacy, and accountability, while AI provides scalability, efficiency, and security.
Research And Development – Learning and Failing Faster
With waves of new and disruptive technologies flooding every industry year-on-year, R&D is becoming more impactful for projects and businesses. New advancements in AI and Machine Learning technology will shorten and optimise R&D cycles, increasing productivity and reducing costs.
Innovation is one of the fundamental driving forces behind the growth and development of a business. With the help of AI, organisations can place time and effort in pursuing bolder innovations.
World of Opportunity or AI Overload
There is a clear shift in the applications of AI technology. Long-gone are the days in which the only scope of AI technology was to support data analysis. The new wave of accessible AI powered applications are disrupting almost every industry in the market.
Former IBM CEO Ginny Rometty
“Some people call this artificial intelligence, but the reality is this technology will enhance us. So instead of artificial intelligence, I think we’ll augment our intelligence.”
The relentless advancements in this disruptive technology represent an opportunity. Businesses in all industries can embrace the possibilities of Artificial Intelligence to their advantage, accelerating growth and innovation. To find out more about how Evai leverages the power of AI and ML technology, head over to Evai.io.
