The businesses encouraging Artificial Intelligence (AI) apps and technologies are predicted to be $1.2 trillion per annum by 2020.
Artificial intelligence has been around with us for more than six decades, but it is just recently we have started using it in our practical lives such as Siri or Alexa.
The prime factors helping AI to flourish recently:
- Big Data generated through various channels such as businesses and governmental websites, e-commerce platforms, wearables, and social media handles.
- Advancements in Machine Learning (ML).
- Better and advanced cloud-based services.
Why Artificial Intelligence Apps Are Useful?
AI is quite important because it is able to approach and solve the complexities in various industries, for example, education, entertainment, e-commerce, health, travel and a lot more. Artificial intelligence apps can be categorized into the following based on the purpose of an application in different industries:
- Knowledge: Able to access and present knowledge about a variety of concepts.
- Reasoning: Solve issues using a logical approach.
- Communication: Able to comprehend written and spoken languages.
- Plan: Able to set and achieve targets.
- Perception: Ability to conclude using images, sounds, and various sensory inputs.
Artificial Intelligence in Different Industries:
Around 86 percent of healthcare provider companies, technology vendors and life science organizations are using AI technology. It is predicted that these companies will spend an average budget of $54 million on AI projects.
Artificial intelligence and machine learning (ML) have been quite popular in the healthcare sector because it creates a huge amount of data and also processes complex algorithms (a lot better than humans).
Certain artificial intelligence apps have developed the algorithm for detecting diabetes in patients.
Then, there are apps detecting a link between drugs and diseases using big data and AI.
- Media & Entertainment
Amazon and Netflix are the prime examples of artificial intelligence apps in the entertainment world. ML algorithms study the behavior of the users online and compare it with other users to decide the recommended movies or entertainment content.
In advertising, the trends are being influenced by the content’s popularity and focusing on the existing product purchasing patterns and precision targeting. In the coming time, AI will be able to cater you more personalized adverts based on the content your scrolling through your phone.
Adverts would be specifically designed for the individual potential buyers and probably, the decisions of choosing the celebrities endorsing the particular brand would also be influenced by AI technology.
Artificial intelligence is revolutionizing the working style of the finance world. Many financial technology companies have already started benefiting from artificial intelligence to control cost, save time, and enhance quality.
The future of the financial sector is majorly relying on the fintech companies and AI apps are adding the uniqueness in this competitive environment.
In the coming years, artificial intelligence apps would help in maximizing resources, minimizing risk factor and generating revenue in various verticals like investing, lending, trading, and fintech.
- Maximizing Resources – It saves time and dollars using algorithms which later generate useful insights, enhance improved customer service and predict future sale figures
- Filter useful information and analyze
- Trading – Help in making the trade decisions by processing the data and creating the algorithms to manage the trade rules.
Artificial intelligence has managed to create tools with the machine vision which helps in detecting minute faults or errors in the manufacturing process of any machinery or object. In the near future, we might witness human-like robots or technology moving the end products in a warehouse without damaging the surroundings.
Machine robots in manufacturing factories are mostly stationed at one place but still crash on things around it. However, the new idea known as cobots (collaborative robots), based on AI, it takes instructions and direction from humans.
Artificial intelligence apps help in detecting market demand based on geography, social economy, time etc. This, in turn, influences the manufacturing supply chain and helps in creating the right inventory, financial decisions, raw material, manpower sourcing, maintenance, and power consumption.
AI can also predict the equipment life or possibility of equipment malfunctioning.
The automotive sector has started exploring AI a lot before any other sector. It is used for both automotive driving and personalized artificial intelligence apps.
Tesla had launched Teslabot allows people to interact with their car using desktop or phone. To be precise, it is a virtual intelligence integrated into Tesla Model S and X.
Uber’s artificial intelligence team is rigorously working on developing cars which can be driven on its own.
Many companies predict that 5G would also improve communication among vehicles and would widely be used at airports and railways.
Many people consider artificial intelligence as a threat to the human race because they are scared that it would take away people’s job. Nevertheless, we are seeing the change in front of us where technologies like artificial intelligence and machine learning have been transforming the way people work. Work processes like better decision making, enhancing productivity and efficiency, constant innovation of services and better quality.
BluEnt is a mobile application development company located in Toronto. If you have any mobile application idea inspired by AI, reach out to us.
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