From the unbelievable driverless cars to getting the medical industries sorted with virtual doctors, Artificial Intelligence is playing exceptionally well in transforming the way we live, travel, work and indulge in business in the 21st century!
The PwC estimates that AI could add as much as $15.7 trillion to the global economy by 2030. AI has gripped almost every possible industry, a few may have higher impacts. Here are a few industries highly impacted by the implementation of artificial intelligence-
Not to much surprise, the healthcare industry is one of the most imperative industries which requires rapid innovation and implementation of advanced technologies. Well, both the players in the health care industry i.e. the hospitals and the pharmaceutical companies, insurers etc. are always looking up to Artificial Intelligence in order to maximize their impact and reachability to the patients and also to the medical staff. In a report published in 2018, healthcare-focused AI startups have raised $4.3 billion since 2013, the number is higher than any other industry startups.
Artificial Intelligence is highly impacting healthcare professionals by automating their basic administrative tasks, including analyzing paperwork, transcribing patient notes and sending prescriptions to the patients. As technological advancements are rising, a lot of healthcare mobile app development companies are developing AI integrated mobile applications specifically designed for the hospitals and other healthcare service providers.
Marketing is yet another industry completely driven by advancements and ever-changing customer behavioral patterns which requires smarter and efficient technology implementation to fetch significant information to boost customer sales, promotion and branding in the longer run. Marketers not only use more technology now than ever before for the purpose of automation and better result but, also emphasize data accountability as the brands require to ensure that their money utilized at the right places. For instance, with the rising technology bar, now there are tools available that use the power of artificial intelligence and deep learning to compete with the brands offering similar services. A few have already started utilizing AI for researching customer behavior, partnerships and amplifying their messages. Some brands also make use of machine learning to personalize advertising content, ensuring relevance and engagement. This is powerful enough for a brand looking for deep analysis and a few ROI boosting options for their businesses.
As per some estimates, adopting AI will save financial institutions more than $1 trillion by 2030. A lot of savings will be coming from automation, the banks will save billions of dollars by utilizing the power of AI for combating fraud, ensuring compliance, managing risks and ultimately processing the data securely. Millions of people working in the finance industry are already using artificial intelligence in some way or the other. Banks are now turning towards chatbots to manage customer queries and are making use of image recognition o allow people for depositing cheques from their mobile phones.
This may surprise a bit! Artificial Intelligence is widely accepted and utilized in the agriculture industry. Agriculture specialist is developing autonomous robots which are programmed to handle regular agricultural tasks including harvesting crops in large volume. The most popular applications of AI in agriculture include robotics, soil monitoring and predictive analysis to find research over the crop prediction and further related activities. AI is therefore implemented widely in monitoring of crops and soil, implementing the computed vision and deep learning algorithms to further process the data captured by drones or either by a software-based technology for monitoring the health crops and soil.
The retail industry is greatly impacted by AI in 2019, as per the reports, global spending is expected to increase to $7.3 billion per year by 2022. The retailers will be making use of virtual reality and augmented functionality in advertising. It is also anticipated that by the end of 2020, chatbots will boost 85% of all customer service interactions, making itself one of the most widely accepted technology in terms of replacing human interactions and letting the brands completely reply on the chatbots for communication including customer queries, providing required information etc. Apart from the chatbots, analytics can also provide retailers enough data to predict emotional responses of their customers and the online experiences associated. Enabling the retailers with the ability to personalize the customer experience and focus on customer retention and satisfaction rather than looking over the strategies and patterns followed in the process.
There are countless other industries impacted by AI from manufacturing to agriculture to retail and more! AI already reaching up to your head? Get the technology implemented for your business too! Find the best in league Artificial Intelligence Services provider to have let your business stay high on profit margins.