Artificial Intelligence, also known as Artificial Intelligence, has been around for many years. It is a scientific discipline and an academic discipline. However, AI technology has seen tremendous growth over the last few decades. It is important to note that AI research, investment, and real business applications are experiencing unprecedented growth. IDC Market Intelligence's New IDC Costing Guide, September 19, 2018, predicts that worldwide spending on cognitive- and Artificial Intelligence systems will reach $77.6B in 2022. Gartner estimates that AI will generate $3.9T of business value by 2022.
AI applications can not only promise better business results, but they also have the potential to improve the overall human experience.
We'll be taking a look at the nine key industries that AI could benefit in the future. First, let us quickly explain what artificial intelligence is.
John McCarthy, an American computer scientist who was also a cognitive scientist, created the term AI. He coined it in 1956.
It refers to the computer's ability to perform tasks typically associated with intelligent creatures, such as humans, or a computer-controlled robotic agent. It can reason, learn from experience, and even discover meaning.
Let's now examine the uses of AI in various major industries.
Here are some AI applications which have been disrupting major industries.
1. Healthcare
The healthcare industry holds a lot of importance due to the significant contributions of tech giants like Apple, Google, Apple, and IBM. AI is used in a wide variety of healthcare services. It includes data mining for patterns that can be used to diagnose and treat medical conditions, medication management, and robotic surgery.
IBM Watson, an AI tool that can help you understand the meanings and context of data, as well as analyze your medical record to find potential treatment. IBM Watson is essentially a human doctor.
Similar technology is used by NuMedii to create an artificial intelligence platform for drug discovery (AIDD). It uses big data and AI in order to detect the links between diseases and drugs at system level.
2. Retail & E-commerce
E-commerce and Retail are perhaps the only spaces where AI applications can be observed most clearly by end-users. Retailers are competitive spaces and therefore look out for strategies that can identify patterns in consumer behavior. This will allow them to better align their strategy to compete with their competitors.
AI has found a sweet spot in all of this. Amazon product recommendations are nothing other than the real-time application complex AI algorithms to determine what products you are most likely buy.
AI applications are becoming more popular to enhance customer experiences. AI is used to power many chatbots found on ecommerce websites. These bots can be programmed to respond to common customer queries and provide immediate answers.
3. Food Tech
AI has applications in the food business. Imagine a robot making your morning cup of tea. Hi Arya is a food-tech firm that has collaborated with LeewayHertz to create a robot tea maker using AI and IoT. The smart teamaker allows users to create their very own recipe via a web interface or mobile app.
Users place an order for tea using the web interface (machine), mobile app, or machine. After placing an order, the machine prepares the tea. Users can then watch live-feed features and see their tea being prepared.
AI has also had an impact on the industrial food processor sector. Tomra Systems ASA is an AI-based food sorting device that was developed for the french fries, potatoes and diced/ground meat markets. Tomra's food processing equipment can aid food-processing companies in automating food analysis tasks, such as measuring the size, shape, color, and fat content of meat or analysing its texture.
Sentient, a company in agriculture, is using AI to analyze and predict the effects of various variables on basil. The data is used to develop the right methods to produce the perfect crops.
AI applications were also introduced to the farming industry, which has seen a rise in the use smart ploughing machines as well as intelligent tractors.
4. Banking and Financial Services
Due to the emergence of AI apps, the Banking and Financial Services industry are undergoing massive changes. These are just a few of the many AI-related applications. For processing loan applications, intelligent software robots can replace human agents in many situations. Robo-financial experts are also able to quickly analyze multiple levels of data and recommend the right investment decision for customers.
These Robo advisors can also analyze your emails and social media activity to identify sectors and companies that are aligned with your long term goals and needs.
AI-based chatbots, which are based on customer data, are used in the insurance sector to enhance the customer experience. AI-based software also helps both the customers and the insurance company by drastically reducing claim processing times.
Fraud detection is another important function of AI in the financial sector. Mastercard for instance uses AI-based Decision Intelligence technology in order to detect fraudulent transactions through analysis of various data points.
5. Logistics and Transportation
The AI-infused revolution is sweeping the transportation and logistics industry. Machine learning and predictive analysis have already made supply chain management more efficient. AI-powered robots can be found in many warehouses. They are used to sort and package goods. AI algorithms are also used more often to find the fastest shipping route and support last-mile delivery.
Self-driving automobiles will be the next big thing for the transportation sector. AI-based selfdriving vehicles are still in testing and research stages in many countries. However, they could eventually replace manual driving and make roads safer. This research is led by Tesla, Uber Volvo, Volkswagen and Volvo.
AI algorithms are being used to optimize public transport scheduling and routing.
6. Travel
AI-enabled conversationbots will bring significant benefits for the travel industry. Chatbots can be a powerful tool for customer service and engagement. This is mainly due to their 24-hour availability and the ability to resolve any queries immediately.
Advanced AI algorithms power chatbots, giving them the ability to provide better customer service and increase their efficiency. AI companies are helping large travel companies build their own AI mobile apps and chatbots, which will improve the customer experience.
Predictive analytics and machine learning are two other tools that help companies increase conversion rates. They identify customer behavior and purchase patterns to improve their conversion rates.
7. Real Estate
AI has opened up new possibilities for agents, brokers, clients and both broker and client. While agents are becoming more efficient as well as more effective, brokers and clients are feeling more empowered. Agents and brokers use AI-powered robots to help find the ideal match for buyers, renters, and sellers of properties.
AI-based chatbots also have the ability to operate 24*7, and can help real estate site visitors find answers even in odd hours.
8. Entertainment and Gaming
AI is helping broadcasters and program producers to determine which programs or shows they should recommend based their users' activity. It allows Amazon to offer a more personalized experience for users of Netflix and Amazon.
Machine Learning algorithms are widely used to study user behavior. With time, such algorithms have become more intelligent to the point that they can determine if a user would like to purchase a product to gift or for personal use.
AI is being used in the film industry to enhance digital effects, save money, and speed up pre- and post-production. Natural Language Processing, (NLP), is used to write a storyboard. Data is used for determining the best filming schedule.
AI is also being used in the creation of original content. IBM Watson was the one that created the trailer for Morgan, a movie released in 2016.
Spotify and Apple, two large music companies, use AI to understand user behavior and suggest the right music to the correct people and at the appropriate time. AI-driven computer accompany technology allows music producers to create real-time music based on the performance of live musicians.
AI has had a huge impact on the gaming industry. AI is used in gaming to manage the actions of nonplayer characters (NPC), who play a key role in moving the storyline forward. Artificial intelligence-driven behavior modeling for such characters greatly enhances a gamer's enjoyment of the overall storyline.
9. Manufacturing
It is clear that the manufacturing sector is the leader in AI technology adoption. AI is being applied in many areas of manufacturing, starting with workforce planning and ending with product design. This helps to improve efficiency and safety for employees.
Machine learning and artificial neural networks can be used to support predictive maintenance in factories. This is a method that accurately predicts asset malfunction. It allows management to quickly take measures to restore equipment and prevent unplanned downtime.
Robots play an important role in the production process. Many industrial robots can be stationary but are at risk of hitting nearby objects. AI has enabled the development of collaborative robots (or "cobots") that can be instructed by humans and work with them.
AI algorithms are used to inform manufacturing units of production faults that could result in product quality problems. Deviations from processes, subtle anomalies, machine behavior changes, or change in raw materials are all examples of faults.
As AI progresses to the next level it is increasingly leading the charge as the key driver for technology transformation. We live in an age when machines are beginning to anticipate and predict what users might do in the near future. It has opened up endless possibilities. However, what we know so far and could predict for the future are just a few of the many capabilities of AI. AI investments will grow at the fastest rate in healthcare, pharmaceutical research and finance.
Read more - https://www.leewayhertz.com/ai-applications-across-major-industries/
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