Artificial Intelligence (AI) is said to be a branch of computer science concerned with creating advanced machines capable of performing tasks that requires intelligence of human. AI is an interdisciplinary science with various approaches and advancements in machine learning (ML) and deep learning that create a paradigm shift in every sector of the industry. It is an endeavor to simulate or replicate human intelligence in machines, robots, or computers. Artificial intelligence is frequently applied to the project of developing systems endowed with the intellectual processes characteristic of humans. It is truly a revolutionary feat of computer science set to become a core component of all modern software. The AI technology is currently advancing at a breakneck pace.
AI enables machines and computers to mimic the perception, learning, decision-making, recognizing objects, learning from experience and examples, understanding and responding to language, and problem-solving capabilities of the human mind. It also combines these and other abilities to perform functions a human can perform, like driving a car or greeting a hotel guest through robots. AI makes it achievable for machines to learn from practice, adjust to new inputs and perform human-like operations where computers are trained to accomplish the specific tasks by processing large amounts of data and recognizing patterns in the data.
Let’s learn about the uses of Artificial intelligence in different industrial sectors.
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Top Uses Of AI In Different Industrial Sectors
Artificial intelligence as a career option has gained a lot of traction in the last decade. The current surge in AI research, investments, and real business application is unprecedented. Professionals are taking AI and machine learning courses to enter this promising field. In the New IDC Spending Guide, market intelligence firm IDC predicted that the worldwide spending would reach $77.6B by 2022 on cognitive and AI systems. Similarly, Gartner projects the business value created by AI at $3.9 Trillion by 2022.
Significant AI Applications Disrupting Major industries
- Healthcare and Medicine- Several technology giants such as Google, Microsoft, IBM, and Apple contribute to the healthcare sector and hold significant importance for the industry. Artificial Intelligence is being applied for a broad range of healthcare services that include data mining for identifying patterns and finding more accurate diagnoses and treatment of medical conditions, medical management, medical imaging, robotic surgery, and drug discovery.
- Retail and E-commerce- This sector is perhaps the only space where artificial intelligence applications are the most observable to the majority of end-users. The retail sector always seeks out techniques to observe and find patterns in consumer behavior and create a strategy to outsmart the competitors. AI applications are also widely used to enhance the customer experience, such as many chatbots available on e-commerce websites that are powered by AI and are programmed to give instant answers to common customer queries. It also provides product recommendation that is a real-time application of complex AI algorithms to determine which products you are interested in buying.
- Food Tech- AI has found applications in the food industry too. Now we can see robots preparing tea for us; a robotic tea maker based on AI and IoT capabilities enables users to create their own recipes from a web interface, mobile app, and the machine itself. For example, AI-based food sorting equipment has been developed that targets the french fries, peeled potatoes, and the diced and ground meat market. Some AI applications have also been introduced in the farming sector, such as advanced intelligent tractors and intelligent plucking machines.
- Banking and Financial services- AI applications have brought a massive transformation in the banking and financial services industry. There are plenty of Al uses in this sector, such as human agents being replaced by intelligent software robots that processes loan applications in fractions of a second. Robo-financial advisors are also recommending the right investment decisions for customers. It can also analyze your social media activity, emails, and other data to identify the companies and sectors aligned to your long-term objectives and needs.
- Education- The education sector is also having benefits from AI applications. Educational technology or Edtech implements technological resources to improve student learning format and automates tasks for instructors. Parents-Teacher Conferencing and Robotic student tutors/assistants are the advanced examples of AI in the education sector that prevent students from missing out on learning even while ill or indisposed.
- Marketing- Marketing is a multi-faceted sector that deals with a number of operations and could benefit from total or partial automation. Martech or marketing technology is important for business success that is used to improve marketing campaigns and strategies, and it is presently being transformed by AI technology. AI offers tools such as Responsive paid search ads, data analytics, AI-powered marketing that helps make marketing smarter than others.
- Logistics and Transportation- This industrial sector is on the verge of an AI-infused revolution. Many warehouses use AI-powered robots for packaging and sorting products. AI algorithms are also being used to find the quickest shipment route and support the delivery. The transportation industry is also using AI, where self-driving vehicles will be the next big thing that will potentially replace manual driving and make driving safer. Many big automobile companies like Tesla, Volvo, Uber, and Volkswagen are at the forefront of AI research. Research is also underway for algorithms to optimize public transport for routing, rescheduling, and traffic light management.
- Real Estate- Artificial intelligence applications are opening new opportunities for agents, brokers, and clients alike. Where brokers are getting more strategic, agents are becoming more efficient, and consumers feel more empowered. Agents and brokers can find the perfect match for people looking to rent, buy, or sell their properties with the help of AI-powered bots. AI-based chatbots also help real estate website visitors who can find answers to their queries even during odd hours.
There are enormous examples of artificial intelligence in our day-to-day life in many sectors such as entertainment and gaming, Manufacturing, Travel, Public relations (PR, Small business, Recruitment and Human resources (HR), etc. So it is time for us to stay awake and be ready, as AI software and technology are becoming a part of everyone’s business strategy.