11 Primarily Business Verticals Revolutionized by AI in Coming Years
11 Primarily Business Verticals Revolutionized by AI in Coming Years
Today, artificial intelligence, machine learning, and deep learning technologies are a prominent part of mainstream technologies. These data-driven technologies have been adopted by different enterprises all around the globe in the present COVID-19 crisis situation. Due to the vast operational benefits, these technologies are revamping existing markets.
AI for businesses is one of the booming technology nowadays. It can be effortlessly adapted, expanded, and applied to various business domains. This intelligent technology has been adopted at such a large scale due to its potential to bring logical intelligence to tasks that lack before. With this technology stream, repetitive tasks can be automated. It facilitates business forces to effectively complete their repetitive operations.
AI is a relatively new technology, but still, benefits of artificial intelligence in business can be seen drastically. It is expected that artificial intelligence will be a primary part of the numerous business verticals in the coming days.
Industries Revolutionised by AI
Over the past few years, artificial intelligence has entered into various business verticals. The multiple business industries have been improving their operations by making major investments in machine learning and deep learning algorithms. The top industries which are at the receiving end of the AI –
1. Healthcare Industry
The introduction of AI in the healthcare sector has a lot of potential and benefits. Foremost, the healthcare sector is focusing on collecting the patients’ relevant data to provide them with better treatment. Thus, data-driven AI can help the healthcare sector in collecting and processing a large amount of data.
The artificial intelligence in healthcare can assist in deploying the predictive healthcare system. With the help of predictive analytics, AI can assist doctors in making proactive decisions towards their patients’ health. This is a much better approach as compared to the proactive approach taken by doctors nowadays. Moreover, with the wave of IoT enabled devices, remote healthcare services are becoming more visible.
Besides the predictive approach, AI can facilitate easy analysis of scan results through the image recognition technology. AI can easily go thorough multiple scans and provide quick diagnoses based on the symptoms. Nowadays, healthcare chatbots are developed to gather patients’ information before major surgery. In the upcoming days, AI is going to reach other realms of the healthcare sector, especially during the pandemics.
2. Finance Industry
AI has been empowering the financial sector also. Using historical data, AI embedded software is ideal for determining whether a particular investment is beneficial or not. It can predict the nature of trading markets and upcoming fluctuation by analyzing the prevailing market trend.
AI-enabled tools can effortlessly identify legitimate and fraudulent transactions far more accurately than any human. Synctactic.ai being the leading artificial intelligence development company has introduced a dynamic payment fraudulent detecting tool. This simple feature can reduce the level of losses and builds a strong reputation for a financial institution. In the same manner, artificial intelligence algorithms come useful in identifying the level of risk involved in credit lending. When you have timely financial data, you can push your business towards growth.
3. Cybersecurity Industry
Cybersecurity is a massive issue for enterprises nowadays. There are plenty of different ways through which your business’s cybersecurity can be compromised. It is very difficult for businesses to identify potential threats and to strengthen their security postures accordingly. With the intervention of complex reasoning and automated scaling system, AI can recognize the potential cyber loopholes and provide suggestions to improve cyber resilience. Moreover, a fully trained algorithm can easily implement the high-end security system.
4. Agriculture Industry
It is stated by the Vice President of Intel AI that AI-empowered agriculture tools will be helping farmers to gain most profits from every inch of their land. With the population explosion and degradation of natural resources, the future is required to produce more with limited resources. AI agriculture tools have been improving the quality of agriculture products.
The automated agriculture practices started with the utilization of robots to spray the herbicides and pesticides on weeds. Later on, harvesting robots were introduced to take over 30 farmers’ work in a single day. To supervise the health of crops, numerous intelligent machines are being used. AI scientists are developing a special drone that can help farmers improve their crops’ quality. Undoubtedly, the future of agriculture will be fully charged with AI and other related technologies.
5. Customer Service Industry
The customer Service industry has also seen the advantages of AI during COVID-19. Natural language processing (NLP) algorithms have found their way into customer-facing helplines in the form of chatbots. The chatbots can gather information about customer’s queries and provide automatic support.
Due to the capacity to understand customer’s requirements, NLP algorithms can replace the customer support executives’ job. Chatbots can be programmed to adapt itself as per customer’s issues. Moreover, recommendation engines can also provide excellent customer support. Amazon and Netflix are the two dynamic examples of recommendation engines use.
6. Retail Industry
Retail analytics is becoming a common retail practice nowadays. It can help in optimizing the supply chain and predicting available stock in their warehouse. By gathering up the customers’ preferences, retailers can arrange products effectively in their stores. The leading data analytics company Synctactic.ai has introduced a demand forecasting system to predict demand based on aggregate and automate processing.
AI in retail has been helping in the formation of self shops. Amazon has already demonstrated the concept of autonomous shopping. Amazon Go has already opened numerous stores all over the United States. The wide range of proactive technologies like machine learning, image recognition, smart automation, and deep learning is used to function these Amazon stores. Using users’ browsing patterns, Amazon has already improved its online retail sales.
7. IoT Industry
The artificial intelligence in business is empowering IoT industry in multiple different ways in the pandemic crisis. Businesses are able to increase the lifespan of their assets by using business intelligence analytics solutions such as Predictive Maintenance, Asset Monitoring and Artificial Intelligence.
Today, companies have to invest in multiple gadgets to virtually undertake their business activities. Thus, they need updated IoT devices to optimize costs and improve the efficiency of their gadgets, which can be easily managed with artificial intelligence powered analytical tools.
8. Transportation Industry
Autonomous driving is one of the fragments of AI in the transportation industry. Self-driving cars are already part of mainstream transportation due to innovative companies like Tesla, and even Uber is working in this direction. Google has also been trying to develop self-driving technology. The autonomous driving technology can be very beneficial, such as self-driving trucks that will enable faster deliveries and reduce uncertainties. This technology is still under development process, but soon it will be part of the mainstream.
9. Marketing Industry
The marketing sector can gain leverage from AI in two ways. One is personalized marketing, and the second is better targeting. AI-based tools can create an intelligent automation marketing process. These tools can offer effective customer services also. For instance, if a customer ordered a pair of sneakers, the algorithms can automatically send notifications related to similar products. Thus, marketers can target customers as per their preferences. It will help marketers to reach their targeted customers more effectively.
10. Defense Industry
It is surely a very far imagination to think about autonomous weapons, but this industry can use AI in multiple other ways. The technologies like image recognition and video recognition can be used to put surveillance on densely populated areas. By developing a database with biometric and facial scans, citizens can be easily recognized by facial recognition algorithms to increase security. This technology has already been deployed in China to create a social credit system where citizens are graded based on their actions.
11. Education Industry
AI and machine learning stimulate students to learn better. Every student has a different ability to process the same information. Thus, the same teaching methods won’t work on all the students. AI can help teachers in identifying the strengthens and weaknesses of every student so that personalized lessons can be created. Students can learn at their own pace, and their area of interest can be easily identified. Especially, now students have studying from their homes so they can use AI-enabled educational portals to learn better.
AI Is Everywhere
Today, it won’t be wrong to say that artificial intelligence has something for every prominent industry. Using the features of AI, education to defense industries can enhance their services. Understanding the dynamic features of AI, tech giants like Google, LinkedIn, Uber, Facebook, and many others have been already using AI to improve their services.
So, if you have an idea to improve your business services during slow down, you can build a team of AI software developers and achieve your improved service goals instantly.