By now, most people are aware that one of the key drivers of the amazing powers of cloud computing is its intelligence. Artificial intelligence (AI) and Machine Learning (ML) hold the key to the automated capabilities of cloud computing services and their huge-scale analytics, which have made such transformational impacts on businesses around the globe. Now new applications for AI and ML have been identified, which promise to hold exciting new potential for organisations looking to add value.

The monetisation of AI

Artificial intelligence is now big business as a result. IDC Worldwide puts the global value of AI markets at a compound annual growth rate (CAGR) of 17.1%, meaning by 2024 it’s expected to exceed $300 billion in revenues. As a result, new business models are being developed which aim to effectively monetise AI capabilities and add real fiscal ROI.

The first of these new business models is being dubbed ‘real time CogniSense’ by Forbes, and has the goal of building AI capabilities into everyday experiences. The recently launched ‘no touch’ shops such as Amazon Go embody this idea, as do technologies such as card-free banking, driverless cars and AI-powered traffic lights. Thanks to the roll-out of 5G network coverage, the number of real time AI enhanced projects is likely to grow exponentially, as the capability for edge AI will be vastly enhanced.

Humanising AI

Another big trend predicted for AI is the expansion of humanising experiences. Often shortened to simply HX, humanising experiences are enabled by immersive AI, and could see adopters reaping significant returns by 2030. Cited as a key disruptor of the current AI development landscape, HX offers a more democratic AI model which can be extremely commercial. In fact, the experts at McKinsey predict that businesses which do not embrace immersive AI technologies will see a 20% drop in cash flow, compared to their competitors who could see revenues doubled. The reason for the excitement about immersive AI or HX is the potential it offers for creating truly revolutionary products and services. Many big names are already demonstrating how successful immersive AI adoption can be, such as Google Maps and Indoor Navigation, and Tesla’s autonomous vehicles.

Embedded AI

Another development is embedded AI which utilises sophisticated neurolinguistic programming (NLP), clustering, segmentation, recommendation and prediction algorithms. It can be applied to a vast array of products and services, from financial products through to health services, and is already employed by Starbucks Deep Brew.

A new marketplace

For companies who are developing AI capabilities themselves, the future looks extremely bright indeed. The democratisation of AI will be supported by the rise of special AI marketplaces, where AI developers can sell their innovative new products to interested organisations. This could provide real opportunities for small and medium AI studios and vendors, as well as giving businesses an easy means of acquiring niche technology to assist their own work. The Global AI marketplace platform will be akin to other online sales platforms such as Amazon or Google Play.

AI as a service

Of course, the fast pace of digital transformation currently seen across many industries has not been matched by a growth in employee expertise. As any true, effective digitisation process requires an overhaul of traditional corporate thinking (such as eliminating siloed working practices), to get the best of AI investments it’s important to have a carefully managed programme for implementation. This means that another key trend is the rise of AI as a Service (AIaaS) or ML as a Service (MLaaS), which, as with other managed cloud services such as SaaS, PaaS, and IaaS, will be available for subscription from tool vendors. The growth of the AIaaS market is predicted to reach $7 billion by 2023, while the value of the MLaaS market is expected to achieve almost $8.5 billion by 2026.