Which Industries Are Using Artificial Intelligence?
From virtual doctors to self-driving cars, artificial intelligence is rapidly changing how we travel, work, live and do business. According to Statista, Artificial Intelligence (AI) software market revenue globally is expected to hit 126 billion USD by 2025.
Besides Facebook, IBM, Google and other tech giants, smaller companies and startups are also increasingly adopting AI technologies to optimize their operations.
Here are some of the top industries where Tech One IT is seeing artificial intelligence:
Artificial intelligence is a game-changer in the healthcare industry. Besides making it possible to detect life-threatening illnesses like cancer faster, AI has also enabled the acceleration of clinical trials and drug discovery. With digital health consultation tools, patients can consult doctors virtually. Robotics in surgery has allowed higher accuracy in procedures, with less blood loss and pain. The healthcare industry is also using AI to streamline data documentation.
Also referred to as autonomous vehicles (AVs), self-driving cars have the potential to reduce energy consumption, save time and significantly lower the deaths attributed to traffic accidents. A recent report predicted that about 33 million autonomous vehicles will be on the road by 2040.
Retail and ecommerce
Retail companies like Amazon and eBay use artificial intelligence to find patterns in consumer behavior. This way, they can align their strategies and stay ahead of the competition. When you visit these online stores, their complex AI algorithms will figure out what products you are most likely to buy and send you recommendations. AI-powered chatbots will remind you of abandoned carts and incomplete sales, and will even offer discounts to entice you to buy. Ecommerce companies also use AI-based tools to automate inventory analysis, stock and data.
Fintech and Artificial Intelligence
There are plenty of artificial intelligence use cases in the banking and financial services industry. For instance, human agents are increasingly being replaced by robo-financial advisers that can suggest the right investment option for customers within seconds. In addition, AI-based bots are being used in the insurance industry to create products and plans based on consumer data. Artificial intelligence has also greatly lowered the claim processing time.
From product design to workforce planning, AI is helping improve employee safety, product quality and efficiency in manufacturing. There are even AI-powered intelligence systems that can forecast the malfunctioning of machinery.
Other industries using artificial intelligence include entertainment and gaming, advertising, real estate, food tech, education and cybersecurity. Tech One IT works with some of the nation’s leading companies to build apprenticeships. These apprenticeships give entry level technologists an opportunity to work on innovative projects, such as AI. To learn more, check out our Technology Apprenticeship Program.