Artificial Intelligence (AI) and Machine Learning (ML) were buzzwords a few years back until tech market players started levering the full potential of these two technologies. Be it Google, IBM, Facebook or any other tech mammoth you can think of, they are putting artificial intelligence and machine learning in front of everything. Smaller companies and startups, as well, are now increasingly favouring the adoption of the two technologies to optimize their performances and functionalities. Instead of seeing them as expenses, companies are recognizing them as investments that would only help in the longer run.
A research by Price Waterhouse Cooper revealed that artificial intelligence would be a fundamental technology in the future. Most industries would work with the technologies at their fulcrum. If you did not realize, the trend has already started where there are some industries right now which have already been influenced by AI and ML and rely on them heavily for advancement and implementation. This list should help you understand it better.
If you think self-driving cars are products of a distant future, smart cars have already made their way to the markets. Back in 2015, the implementation of AI-driven systems in cars and vehicles were just 8% but by 2025, the rates are expected to jump to 109%. Connected cars are the in-thing in the automobile industry right now, where predictive mechanisms accurately tell drivers the probable malfunctioning of spare parts, routes and driving directions, emergency and disaster prevention protocols and more. Gartner predicted that connected cars with embedded wireless connectivity and networks would be the benchmarks for cars by 2020. This is also turning slowly turning into a reality with the prototypes of autonomous cars hitting the roads.
Artificial intelligence is already arriving as a game changer in the healthcare sector. IBM’s cognitive supercomputer was able to quickly diagnose the presence of a rare type of leukaemia in a patient that even doctors could not after months of study. There are algorithms and systems that aiding in detection and treatment of chronic ailments and with electronic health records in place, artificial intelligence and machine learning systems are only making personalized healthcare a reality today. Also, predictive healthcare is slowly gaining momentum as well.
Finance has always needed one of the most precise forms of computing systems in place for a myriad of its purposes. As far as AI and ML are concerned, the finance sector would rely heavily on the systems powered by these technologies to detect fraudulent transactions and pave way for a safer and more secure online transaction. It can also predict the rise and fall of stocks values in the market and help financial advisers with ideal investment plans.
The manufacturing industry has tons of aspects that AI-based bots or systems could fix. From robot-driven assembly lines to intelligent systems that can predict the malfunctioning of machinery, AI would become inevitable for the manufacturing industries. It could also remove employees with redundant skill sets and engage them in meaningful works. AI-based bots or machines would also assist in solving supply-chain concerns over a wide geographical location, minimizing the shipping and delivery timing of online products.
Instead of spending thousands of dollars on a campaign to test if it would be effective a set pool of target audience, AI-powered systems would efficiently simulate the campaign with past data in hand and deliver precise results. This would be a game changer in the marketing realm as brands and businesses would have a sure shot avenue to place their money in. Reaching out to potential customers, generating leads and converting them to sales, identifying the market share of a new product before launch and competition research could all become easier with smart sentiment analysis tools and techniques.
Not just these, AI and ML are even transforming entertainment, politics, sports any other industry you can think of. The future belongs to these two technologies and this is just the dawn of it.
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