Artificial intelligence (AI) is becoming the dominant trend in data ecosystems around the world, and by all counts, it will accelerate as the decade unfolds. The more the data community learns about AI and what it can do, the faster it empowers IT systems and structures. This is primarily why IDC predicts the market to top $500 billion as early as 2024, with penetration across virtually all industries driving a wealth of applications and services designed to make work more effective. In fact, CB Insights Research reported that at the close of Q3 2021, funding for AI companies had already surpassed 2020 levels by roughly 55%, setting a global record for the fourth consecutive quarter.
In 2022, we can expect AI to become better in solving practical problems that hamper unstructured language data-driven processes, thanks to improvements in complex cognitive tasks such as natural language understanding (NLU). At the same time, there will be increased scrutiny into how and why AI does what it does, such as ongoing efforts by the U.S. National Institutes of Standards and Technology (NIST) aimed at more explainable AI. This will require greater transparency into AI’s algorithmic functions without diminishing its performance or raising costs.