5 Sectors That are Making the Greatest Use of Artificial Intelligence
Since the start of the Industrial Revolution (IR) 4.0, it’s been like a rain fire of developing technologies, and strangely, the majority of them are interconnected and function in tandem with one another. AI (Artificial Intelligence) supplements ML (Machine Learning), and IoT (Internet of Things) collaborates with Big Data, allowing for deeper analysis and assisting organizations in meeting their long-term goals.
What were once buzzwords in the world of technology are now the most sought after aspects, so much so that behemoths like Google, Facebook, and others have thrown their weight behind AI and ML before everything else.
According to Tractica, the global AI software industry is expected to generate $ 118.6 billion in yearly sales by 2025. It goes on to add that over 300 AI application cases will substantially contribute to industry growth. Almost every business is utilizing the benefits of technology with the aid of AI application development partners, but let’s list and examine the top 5 industries with the most potential for AI/ML applications.
1. Healthcare
When it comes to the scope of AI application, this is one area that stands out. AI in healthcare is employed in a variety of settings, however the following are at the top of the list:
Digital consultation
Most young individuals who have a conventional 9–5 job may not be able to visit a doctor. With the proliferation of smartphones and other devices, digital health consultation tools have grown in popularity, particularly among those aged 18 to 29.
Robotics in surgery
According to one study, those who stay in the hospital for a longer period of time likely to become ill within six months to a year. AI-enabled robotic surgery, such as cardiac, colorectal, and thoracic surgery, provides the surgeon with more precision, resulting in less discomfort, blood loss, and a shorter hospital stay.
No-hassle data maintenance
EHR technicians are employing artificial intelligence (AI) in data recording, sorting, and saving in digital form, therefore eliminating piles of folders containing decades of health information held in filing cabinets in clinics or hospitals.
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2. Formal education:
Parent-teacher meetings are no longer hurried affairs with little insights. On the other side, using AI-powered appointment scheduling tools such as Acuity Scheduling, Doodle, and others, both parent and teacher may meet at a time that is convenient for them both.
It doesn’t end there, though. Today’s classrooms include AI-powered tactile robots for kids that not only assist with reading, language acquisition, and social interactions, but also aid in the development of critical social skills for children with impairments.
Read our Blog “Cost to develop on-demand e-learning App” to know about the app development cost for your healthcare business.
3. Marketing:
This is a versatile region that is also influenced by a variety of other internal elements. When you take a closer look, you will see that all other departments in a company are striving to benefit the marketing department since it is directly tied to the brand-building exercise.
Because of this, marketing technology, or martech, is critical to a company’s success.
Long hours of A/B testing involving various combinations of headlines to determine click through rates and/or customer conversion, for example, can now be avoided by Google’s responsive search ads, which will compile different combinations and come up with the best possible optimized descriptions, allowing marketers to better strategize.
4. E-commerce and retail:
Have you ever wondered what the purpose of the customer feedback form you frequently fill out after purchasing anything online is? Everything purchased online, from a watch to a large refrigerator, is prompted with a feedback form. The same is true for an abandoned cart.
Every unfulfilled transaction due to cart abandonment costs e-commerce companies over 70% of their income, amounting to millions of dollars every day.
AI-based technologies, for example, aid e-commerce enterprises by automating data, stock, and inventory analysis, allowing for improved sales forecasting.
AI-powered chatbots may provide offers and discounts to customers who have unfinished transactions or abandoned carts in order to entice them to make a purchase.
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5. Financial markets and related services
This is one industry that has embraced the technological revolution at every step and phase. They have now progressed to the point of intelligent automation. A thorough AI strategy is in place for up to 49 percent of the frontrunners.
45 percent of organizations have reportedly committed more than $5 million in AI-related activities. This alone demonstrates that the banking industry’s followers and startups are also joining the race.
Machine learning (ML) has made it feasible to predict cash-flow events and proactively advise consumers on spending and saving habits, as well as construct improved credit models for increasing reach and minimizing defaults.
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Conclusion
Based on the above list, it is obvious that the use of AI and ML is accelerating across sectors. Whereas it will certainly automate numerous activities that were previously carried out manually.
While this will result in the removal of people from certain jobs, it will also allow for the scaling of human resources to higher competencies. As a result, it is a win-win situation for both industry and workers.
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