This article is about Artificial Intelligence
Observable Applications of AI Around Us
By NIIT Editorial
Published on 18/12/2020
The global AI marketplace is growing just as experts thought it would, like a wildfire. If such a course of events stays unhindered by disruptions, by 2025, the total market value of the AI industry could be tipped at $60 billion. In fact, by 2030, Artificial Intelligence could propel the global GDP to be valued at $15.7 trillion by 2030. All this would be an after-effect of the applications of artificial intelligence, the ones that we are going to discuss today.
Applications of AI
The following use cases are the best example of the various applications of Artificial Intelligence in the world.
Global e-commerce is growing at a fanatical pace and as per experts by 2022, global e-commerce sales could be valued at $6 trillion. Delivering a personalised shopping experience is a priority for digital businesses as that is the glue that binds the customer to the platform. AI algorithms recommend products based on performance indicators like purchase history, product add-ons, and related interests of a particular buyer profile.
Increased AI analysis and follow-up implementation could also ensure decreased card abandonment, accurate re-targeting, immaculate voice search, and virtual support. The objective of such an automated (not to mention smart) experience is to create a user retention loop that prolongs the per capita customer life cycle ROI.
There are multiple levels of AI-assisted/controlled driving. We can categorize them in an order depicting growing sophistication starting with driver assistance, partial automation, conditional automation, high automation, and finally complete automation. Given the current maturity levels of Artificial Intelligence, it will take the buttressing of other emerging technologies like 5G to roll out driverless cars in their true glory. With low latency networks, algorithms would act in near real-time factoring in vehicle speed, GPS, relative distance, and whatnot.
Digital marketing offers the perfect playground for use cases of Artificial Intelligence in web applications. AI recommendation models, smart content curation, programmatic media buying can lure the target audience to a specific website. Google has been using re-targeting for digital ads since time immemorial. Marketing practitioners are also leveraging end-to-end automation and match buyer journeys with corresponding content.
Businesses will continue to grow their data warehouses by collecting and maximising customer touchpoints with the expansion and awareness of the Internet of Things. The long and short of it means a ballooning reliance on data analytics to guide and monitor revenue metrics.
Some of the ground or rather real-life applications of AI can be found in agriculture. Critical issues such as labor shortage, weather monitoring, soil preservation, and field security can be answered with AI. Smart sensors, drones, and automated robots for typical farm errands like tilling, bed-formation, and fertigation are nudging the once primitive farming techniques out of fashion and encouraging modernization, and self-reliance. Applications of AI in agriculture will convert dedicated measures to preserve biodiversity in an environment-friendly manner.
AI-based applications or software are exponentially accurate than humans at handling data. For this reason, medical workers have initialised a pseudo-automated approach to use AI to diagnose ailments by scanning and identifying early-stage symptomatic buildup. Refining radiology techniques, extending medical services to underserved sections of the society, and using electronic health records to predict risk exposure to diseases are some of the latest artificial intelligence applications in healthcare.
Banking and Finance
From risk analysis to fraud detection and conducting market research, the application of artificial intelligence in business can’t get any more integrated than it already is in the financial sector. Economies are trending to go cashless in the long run, which means millions of digital transactions and an equivalent customer onboarding for the population. The opportunity scope for AI in banking and finance from that perspective is huge. Financial institutions like wealth management boutiques and hedge funds have increased AI-integration to make a killing on the stock market.
The COVID-19 pandemic has caused a lot of distress for students worldwide as schools stayed shut for the better part of the year. The global internet distribution has not been equitable in that half of the world has it, while the other half does not. AI is nevertheless being applied to quell the shortcomings of online education, i.e. where/when applicable. Learning can be personalised with AI models that curate learning tracks for each student as per their learning needs. Edtech apps have theoretically tried to bridge the void of physical classrooms, yet lack tested engagement models. Artificial Intelligence and its application in EdTech can be a way ahead.
Machine learning coupled with immersive technologies (AR/VR) can help deliver a more thorough season raising student interest. Education institutions are also using predictive analytics for calculating student enrolment rates factoring in metrics like demographics, domains, etc. Applications of AI in the real world, especially those in education are expected to grow by 47.5% by 2021.
Travel & Tourism
The global tourism industry is likely to suffer losses worth $2.1 trillion due to the pandemic. People’s mindset is unlikely to show much change in the face of restrictions and the virus threat. Worldwide, airport authorities are giving shape to the plans of implementing smart, AI-powered thermal cameras that detect excessive body temperatures and identify people with a fever.
They can even help enforce social distancing measures to contain the spread of the virus. Digitally, travel vendors rely on deep learning to first predict customer churn to reserve seats accordingly and or fluctuate ticket prices. Such real-time applications of Artificial Intelligence will ensure instant profit maximisation.
There is also talk of automating concierge services with robots helping passengers with baggage retrieval. Although not a panacea in itself, once the sector normalizes AI will curtail a lot of loopholes present in the system and generate skilled jobs in return.
The various applications of artificial intelligence are bound to generate ground impact in the jobs market. As per a report from the World Economic Forum, AI will create 58 million new jobs as it establishes a footing in the aforementioned industries. That means if you have to upskill, the right time is now. This concludes our discussion on AI applications in real life. If you liked it, you might be interested in exploring the latest trends in the AI industry and other articles on the topic.
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