Artificial intelligence is revolutionizing the majority of industries and sectors existing today. Whether we realize it or not, AI is present everywhere in our daily lives and plays an active role in transforming our old experiences. From smart assistants, social media feeds, navigation and travel, smart home devices, and healthcare to industrial robots, security, and surveillance, AI is present in every corner revolutionizing the way we live, travel, work, and do business. As per the insights of Tractica, the worldwide AI software market is predicted to undergo enormous growth, with revenues increasing from $10.1 billion in 2018 to $126 billion by 2025.
Artificial intelligence or AI, sometimes also referred to as machine learning, is the integration of human intelligence in machines made to think like humans and even impersonate their actions. AI-powered machines are intelligent and programmed to make decisions like a human and are endowed with characteristics, such as the ability to reason, problem-solving, learning from past and present experiences, and discovering meaning. Let’s find which industries are facing a strong impact on the arrival of AI.
#1 AI in Manufacturing Industries
The introduction of AI has led to a significant development in the working of manufacturing industries. The availability of extensive data and substantial capital investments are the parameters boosting the growth of AI in this sector.
Real-time monitoring is one of the prime benefits of AI in manufacturing. It helps in troubleshooting production bottlenecks and responding quickly, damping potential problems in the future, matching the product delivery dates, and more. Real-time analyzing of images for final product quality surveys helps automotive and consumer products industries to stay in conformity with the strict regulatory requirements.
AI in all performs manufacturing, shortens design time, reduces waste, performs quality control, and predicts maintenance. Besides, it also helps in minimizing worker risk, cost, and reaching sustainability goals. Consult GoodFirms site to gain a better idea of the top artificial intelligence companies available in the market.
#2 AI in Retail Industry
In this era of competition, retailers looking to stay competitive must employ Artificial Intelligence in their business. The AI in the retail industry has entitled companies with high-level information and data for advancing the retail operations and generating new opportunities. Research shows that by 2020, 85% of enterprises will be using AI and those who don’t remain in danger of losing insuperable market share to their rivals.
AI has revolutionized a wide range of processes in the retail industry ranging from inventory management, interactive chat, and demand forecasting to customer engagement, customized selections, personalization and customer insights, and much more. For example;
- AI recognizes the main aspects that drive sales to furnish businesses, with insights to plan accordingly.
- For an excellent shopping experience, in-store chatbots can give the customers immediate query clarification.
- Automated billing to reduce the time of customers waiting at counters.
- Virtual trial rooms in the clothing section that allows customers to get an idea of how the clothes look on them without changing.
#3 AI in Healthcare
AI eases the life of patients, doctors, and hospitals by performing typical human tasks in lesser time and lower cost. AI comes with a wide range of applications in the healthcare industry. Whether utilized to search for new links between genetic codes or to power surgical robots, AI is evolving and revolutionizing modern healthcare via machines that can predict, learn, understand, and act.
AI is applied to practices such as diagnosis of rare diseases, drug development, personalized medicine, treatment protocol development, and patient care and monitoring.
For example, BERG HEALTH – It’s a clinical-stage, AI-based platform that maps diseases to pace up the discovery and development of potential medicines.
#4 AI in Finance
When it comes to financing, AI is reshaping the way we handle and interact with money.
It’s increasing the efficiency of the finance sector.
AI helps excel in the finance industry in many cases, such as trading, investing, banking, lending, and fraud detection.AI can assist process data and develop the algorithms managing trading rules. AI-integrated devices analyze large amounts of complex data faster and more efficiently than people, resulting in saving of time and money.
Chatbots powered by natural language processing, can listen to calls, respond quickly with accurate answers, and suggest best practices to enhance sales effectiveness. Thus it helps banks serve customers better. Many new technologies, like Vectra’s AI-driven Cognito, help banks to identify threats in real-time, and automatically screen alerts to rapidly counter the hidden attackers.
#5 AI in Education
Education is becoming more personalized and convenient because of the extensive use of the best Artificial Intelligence software in this field. Today students aren’t required to attend physical classes to study as long as they have an active internet connection and a computer. Even educational materials are becoming more accessible and integrated with smart content through smart devices and computers.
Artificial intelligence has also eased the automation of administrative tasks for the teachers so that they can focus more on students’ intellectuals.
One of the prime examples of AI-powered education systems is Thinkster, an AI-based math learning program for K-12 students. It supports learning by providing students personalized 1-on-1 sessions with math tutors.
#6 AI for Cybersecurity
The Cybersecurity industry is flourishing because the need to preserve and protect networks and systems on which companies and organizations operate and store data is increasing. AI is best suited to resolve our most complicated problems, cybersecurity for one.
Cyberattacks are a new war that humans are fighting today. AI and machine learning are utilized to combat this, automating threat detection and responding much more efficiently than the traditional software-driven approaches. Integrating AI can probe the software systems and repair the loopholes, preventing unauthorized users from accessing it. Additionally, AI can map the link among the malicious files, IPs, and threats to screen them from entering the software system. The evolution of cognitive AI can warn the authorities against security breaches as they happen in real-time. Thus, AI can strengthen the bodies by empowering their cyber wing and thereby reducing crime.
Automotive industries are not left untouched by the AI revolution. The innovation of AI-powered self-driving cars is considered as a breakthrough development in the automotive sector. The work is still in progress for making these cars more economical and feasible.
According to Gartner, by 2021, 80% of evolving technologies will have an AI foundation. Not surprisingly, the majority of Industries have started employing AI and machine learning in their systems to increase productivity and outwit their competition. You can either use an already available Artificial intelligence software or build a team of programmers to develop your AI-enabled software system to automate your company processes and achieve goals faster.
Author Bio: Hi There, I am Shaun Williams, a content writer with Goodfirms, a research platform for Cloud Computing and Translation services companies, among many others. I enjoy communicating ideas and knowledge creatively and also ensure that the readers never suffer from boredom while reading my posts.