7 Industries that Heavily Trust Artificial Intelligence and Machine Learning
Thursday May 23, 2019,
11 min Read
In this digitally-powered era, innumerable industries rely heavily on machine learning and artificial intelligence to achieve their purpose. However, we will provide you with 7 industries that heavily trust artificial intelligence and machine learning.
Machine learning industry and artificial intelligence industry have built their own reputation, which has been remaining intact for a long time due to positively contributing such industries.
Machine learning and artificial intelligence have become trends well-reputed for transforming all types of industries to utilize such technologies for accurate business analysis and the optimization of operations.
The algorithms that these technologies use are developed to produce high-class processing for a machine to cope with a bunch of data and to make appropriate decisions that are based on logic, allowing the machines to learn and finish the task without relying on any explicit programming.
Many well-known organizations are included in it like Coca Cola to Heineken, Alexa to Chat-Bot, Babylon to Freenome, American Express to Experian, and Deep-Blue to Deep-Mind.
Furthermore, you must remember that Deep-Blue is known to be the first system to win over a human. And, it has won against the world’s best player of Go.
Such industries are always in quest of the best IT outsourcing companies to leverage AI and ML technologies to take their businesses to the next level.
Also Read: 20 Best AI and Machine Learning Companies
Now, let’s move further and see 7 industries that heavily trust Artificial intelligence and machine learning:
As per Accenture analysis, when combined, major clinical health AI apps can possibly create $150 billion in yearly savings for the healthcare economy of the USA by 2026.
Healthcare industry is one of the industries that heavily trust artificial intelligence and machine learning and is being transformed and taken to the next level by the AI technology with advanced processing and understanding life science.
AI-powered diagnostics takes patient data to diagnose and put appropriate suggestions to treat disease accurately.
The purpose of AI is not to elevate new methods in medication; the technology shows a path with existing medication appropriately. AI can detect medical problem more quickly than a human sense.
The way many industries rely heavily on Artificial Neural Networks, healthcare industry too is found to heavily rely on Neural Networks.
Kohonen Neural Network is one of the most famous Neural Networks. They are a type of Self-organizing networks which collects the data and offers a more sophisticated visual presentation.
AI and ML can make reading much faster for researchers in understanding life science, to find out the causes of the disease, and assist in developing an accurate diagnosis to treat the diseases.
A highly-reputed company in the healthcare industry called Philips is moving further to the platform so as to combine AI and other technologies known as Adaptive Intelligence with the objective of reaching and understanding the requirements of healthcare.
The companies like Infervision, Babylon Health, Freenome, and the like are making their all-out effort to offer analytical models to diagnose, predict the conditions for the utmost treatment with the right time.
As per the new market research report by P&S Market Research, global AI in the transportation market seems to be $3.5 billion by 2023.
Artificial Intelligence (AI) and Machine Learning (ML) algorithms are used for prediction, monitoring, and traffic management. The use of these technologies brought the interest of innumerable companies to the automation field.
Let’s take an example of self-driving cars. Despite being in the testing phase, self-driving cars seem to have a glorious future in the world of transportation.
Experts are working hard to build the algorithms for such a complex product for a new system that can new features such as analyzing and optimizing the data collected from many sources, routing, mapping, and navigating to the situations in the real world around them.
The two important applications in self-driving cars are Computer Vision and Sensor Fusion, which are very helpful in examining the context of different objects and processing the control way.
Doing so, they offer the information and processes using the data taken from different sources to the system for accurate and appropriate decisions and responds as per the situation.
It’s not worth-shocking that Volkswagen, BMW, and Japanese Shipping Companies have AI specialists who are working on such products. It clearly shows that transportation is one of those industries that heavily trust artificial intelligence and machine learning.
John Deere lately spent a mammoth amount of $305 million to get Blue River Technology, which is a company that built a robot known as ‘See and Spray’. The robot utilizes computer vision, robotics, and machine learning to accurately manage weeds.
Rather than spraying a whole field, this AI-powered robot is capable of finding and spraying only where weeds are found. Not only this AI-enabled robot is faster than human beings, but it also lessens up to
90% of the chemical volume generally sprayed and helps in lessening herbicide resistance, as per the company.
AI and ML are those technologies which have rendered many industries prosperous. And, the use of automation can bring about a dramatic and positive change in the farming industry across the world. Machine learning analytics capability is beyond estimation.
These technologies are primarily used to build automated robots when there is a dearth of labourers. Moreover, they can also fulfil the purpose of detecting weeds, diagnosing plant diseases, and monitoring soil.
Robotics play a vital role in helping farmers boost their productivity. Such robots can be helpful in detecting weeds and type of weeds and perform the task according to the need.
Diagnosis of a plant is another important point to be kept in mind, as using these technologies, it will be able to detect the faults in crop and soil.
Google has invested much of its effort on an application capable of giving information of what kind of plants can grow in what kind of fields and detect disease (the disease that harmed the plant and the causes behind it and ways to treat disease).
Microsoft and ICRISAT are working together with the objective of helping farmers in improving the yields with Sowing App. it is helpful for farmers to know when to prepare the farm, the best sowing timings, application of nutrients, seed treatment, water management, and pest and disease management. The influence led to a 30% rise in the crop yield, per hectare.
Agriculture is regarded as one of the most benefited industries that heavily trust artificial intelligence and machine learning.
Artificial Intelligence (AI) is making profits for many industries, however, the banking industry seems to take advantage of using AI systems in the next coming years to a large extent. According to the estimations made by specialists, AI will help the banking industry in saving over $1trillion by 2030.
The finance industry, a pioneer of AI technology, has a bunch of quality data. AI algorithms are widely used to fulfil the ideal prediction and analyzing the data from collecting to managing and transactions to investments. AI technology provides strategic actions for the development of a business.
AI secures financial services and solutions very well. Its target is to provide the services that customers expect and help in detecting bank frauds.
As we all know that banking sectors rely heavily on AI technology. It gave birth to the evolution of Chatbot and Conversational Interface to provide the service to customers with the relevant information according to needs.
For convenience and saving time, the whole world is moving to the Internet banking and online trades, wherein cybersecurity will have an important role to play.
American Express, JP Morgan, Experian and innumerable financial industries are working together with well-reputed companies and specialists to improve business standards and keep the threats affecting the customer, investor, and the banking sector at bay.
Uncountable companies are busy in cybersecurity for its improvement. Palo Alto Network has introduced Magnifier to spot suspicious activity behind the business; it utilizes an ML algorithm for investigation and termination of the threat.
Finance has turned out to be one of those industries that heavily trust artificial intelligence and machine learning.
5. Retail and customer service
- It is estimated that 15% of all customer service interactions to be fully managed by AI by 2021, which is an increase of 400% from 2017.
- Bots can manage 80% of customer engagements.
- It is projected that above 50% of enterprises will invest more on bots in comparison to traditional mobile.
- Around 70% of businesses will adopt some form of AI, and most of them will use a full range of Artificial Intelligence technology by 2030.
When companies go to develop a product, they must keep in mind the market to assure themselves that how their product will survive in the real world.
AI and ML offer the scope for the prediction of the requirement of the product and analyzing the factors of customers’ needs as per the data business empowerment.
AI and ML technologies are an integral part of making retail and e-commerce the most important platforms of the future. In the retail industry, one finds difficulty in finding and understanding what customers are looking for and identifying its relevant products. To cope with such situations, AI and ML are utilized, making search more simple.
On the other side, it is helpful in building different platforms like 3d Apparel Design and Virtual Try On. technology is bringing a positive revolution to the service world by means of conversational chatbots and digital assistance.
Customer service offers AI-powered assistance to end users to help and answer queries. The advanced achievements in ML and technologies like Natural Language Processing are famous for making interactive conversation using smart and quick responses in a systematic format of analyzing the request, identifying the intent and entities for the reply.
It’s worth-noticing that Dj Hardwell is the first ever Electronic Dance Musician to utilize a chatbot that provides information accurately about his events, songs, and the venue.
Due to AI and ML technologies, and above all deep learning analytics skills, have put customer services among those industries that heavily trust artificial intelligence and machine learning.
First of all, we must pay attention to the statistics given below. It proves the fact that AI seems to be a mainstream capability in marketing technology. As per Accenture, AI to create $14 trillion of extra revenue and profitability to boost by 30% by the year 2035.
Rather than spending a handsome amount of money on a campaign to check if it would be influential on a set pool of target audience, AI-enabled systems are able to influentially simulate the campaign using the past data in hand provide accurate results.
It will play a revolutionary role in the marketing field, as brands and companies will have a clear idea of where to invest. It is one of the industries that heavily trust artificial intelligence and machine learning.
Reaching the intended customers, generating leads, and their conversion into sales, identifying a new product market share before you launch it and competition research might all become much simpler with the use of smart sentiment analysis tools and techniques.
7. Manufacturing industries
As per a report prepared by experts, the global artificial intelligence (AI) in the manufacturing market was estimated to be of around USD 1.1 billion in 2018 and is thought to be around USD 18.5 billion by 2025, at a CAGR of little more than 49.7% between the year 2019 and 2025.
Manufacturing industries have so many nuisances that AI-powered bots or systems might cope with. From robot-driven assembly lines to systems with intelligence capable of predicting the malfunctioning of machinery, AI has the ability to be the finest choice in the manufacturing industries.
It could remove workers having redundant skill sets and keep them engaged in meaningful works. AI-powered machines and bots can also be helpful in dealing with supply-chain issues over a wide geographical location, reducing the shipping and time of delivery of products ordered online.
Here, we dealt with 7 industries that heavily trust artificial intelligence and machine learning. And, the list consists of education, manufacturing, advertising, agriculture, finance, healthcare, transportation, and retail and customer service.
We also told the influence of the technologies in the present or the future with reliable statistics to ease your understanding of why the use of artificial intelligence in almost every industry is increasing.
If you are looking for an app developed with artificial intelligence and machine learning technologies and in search of the best software development company, then read my blog "Top IT outsourcing companies" for more information about this to get what you are looking for.