The introduction of artificial intelligence (AI) to the world has ushered in a new era of innovation, transforming the way we live, work, and interact with technology. Beginning from self-driving cars and personalized recommendations to virtual assistants and fraud prevention, AI has revolutionized several industries while shaping the future of society.
As per stats, the global AI market was valued at $150.2 billion in 2023 and is expected to surge up to $1.34 trillion by 2030. Keeping these numbers in mind, almost every business across the globe is adopting AI to grab a share of this massive market.
The Power of AI!
Based on the current trends of AI, the future is quite promising; here are some of the ways AI can lead to future innovation.
1. Generative AI
We all have heard about ChatGPT, right? Well, it is one of the examples of generative AI. In the last two years, the market has flooded with generative AI tools and software that can instantly help you get information on anything.
Generative AI tools are widely used in content creation, including videos, images, graphics, animation, text, and whatnot. Rather than searching on Google, you can just ask GPT about something, and it will pop the answers within seconds.
Generative AI has also become a great helping hand for product design, customer service operations, retail, etc.
Walmart is an excellent example of generative AI. Walmart has introduced a search function to deliver customers a helpful and intuitive browsing experience.
2. Multimodal AI
Multimodal AI is an advanced aspect where a single model can access multiple data types and can analyze them comprehensively. Data types can include text, images, speech, IoT sensor data, and whatnot. The range of applications for multimodal AI is diverse.
As per Mark Chen, who is the head of frontier research at OpenAI, "We want our models to see what we see and hear what we hear, and we want them to also generate content that appeals to more than one of our senses."
Some of the potential applications of multimodal AI are:
Healthcare: AI algorithms can be trained with multi-modal techniques to optimize the presentation of patient data. This can vary from visual lab results to genetic reports that can aid medical professionals in making more informed decisions.
Another example can be taking pictures of the inside of a refrigerator and asking multimodal AI to suggest a recipe based on the ingredients in the picture.
3. Virtual World AI
AI has several applications in the virtual world, too. There are several Industries, such as manufacturing, aviation, consumer electronics, etc., that use virtual world technologies, like AR and VR, in several operations.
Today, brands like Boeing, Airbus, Verizon, Walmart, etc., are using technologies like augmented reality and virtual reality in training, manufacturing, testing, prototyping, etc.
How does AI play its role?
Now, no matter if it is any product testing in manufacturing, prototyping of any machine, digital twins, or creating immersive training experiences, AI has a lot to do in the backend. Handling real-time data analysis, predictive modeling, and seamless interactions in the virtual world is just a subset of what AI can do.
4. Agentic AI
Other than Multimodal AI, agentic AI also has great significance in future innovation. Agentic AI is nothing but an AI agent that handles user queries based on real-time data trends and data patterns. It can act independently and exhibit both autonomy and reactivity.
Unlike traditional systems, where answers to user queries are based on pre-programmed systems, agentic AI models consider real-time factors to provide the best output at the current time.
For example, in environmental monitoring, an agentic AI agent can be trained to collect data and analyze its hidden patterns to take preventive actions in response to hazards. These hazards can be anything from overflooding to a forest fire.
Similarly, a financial agentic AI agent could actively manage an investment portfolio with adaptive strategies curated based on the changing market conditions in real time.
5. Autonomous Vehicles
The primary technology that handles the working of an autonomous car is AI. With a series of sensors fitted in the car, such as LIDARs, cameras, ultrasonic sensors, radars, etc., there is a lot of data to analyze for the working of a car.
The data from all of these sensors is sent to an AI engine that analyzes obstacles, traffic signals, and other road conditions to make critical decisions at the moment to ensure a pleasant and safe ride. Complex AI algorithms and neural networks are the key parts of the AI engine.
The best and top autonomous vehicle companies in the world are General Motors, Tesla, Motional May, Mobility, Waymo, Cavnue, Uber, Cruise, Magna International, etc.
Conclusion
The possibilities and utilities of AI are widespread in almost every industry sector. And with heaps of data available every day via an infinite number of devices, AI has become a need for modern-day businesses. An AI app or software is a must for every industry to handle its operations.
To help you with the best AI application of the future, Octos Global is at your disposal. Octos Global has the best tools and minds under one roof to cater the best AI solution to you.
As per stats, the global AI market was valued at $150.2 billion in 2023 and is expected to surge up to $1.34 trillion by 2030. Keeping these numbers in mind, almost every business across the globe is adopting AI to grab a share of this massive market.
The Power of AI!
Based on the current trends of AI, the future is quite promising; here are some of the ways AI can lead to future innovation.
1. Generative AI
We all have heard about ChatGPT, right? Well, it is one of the examples of generative AI. In the last two years, the market has flooded with generative AI tools and software that can instantly help you get information on anything.
Generative AI tools are widely used in content creation, including videos, images, graphics, animation, text, and whatnot. Rather than searching on Google, you can just ask GPT about something, and it will pop the answers within seconds.
Generative AI has also become a great helping hand for product design, customer service operations, retail, etc.
Walmart is an excellent example of generative AI. Walmart has introduced a search function to deliver customers a helpful and intuitive browsing experience.
2. Multimodal AI
Multimodal AI is an advanced aspect where a single model can access multiple data types and can analyze them comprehensively. Data types can include text, images, speech, IoT sensor data, and whatnot. The range of applications for multimodal AI is diverse.
As per Mark Chen, who is the head of frontier research at OpenAI, "We want our models to see what we see and hear what we hear, and we want them to also generate content that appeals to more than one of our senses."
Some of the potential applications of multimodal AI are:
Healthcare: AI algorithms can be trained with multi-modal techniques to optimize the presentation of patient data. This can vary from visual lab results to genetic reports that can aid medical professionals in making more informed decisions.
Another example can be taking pictures of the inside of a refrigerator and asking multimodal AI to suggest a recipe based on the ingredients in the picture.
3. Virtual World AI
AI has several applications in the virtual world, too. There are several Industries, such as manufacturing, aviation, consumer electronics, etc., that use virtual world technologies, like AR and VR, in several operations.
Today, brands like Boeing, Airbus, Verizon, Walmart, etc., are using technologies like augmented reality and virtual reality in training, manufacturing, testing, prototyping, etc.
How does AI play its role?
Now, no matter if it is any product testing in manufacturing, prototyping of any machine, digital twins, or creating immersive training experiences, AI has a lot to do in the backend. Handling real-time data analysis, predictive modeling, and seamless interactions in the virtual world is just a subset of what AI can do.
4. Agentic AI
Other than Multimodal AI, agentic AI also has great significance in future innovation. Agentic AI is nothing but an AI agent that handles user queries based on real-time data trends and data patterns. It can act independently and exhibit both autonomy and reactivity.
Unlike traditional systems, where answers to user queries are based on pre-programmed systems, agentic AI models consider real-time factors to provide the best output at the current time.
For example, in environmental monitoring, an agentic AI agent can be trained to collect data and analyze its hidden patterns to take preventive actions in response to hazards. These hazards can be anything from overflooding to a forest fire.
Similarly, a financial agentic AI agent could actively manage an investment portfolio with adaptive strategies curated based on the changing market conditions in real time.
5. Autonomous Vehicles
The primary technology that handles the working of an autonomous car is AI. With a series of sensors fitted in the car, such as LIDARs, cameras, ultrasonic sensors, radars, etc., there is a lot of data to analyze for the working of a car.
The data from all of these sensors is sent to an AI engine that analyzes obstacles, traffic signals, and other road conditions to make critical decisions at the moment to ensure a pleasant and safe ride. Complex AI algorithms and neural networks are the key parts of the AI engine.
The best and top autonomous vehicle companies in the world are General Motors, Tesla, Motional May, Mobility, Waymo, Cavnue, Uber, Cruise, Magna International, etc.
Conclusion
The possibilities and utilities of AI are widespread in almost every industry sector. And with heaps of data available every day via an infinite number of devices, AI has become a need for modern-day businesses. An AI app or software is a must for every industry to handle its operations.
To help you with the best AI application of the future, Octos Global is at your disposal. Octos Global has the best tools and minds under one roof to cater the best AI solution to you.