by Hardik Shah on 2 Dec. 2019
Ever since the Industrial Revolution (IR) 4.0 has kicked in, it’s been like a rain fire of emerging technologies and surprisingly most of them are interconnected and work in tandem with each other. Like AI (Artificial Intelligence) complements ML (Machine Learning) and IoT (Internet of Things) partners with Big Data that makes way for further analysis which helps the organization to meet their long-term goals.
What used to be buzzwords in the world of tech even a few years back is now the most sought after elements so much so that mammoths like Google, Facebook, etc have put on their weight behind AI and ML before everything else.
According to research firm Tractica, the global AI software market should reach $ 118.6 billion in annual worldwide revenue by 2025. It further says that more than 300 AI use cases will contribute significantly to the market growth.
With the help of AI application development partners, almost every industry is leveraging the benefit of technology but let’s enumerate and look at the top 5 industries that have the highest potential for AI/ML applications.
This is one area that tops the list when it comes to the extent of AI application. AI in healthcare is used in many areas but the following tops the chart:
Most young people in the typical 9-5 schedule may not be able to visit a doctor. With the rise in smartphones and other devices, digital health consultation tools have surged in popularity especially in the age group of 18-29.
Robotics in surgery
Study shows that with a longer stay in the hospital people tend to get sicker within six months to one year. AI-enabled robotic surgery including heart, colorectal and thoracic aids the surgeon with higher accuracy that results in less pain, blood loss and shorter hospital stay.
Hassle-free data maintenance
Electronic Health Records (EHR) technicians are using AI in data documentation, sorting and storing in digital form thereby getting rid of stacks of folders with decades of health records kept in file cabinets in clinics or hospitals.
Those days are long gone when parent-teacher meetings used to happen in haste without many insights. On the other hand, AI-powered appointment scheduling software like Acuity Scheduling, Doodle, etc. both parent and teacher can meet at a convenient time that suits them both.
Well, it just doesn’t stop by scheduling. Today’s classrooms consist of AI-powered tactile robots for students that not only provide assistant with reading, learning the language and social interactions but also helps in developing vital social skills for children with disabilities.
This is one area that is endowed with versatility and is also dependent on various other internal factors. If you look at it deeper, all other departments in a company are working for the better interest of the marketing department because it is directly related to the brand-building exercise.
It is because of this reason that marketing technology or martech is vital for the success of the business.
For example; Long hours of A/B Testing involving various combinations of headlines to determine to click through rates and/or customer conversion can now be avoided automated by Google’s responsive search ads that will compile different combinations and come out with the best possible optimized descriptions that would enable the marketers to better strategize.
4. Retail and E-commerce
Ever thought, what is the use of the customer feedback form that you often fill in, once you buy something online? From a watch to a big refrigerator everything bought online is prompted with a feedback form. The same is with the case of an abandoned cart.
With every incomplete sale due to cart abandonment e-commerce firms tend to lose almost 70 percent in revenue resulting in millions of dollars each day.
For example, AI-based tools benefit the e-commerce companies by way of automating data, stock and inventory analysis that facilitates better forecasting of sales.
AI-based chatbots can remind your customers with incomplete sales and abandoned carts with offers and discounts in order to induce a purchase.
On any given day, your potential customer would like instant assistance on any issue which may not be answered in the FAQ sections. In order to prevent the customer from fleeing the site, the AI-based chatbot with NLP (natural language processing) can assist your customer instantly.
5. Financial markets and services
This is one sector that has adopted the tech revolution at every stage and in every phase. Now they have reached the intelligent automation stage. As much as 49% of the frontrunners have a detailed AI strategy in place.
An estimated 45% of the companies have invested more than $5 million in AI-related initiatives. This itself speaks volumes that the followers and startups in the finance industry are also getting in the race.
With machine learning (ML) Predicting cash-flow events and proactively advising customers on spending and saving habits and build advanced credit models for expanding the reach and reducing defaults has been made possible.
From the above enumeration, it is clear that the adoption of AI and ML is moving fast-paced across industries. Where it will clearly automate many processes that were earlier executed manually.
While this will lead to the elimination of manpower from these tasks, it will simultaneously facilitate the scalability of human resources to higher skills. Hence it is a win-win situation for both industry and manpower.