Simulating human behaviour to solve problems, artificial intelligence (AI) is a combination of machine learning (ML) and deep learning techniques that are trained on large volumes of data to have the ability to make smart decisions.
The technology is growing at pace and according to Statista, the AI software market worldwide is expected to reach US$126bn dollars by 2025. This comes as no surprise as Gartner shared that back in 2019 36% of organisations had already implemented AI in one form or another.
There is no doubt that AI technology has penetrated every global market and will continue to gain popularity. To look at how AI can be applied in a number of industries to support businesses as they digitally transform.
Popular in the marketing domain, AI can act as a significant support to marketers as they look to deliver automated and personalised content and advertisements. By using behavioural analysis and pattern recognition, AI can target audiences members directly with content specific to them and retarget audiences at the right time to achieve better results and reduced feelings of distrust and annoyance.
AI technology can also help with content marketing and handle routine tasks like performance and campaign reports.
In the gaming sector, AI applications have found a solid place as they can be used for intelligent, human-like NPCs to interact with the players. Although AI in some form has been seen in gaming for a long time, it is now being seen as a revolutionary new way to transform the ways games are developed and played.
The development of augmented and virtual reality (AR/VR) technologies has also dramatically changed the way people experience gaming and now players can expect immersive game experiences on a vast array of mobile and wearable devices, from smartphones to VR headsets, and more.
Robotics and AI work hand in hand. When powered by AI, robots can use real-time updates to sense obstacles in their path and reroute their journey instantly. Used in a number of industries for a number of applications, including hospitals, manufacturing, cleaning and inventory management, AI-powered robotics are changing the way businesses operate.
Growing in popularity, the global robot software market is expected to reach $47.24bn by 2030, with a CAGR of 27.3% from 2021 to 2030.
GPS technology has been helping people across the globe navigate from one location to another with ease. Using a combination of Convolutional Neural Network and Graph Neural Network, navigation technology makes lives easier for people by automatically detecting the number of lanes and road types behind obstructions on the roads.
As the needs for ride hailing services rises increases, many big players, such as Uber, use AI to improve operational efficiency, analyse road traffic, and optimise routes.
AI-powered assistants and chatbots have proven their worth in a number of industries. For example, for online shopping, AI-powered assistants help improve the user experience and with the introduction of natural language processing (NLP), these assistants are able to sound as human and personal as possible.
These assistants are also found in a number of personal devices such as phones, watches and speakers. With this technology, people can be supported by AI with daily tasks such as placing a call, playing music and ordering food.
EdTech is becoming increasingly popular in school environments. Despite this being a human-focused industry, AI can help increase productivity among staff. As it has the ability to carry out simple tasks, educators can shift their focus to more critical assignments.
AI can also support educators as they create smart content, it can help create a rich learning experience by generating and providing audio and video summaries and integral lesson plans. The technology can also analyse students’ data to provide hyper-personalised learning plans and guidance.
For e-commerce, there are a number of ways AI can be used to support staff as they look to streamline operations, improve the customer experience and increase efficiencies. The technology can be used to create recommendation engines to engage better with customers, ultimately improving the relationship with the customer and building loyalty towards the brand.
Just like other types of business, AI can be used to protect e-commerce organisations with issues surrounding fraud. Credit card frauds and fake reviews are two of the most significant issues that e-commerce companies deal with. To prevent this, the technology, once trained on the correct data, can identify different types of fraud in real-time.
As previously shared by AI Magazine, there are a number of ways AI can transform the finance and fintech sector. It can support many strands of finance from personal and corporate finance to consumer finance, one key way being the automation of repetitive tasks.
The technology can detect changes in transaction patterns and other red flags indicating fraud, often missed by humans, to potentially help save organisations from significant loss. On top of fraud detection and task automation, the technology can also be used to better predict and assess loan risks.
Industrial automation has become critical to the manufacturing industry as it looks to drive business growth while improving safety for its employees. With AI managing more repetitive or mundane tasks, frontline workers, technicians, and managers are free to focus on strategic tasks that bring more value to the company. AI can also be used to detect maintenance issues with machinery, in doing so it has the potential to reduce maintenance costs by alerting manufacturers to the issue before it becomes critical.
Moving away from the factory floor, AI can help with supply chain management and forecasting, allowing manufacturers to prepare for supply issues they may face.
Used widely in the healthcare industry, AI can be used to build advanced machines that can detect diseases and identify cancer cells, supporting healthcare workers with early diagnosis and treatment plans. AI can analyse millions of data points to predict patients at risk for healthcare-associated infections, enabling clinicians to respond more quickly to treat patients before their infection progresses, and prevent spread among hospitalised patients.
On top of this, AI can improve the employee experience by completing administration tasks, supporting drug discovery, helping with patient risk identification and providing personalised healthcare experiences based on patient data.