“Siri! Call Dad”
Well, if you are an iOS user you might be aware of what I am talking about.
Yes, you are right.
I am literally talking about the technology that has given us a feel of a human presence - Artificial Intelligence or what we generally call AI.
Needless to say, AI has taken the world by storm. Although in the initial days, it seemed to be science fiction rather than a reality; with time it so indulges into our daily routines that we not only become familiar with it but start relying on it.
And why not when it has so much to offer?
Whether we talk about advanced driverless vehicles, virtual doctors, chatbots, or so on, all these demonstrate the wide range of ways that AI has been used to penetrate modern society.
If you're keen to understand how AI applications are reshaping global industries and how to harness them for substantial business revenue, this blog is your guide.
The global AI market is projected to reach 241.80 billion USD in 2023. This value is further expected to grow at a CAGR of 17.30% (2023-2030) and can touch a market volume of 738.80 billion USD by 2030.
Apart from this, here are some amazing global stats on AI you must know
Moreover, according to Accenture, AI can boost economic growth rates across 16 industries by a weighted average of 1.7 percentage points by 2035. So it would not be wrong to say that AI has a solid grasp over industries worldwide.
Artificial intelligence is frequently used in a variety of sectors, including those related to education, healthcare, finance, transportation, and so on. Here are a few examples of real-world uses for artificial intelligence.
1AI In Healthcare
Technology behemoths like Microsoft, Google, Apple, IBM, and so on have made important contributions to the healthcare sector, which is crucial for the entire healthcare industry. AI applications are transforming major industries worldwide, and in healthcare, it’s utilized for data mining, pattern recognition, and precise medical diagnosis and treatment. Explore the potential in our blog.. Additionally, it is utilized in robotic surgery, drug development, medication administration, and medical imaging.
On top of that, it proves to be handy when choosing a treatment plan, for instance, IBM Watson (an AI tool) can determine the meaning and context of structured and unstructured data. It can then examine the patient’s medical record to find suitable treatments. In simple words, IBM Watson just behaves like a real physician.
Similar to this, a platform developed by the biopharma business NuMedii called Artificial Intelligence for Drug Discovery (AIDD) uses big data and AI to identify the relationship between diseases and medications at the systems level.
2AI in Banking & Finance
Due to the emergence of AI applications, the banking and financial services sector is going through a significant transformation. There are a ton of AI application cases in this field. In many cases, sophisticated software robots are replacing human workers to handle loan applications in milliseconds. Similar to human financial advisors, robo-financial advisors can quickly sift through various levels of data to advise clients on the best investments.
These robo-advisors can also examine your emails, social media posts, and other personal data to find industries and businesses that are in line with your requirements and long-term objectives.
Moreover, AI-based chatbots are also being used in the insurance industry on a large scale to enhance the customer experience and develop insurance plans and solutions based on consumer data. AI-based software has also substantially sped up the processing of claims, benefiting both customers and insurance providers.
On top of that fraud detection is a crucial use of AI in the finance industry. For instance, Mastercard analyzes multiple data elements to identify fraudulent transactions using AI-based decision intelligence technology.
3AI in Manufacturing
Manufacturing is one of the prime sectors that has undergone the most significant transformation as a result of AI. It was one of the first industries to embrace automation and robots.
According to a McKinsey analysis, AI may raise industrial forecasting accuracy by 10% to 20%, which equates to a 5% decrease in inventory costs and a 2% to 3% rise in revenues. Sincerely, the use of AI in the manufacturing industry is revolutionary.
BMW has recently used automated image recognition for quality checks, inspections, and defect eradication. The modifications have allowed the German multinational company to increase manufacturing efficiency and accuracy levels.
Porsche is another giant that uses AI extensively. It automates a sizable component of the automotive manufacturing process with the help of autonomous guided vehicles (AGVs). AGVs are used to transport car body parts from one processing station to the next, removing the requirement for manual labor and strengthening the facility’s ability to withstand disturbances.
4AI in Agriculture
Since the invention of agriculture, quite a few technical revolutions have affected farming. However, the recent growth in population has created some significant hurdles for the industry, as the need for global food supply is anticipated to rise by 50% by 2050.
Well in this scenario, AI-driven solutions can boost productivity by enhancing crop quantity and quality thus enabling a quicker go-to-market. These advantages will help the AI market for agriculture grow at a CAGR of 21.52% from 2021 to 2026, with a potential valuation of $2.468 billion.
If we get into details, farmers are progressively growing more concerned as the climate changes, as it makes it more difficult to determine when to plant seeds. AI is assisting farmers by using weather forecasting characteristics to study weather conditions beforehand and schedule actions accordingly.
In addition to this, farmers can immediately discover nutrient shortages in the soil and decide how to rid plants of pests and illnesses with the help of specific AI-based applications. On top of that, crop health can be determined from drone-taken photographs using AI systems.
Moreover, companies that are using AI technology are already creating farming robots that can remove weeds, plant seeds, and harvest more crops than humans.
5AI in Gaming
Needless to say, AI plays a crucial role in the gaming sector. Due to the growth of AR/VR technology and the requirement from sectors where simulations have become a necessity, its impact has multiplied further.
Gaming companies look for innovative technical solutions to improve their products and customers’ experiences. Other AI-powered technologies are being heavily incorporated into the sector as a result. Investment in AI will be further stimulated by the gaming market’s projected expansion to a valuation of $398.95 billion by 2026, at a CAGR of 11.0% from 2021 to 2026.
If you explore the range of AI use cases in the gaming industry, it will be simpler for you to comprehend how AI will affect the industry. The game industry has been transformed by the usage of voice. Games are becoming more lifelike because of the addition of AI-driven voices and NLP (Natural Language Processing). These tools enable players to concentrate more on the game itself as opposed to tinkering with other systems to achieve their objectives.
In addition to this AI has made it possible for gamers to interact with their surroundings more intuitively. Now, as time passes or players react, game illustrations alter. Many open-world games use AI to generate new areas based on certain predetermined metrics.
On top of that, mobile game developers are currently investigating AI algorithms and machine learning technology in order to create games that are more inventive and difficult. This will significantly raise the user experience to a whole new level.
6AI in Real Estate
Artificial Intelligence in the real estate sector is creating new opportunities for brokers, clients, and agents alike. Brokers are getting more strategic in their approach, agents are becoming more successful and efficient, and consumers feel more empowered than ever. Brokers and agents can more effectively meet the needs of those wishing to buy, rent, or sell their properties because of AI-powered bots.
The real estate sector is using AI use cases in the following ways.
7AI in Education
The education sector is one of the most influenced sectors by humans, but artificial intelligence has also started to make inroads there. This gradual adoption of AI in the field of education has increased faculty productivity and allowed them to focus more on students than on administrative or office labor.
Artificial intelligence can assist educators with several admin tasks like managing enrollment, courses, and HR-related matters. It can also assist with task-related responsibilities like facilitating and automating personalized messages to students, back-office duties like grading paperwork, planning and facilitating parent and guardian interactions, and routine issue feedback facilitation.
AI can be used to digitize information such as video lectures, conferences, and textbook guides. It can customize learning content and use various interfaces, such as animations for students in various grades. By producing and supplying audio and video summaries and comprehensive lesson plans, AI contributes to the rich learning experience.
In addition to this, a student can receive additional learning resources or assistance with Voice Assistants even without the lecturer or teacher’s direct engagement. This lowers the expense of producing temporary handbooks and makes it simple to provide answers to frequently asked questions.
Moreover, top AI technologies can be used to monitor student data using hyper-personalization approaches, and it becomes easy to create habits, lesson plans, reminders, study aids, flash notes, and other such things.
8AI in Retail & eCommerce
Retail and eCommerce stand out as the sectors where AI’s use is most obvious and observable, making its effects feel real to most end users. Retail businesses always search for methods to identify patterns in consumer behavior because of the fierce rivalry in the market. By doing this, they may match their business strategy with customer demands and beat rivals.
AI has been crucial in enabling these companies to successfully meet and exceed the changing demands and expectations of their customers. Your Amazon account’s product recommendations are nothing more than the result of applying sophisticated AI algorithms to identify the goods you are most likely to purchase.
Applications of AI are also being employed more frequently in order to enhance the user experience. For instance, the majority of chatbots seen on eCommerce platforms are AI-powered and built to instantly respond to a variety of frequent client questions.
No matter which industry you belong to, AI technology can prove to be a game changer for your business. If we take a look at the year 2022, AI has marked its presence in almost every sector as shown in the pie chart.
This percentage is further going to increase in the year 2023 and beyond. But with growing market competition, it will not be easy to make your presence in the global AI community. You are required to do something different. This is where Blocktunix can help you. As a seasoned AI development company, Blocktunix can help you climb the ladder of success swiftly.
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