Artificial intelligence (AI) technology has gained a lot of traction in the past few years. The pace of adoption of AI in industries to drive growth is unprecedented. Most AI technologies depend on deep learning models and make decisions in line with real-time data. Through advanced algorithms and computer models, AI has been transforming the strategic landscape of various business domains. The companies were able to achieve new levels of efficiency with AI. We can attribute it to the advancements in AI and its sub-segments, including machine learning and deep learning. The rising tide of AI adoption in Industries will drive the significant growth of businesses in the next decade. The overwhelming potential of AI found use in almost every sector of the Industry. Check out the 10 most industries that are relying on AI the most in their businesses.
Artificial intelligence (AI) has a huge part to play in the healthcare industry. It has the potential to end up being life-saving. A sub-segment of AI, deep learning comes to the fore in early diagnosis and treatment. In predictive diagnostics, the system predicts the probability of patients contracting the disease. The system using the deep learning algorithm analyses behaviours, trends and patterns to arrive at a prediction. The other AI applications include diagnosis of medical conditions, medical imaging, drug discovery and robotic surgery.
AI and machine learning algorithms make up much of the advertised content on e-commerce stores. It is the best option for marketing as it analyses tons of data and creates personalised content for consumers. It thereby helps build customised shopping experiences to the minute details.
Retail and e-commerce
Retail organisations are always on the look to find patterns in consumer behaviour. They can deploy the strategy in line with the findings to outsmarts their competitors. For instance, deep learning algorithms learn online consumer preferences and buying habits. It then delivers personalised preferences that match user interests. The product recommendations on Amazon account are a real-time application of AI algorithms. It determines the products that the users are most likely to buy.
The Covid-19 pandemic has created a huge demand for food-delivery apps. Owing to social distancing regulations, people have no other option but to rely on food delivery apps. The food business employs deep learning to understand consumer behaviour. It can thereby predict future trends, as per the data.
Banking and Financial services
Banking and financial services are undergoing a rapid transformation due to AI. The software robots process loan applications in a fraction of seconds as compared to human agents. AI-based software in the insurance sector helps reduce claim processing time. It thereby benefits both the companies and customers. AI plays a key role in fraud detection. AI technology detects fraudulent transactions based on data points.
The service industry is one of the largest beneficiaries of AI adoption. AI-based chatbots enhance customer satisfaction to a large extent. Available round the clock, they offer an instant resolution to customer queries. AI-powered bots connect voice assistants to enterprise software and account for endless possibilities. They include scheduling optimisation engines, self-service diagnostics, to name a few.
In transportation, self-driving vehicles are going to be the big thing. AI-based driving is set to replace manual driving for safe driving on roads. AI algorithms come in handy for optimised public transport for scheduling and rerouting.
Gaming and Entertainment
The entertainment industry has a host of applications for entertaining the audience. Deep algorithms understand users content preferences based on past choices and preferences. The apps can thereby deliver tailored content to the users.
The deployment of Artificial intelligence in manufacturing has brought in revolutionary changes. AI is employed in several layers and lines of operation. Robots now form the core component of the production process. They function as per the instructions from humans. Machine learning supports predictive maintenance of critical industrial equipment. It assists in inaccurate prediction of asset malfunction beforehand and helps to minimise unwanted downtime.
The use of digital assistants in smartphones has been the norm these days. They use natural language processing to understand and carry out the requests. The way smart speakers respond to the vocal cues of the customers is a great example. Some of the digital assistants include Amazon’s Alexa and Apple’s Siri.