As an leader with over a decade of experience working in AI, I have had a front row seat to the rapid evolution of artificial intelligence and machine learning. In this article, I will share my insights on where AI is headed in the next ten years based on current traction and emerging trends.
The Growth Trajectory
AI adoption is accelerating across industries. According to Gartner, 80% of organizations have implemented AI in some form today, up from just 4% in 2018. PwC analysis shows AI could contribute up to $15.7 trillion to the global economy by 2030.
My experience mirrors this optimism. AI has quickly evolved from experimental pilots to foundational enterprise technology. As purported in a McKinsey survey, executives believe AI will substantially transform their companies within three years. Leaders must prepare to harness this momentum.
Prediction 1: Expanding Applications
AI is rapidly moving beyond narrow use cases to transforming entire industries. Per MarketsandMarkets, the AI market is projected to grow from $42.8 billion in 2020 to $252 billion in 2027. Key rising application areas I foresee are:
- Smart Cities – AI coordinating public systems, utilities and infrastructure for livability, sustainability and resilience.
- Industrial IoT – AI optimizing manufacturing supply chains, predictive maintenance and production quality.
- Precision Medicine – AI empowering diagnostics, clinical decision support, drug discovery and patient monitoring.
- Autonomous Vehicles – AI enabling passenger cars, trucks and last-mile delivery with self-driving capabilities.
- Financial Services – AI advancing credit underwriting, fraud detection, algorithmic trading and personalized banking.
Prediction 2: Specialized AI Hardware
Compute is the fuel for advanced AI algorithms but general purpose hardware poses limitations. As per Entelo, 83% of data scientists struggle with computing capacity for AI today. Dedicated AI chips optimized for deep learning workloads will become table stakes. Synaptic Intelligence by IBM and Tensor Processing Units by Google are early examples. Cloud platforms are also offering AI accelerators. Competition among tech giants to deliver the most powerful, scalable hardware will be intense through the decade.
Prediction 3: Multi-Modal Intelligence
Human perception uses multiple senses, and current AI is still unimodal, focusing mainly on visual intelligence. We will see advancement of AI systems capable of processing text, voice, images, video, gestures, expressions and biometrics together. Per MarketsandMarkets, multi-modal AI revenue will grow from $9.2 billion in 2022 to $31.4 billion by 2026. This will drive innovations like blended video and speech analysis for enhanced threat detection in security or emotions tracking in e-learning.
Prediction 4: Ethical AI Mandates
Public scrutiny of AI ethics will spur stronger governance. Organizations face growing pressure for transparency around data usage, algorithmic bias and AI business accountability. Lawmakers are also recognizing the need for oversight – in April 2021, the European Commission proposed the Artificial Intelligence Act to regulate high-risk applications. Leadership commitment, impact audits and explainable AI capabilities will be crucial to navigate this.
Prediction 5: Talent Competition
AI roles remain among the hardest jobs to fill. As per LinkedIn’s Emerging Jobs Report, demand for AI specialists, Machine Learning Engineers, Data Scientists, and Robotics Engineers grew over 96% annually. Investing in talent strategies from hiring and retention to reskilling will be critical to access the capabilities needed to compete and innovate with AI.
The Road Ahead
AI adoption in the coming decade will undoubtedly transform how we live and work. As leaders, we have the privilege but also the responsibility to shape this future responsibly. With vision and strategic thinking, we can direct AI’s incredible potential toward creating positive economic and societal impact. By improving lives ethically while upholding human values, we can truly manifest revolutionary progress for humankind.
