According to Fortune Business Insights, “the global AI market is projected to reach USD 266.92 billion by 2027, exhibiting a CAGR of 33.2% from 2019-2027.
Artificial Intelligence (AI), refers to the intelligence exhibited by machines. More specifically, the simulation of human intelligence and traits in machines and computers. For instance, attributes like processing language, learning, understanding pictures, detecting patterns and problem-solving.
AI has truly become a part of our daily lives, so much so that it feels quite normal when a device plays games with us or understands our natural language.
Rightly known as the technology of the 21st century, AI is inevitably transforming work function in every industry and promises to deliver some of the most significant and disruptive innovations of this century.
AI is a large part of the world already, self-driving cars, robotic assistants and automated devices are all products of an emerging AI revolution. From affecting online search results to the way we shop, its application plays a vital role in improved human experience as a whole.
Here are the applications of AI across major industries:
AI in Healthcare:
When it comes to the scope of AI application, healthcare is one sector that tops the chart. In healthcare, AI is currently being applied for a range of services, including data mining for identifying patterns to then carrying out the more accurate diagnosis and treatment of medical conditions, as well as medication management.
Drug discovery is sped up and streamlined in the comparatively AI-nascent sector of healthcare, virtual nursing assistants monitor patients, big data analysis and autonomous surgical robots help to create a more personalized experience and treatment path for patients.
AI in healthcare is an overarching term. Besides on-site clinical decision support, analysis of complex medical data such as X-rays, CT scans and different screenings and tests; following tops the list of applications of AI in healthcare:
- Digital Consultation
- Robotics in Surgery
- Hassle-Free Data Maintenance
AI in Banking and Financial Services:
The banking and financial service industry is one of the early adopters and has embraced the tech revolution at every stage.
Although the integration of AI is constant in the banking & finance industry and needs further development, the benefits outweigh the potential costs. The use of AI technologies can help banks and other financial institutions provide greater levels of personalized experience to customers.
Use Cases of AI in Banking and Financial Service Industry:
- Fraud Detection: With online transactions growing more popular each year, the industry faces increasingly complex identity theft and fraud loss cases. AI-based decision intelligence technology can bring financial security to the next level as systems using deep learning technologies can analyze patterns, various data points, spot suspicious behaviour and fraudulent transactions. Most of all ensure data security and regulatory compliance.
- Loan: AI uses cases in this space result in human agents being replaced by intelligent software robots for processing loan applications in split seconds.
- Lending: Retail Lending Operations, Commercial Lending Operations, Retail Credit Scoring and Commercial Credit Scoring
- Investments: Robo-Advisors sift through multiple levels of data to identify the sectors and companies aligned to customer’s long term needs and goals to help them make the right investment decisions.
- Trading: The use of AI by investment companies to detect patterns in the market and predict future values can help discover a broader range of trading opportunities for its customers.
- Operations: Debt Collection, Procure to Pay, Account Reconciliation in Commercial Banking
- Insurance: AI-based chatbots are being deployed to improve customer experience through creating insurance plans, products and pricing based on customers’ data. Whereas, AI-based software is used to significantly reduce the claim processing time.
- Customer Service: Know Your Customer (KYC) Processes, Responding to Customer Requests, Identification of Upsell and Cross-sell opportunities, Customer Churn Prediction
AI in Manufacturing:
Producing more, higher quality products at minimum cost is a timeless manufacturing goal. One of the core technologies driving this new wave of innovation, enabling manufacturers to lead the way and reach this goal more successfully than ever is artificial intelligence.
In manufacturing, AI is being employed across several lines and layers of operations, from workforce planning to product design, thus improving operational efficiency, product quality and employee safety.
Leveraging AI enables a new surge in manufacturing productivity and presents manufacturers with an unprecedented ability to skyrocket throughput, optimize their supply chain, customize product designs, make better forecasts, reduce inventory costs and accelerate research and development to plan future financial actions to progress.
Use Cases and Applications of AI in Manufacturing:
- Predictive Maintenance
- Quality Control
- Cost Reduction
- Faster Decision Making
- Collaborative Robots or Cobots
AI in Logistics and Transportation:
The logistics and transportation industry is undergoing a massive transformation due to the onset of AI applications. AI in logistics and transportation ensure high-level delivery services and first-class customer experience.
AI and predictive analysis is leading the way for warehouses to use AI-powered robots for sorting and packaging products. Moreover, leveraging AI algorithms helps find the quickest shipment route, optimize public transport for scheduling, support last-mile delivery and even traffic light management.
In the transportation industry, AI is being used in mission-critical tasks such as self-driving vehicles (the next big thing). AI in transportation collects traffic data to reduce congestion and improve the scheduling of public transport. AI-powered advanced transportations services allow streamlined traffic patterns, smarter traffic light algorithms and real-time tracking can control higher and lower traffic patterns effectively.
AI application in transportation will allow for more diverse transportation usage and an overall reduction in emissions.
AI applications in Logistics & Transportation:
- Planning: Demand Forecasting & Supply Planning
- Automated Warehouse: Warehouse Robots, Damage Detection & Predictive Maintenance
- Autonomous Things: Self-driving cars & Delivery Drones
- Analytics: Dynamic Pricing & Route Optimization
- Back Office: Automation of Manual Office Tasks & Customer Service Chatbot
- Sales and Marketing: Enabling Sales Reps, Automating Email Marketing & Sales and Marketing Analytics
AI in Real Estate:
Artificial intelligence is transforming all industries and real estate is one of them. The use of AI in the real estate industry has made it one of the advanced industries and is unrolling innovative opportunities for agents, brokers and clients alike. In the real estate industry, the utilization of AI will not just add to the efficiency of operational tasks but also change decision-making processes.
AI applications in the real estate industry –
- Intensify lead generation and marketing
- Improved home buying and selling experience for the clients and agents
- Efficient prediction on property value using computation and machine learning models
- Avoid the budget overrun issue
- Also, AI-based chatbots help real estate website visitors find answers to their queries even during odd hours
In Conclusion –
AI’S IMPACT IS EVERYWHERE.
Psst. A little something before you leave!
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