When it comes to AI and machine learning, we seem to be entering a golden age.
According to a Research Report by PwC, business leaders believe that AI is going to be fundamental in the future. In fact, 72% termed it a “business advantage.”
The big players in the tech game like Google and IBM are in the process of creating ground-breaking technologies that will transform life as we know it. AI isn’t just for the techies or computer application industries, even though it is a branch of computer science, this ever-growing field has applications in almost every sphere of life- from lifestyle to healthcare and even the fast food industry. What’s more is that businesses are beginning to realise that the adoption of AI could lead to lower manufacturing costs and enhance the efficiency. Whether it’s self-driving cars or bots that use their intelligence to fulfill eCommerce orders, the era of AI is just around the corner, and there are some industries which allow immense application of these technologies.
Here is our pick of 6 such industries:
Logistics and Distribution
Did you know that the shipping and logistics industry churn out a collective revenue of around $8 trillion? The rapid growth of this industry has made it impossible to function with just human interference. Enhancements in technology have enriched the global shipping market with innovations in areas such as data storage and indexing. However, the big players are turning towards artificial intelligence and machine learning to further increase efficiency and lower costs. There are various applications of AI within this industry, spanning from the conveyance, inventory checks, scheduling and even shipping coordination. Machines are able to do what humans find extremely challenging at a fraction of the time, without human error. eCommerce moguls, Alibaba, are reportedly shelling out $15 Billion towards research on AI.
One of the biggest beneficiaries of AI is undoubtedly the healthcare industry. Since the beginning of time, one of the most important things that we need to survive, is good health. Centuries later, we have life expectancy rates of 71 years, and this is all thanks to working in synergy with the tech industry. For years, technology has been saving lives and reshaping healthcare. Now, the next big boom in healthcare is AI. By 2021, the AI market in healthcare will be worth $6.7 billion. These predictions have lead the way for an influx of start-ups that hope to reap in the rewards when the AI market explodes. Besides taking care of routine tasks such as scheduling appointments and following up with clients, healthcare professionals will also have superior assistance with discovering new medicine and treatments. But the benefits are not just for doctors, the patient experience can be enriched by AI too. With the possibilities of telemedicine saving both, the time and cost of the patient, all while delivering a comprehensive check-up.
Telecom has been on the rise for years and, today it aids almost every industry on earth. With the growth and development of other industries, telecom has had to evolve and adapt to fit the new frameworks and requirements of these industries. Now, while we are on the brink of AI really picking up, industry leaders are realising that enhancing the telecom industry with AI could lead to various new revenue streams. The applications of AI in this industry are vast, and a few of the most significant are the classification of traffic, anomaly detection and network optimisation and utilisation to name a few. There’s more, AI will also help further develop virtual assistants and bots for the mobility industry, and will help to power smart-homes in the lifestyle industry.
Long gone are the days of traditional marketing, industry leaders are turning to data to build effective strategies using data – because data never lies. Also, relying on psychology and consumer behaviour is like shooting in the dark because you never know how your target group will respond. However, when you tailor-make experiences and advertisements based on data-driven insights and interests, you reach the right target audience, and you will automatically enhance your business by generating genuine leads. The current digital marketing tools allow you to cater personalised search options and recommendations based on user behaviour. The next-gen marketing kits will be equipped with AI and complex algorithms which will make marketing more relevant than it’s ever been.
Autonomous driving systems and self-driving cars are not just far-fetched, sci-fi inspired ideas anymore. They’re just around the corner and are already being tested by some of the biggest tech giants. In November 2017, Uber struck a ground-breaking deal with Volvo to bring 24,000 autonomous Volvo SUVs, in preparation for a driverless future. While Uber prepares for what’s ahead, Google continues develop Waymo, their very own self-driving car project. Although it’s still uncertain as to when these cars or self-driving vehicles, in general, will become the standard norm, the fact that it’s just around the corner is one thing that we know for sure.
Another extremely promising area for AI integration is the manufacturing industry. Keeping in mind that growth in this particular industry has been sluggish since the recession in the early 2000’s, manufacturing has a lot to gain from AI, and its inclusion in the process can really enhance the functioning of factory floors. From maintaining inventories to reducing costs and turnover time, the applications of AI in this field are immense. Aspects of manufacturing that are expected to gain the most from machine learning and AI are supply chain, design, production and quality control.
The growth of AI is for everyone, as the benefits trickle down to the common man as well. When it comes to technology, we show no signs of slowing down, and advancements in AI could lead to the shaping of a better tomorrow.