By Natasha Bhiwgade
Artificial intelligence (AI) is gaining high importance among key executives across the globe in almost every end use industry. AI technologies especially machine learning, deep learning, natural language processing, speech recognition, and voice recognition are intended to provide machines with human like intelligence and features such as reasoning and learning. In fact, AI technology can perform certain tasks better than human being such as processing huge chunks of database efficiently and accurately.
Industries such as healthcare, government service, IT and telecommunication, media and advertising, BFSI, retail, travel, tourism, and hospitality create a huge amount of data base which is difficult to maintain by the conventional computing system. However with the introduction of artificial intelligence in these industries processing and managing of database became much efficient and rapid.
Key Industries Impacted by Artificial Intelligence Technology
Manufacturing is one of the first industry to take advantage of emerging AI technology, especially in the manufacturing process where robots were used to assemble and package products. Moreover, with the advent of technology, advanced robots will be able to perform complex operation in the manufacturing process such as assembling and testing of smart homes, smart city, vehicles, and electronics.
Healthcare is another industry largely impacted by the deployment of AI technology. In fact, AI in healthcare industry would be the key area of contribution towards the ‘Fourth Industry Revolution’. AI will provide physicians with medical information to take better decisions and make effective treatment plans. In the field of pharmacy, deep learning technology will help in analysing the effect of drugs on patient with accuracy and in less time as compared to the traditional method which is time consuming. Key players offering AI technology are either in the process of developing AI or have already launched AI technology and solutions in the healthcare field. For instance, IBM’s ‘Watson for Oncology’ and ‘Medical Sieve’ is already in market and are key AI technologies in healthcare, whereas Google has ‘Google Deep mind Health’ project that provides medical data to physicians through data mining. Some of the start-up and established companies that are contributing towards the growth of AI technology in healthcare field are IBM, Google, iCarbonX, Ayasdi, Babylon Health, and Flatiron Health among others.
Huge investment by start-ups and key players, ability of AI to perform complex medical operation is driving the AI market in the healthcare field. As per market research report published by ‘Markets and Markets’ on ‘Artificial Intelligence in Healthcare Market’ the AI market in healthcare is expected to grow from USD 667.1 million in 2016 to USD 7,988.8 million in 2022 at a CAGR of 52.68%.
Transportation and automotive industries have also gained a lot of hype in the area of artificial intelligence owing to the rise in smart transport and automated cars across the globe. Artificial Intelligence technology will acts as an agent of change in transforming the future of automotive industry. Professional drivers will be replaced by smart cars, and public transport will become driverless thus saving ample amount of cost and time. For instance, recently ‘The Roads and Transport Authority (RTA) of Dubai have announced driverless cars in Dubai by 2030. Through driverless car concept the government of Dubai is planning to make 25% of road transportation autonomous, which will increase productivity by 13%, reduce cost by 44%, and decrease yearly accidents rate by 12%.
Artificial intelligence has endless opportunity in the retail industry, and its growth can be attributed to the developing ecommerce websites. In ecommerce artificial intelligence helps in giving personalised services by understanding taste and preference of customers. Moreover, retailers are also providing visual search option to its customers so as to improve their customer’s online shopping experience. Neiman Marcus, Urban outfitters, and Asos are some of the retailers providing visual search option to their customers. Moreover, AI powered chatbots are also gaining high importance in the retail industry. Currently, chatbots are the hottest trend in retail industry that are not only automating the purchase process but are also offering personalised recommender services to its customers. Retailers are also using AI technologies especially machine learning to understand the behaviour of their customers based on their data available on social networking sites. Artifacia, Bloomreach, Infinite Analytics, Layer 6 AI, Mona, and Optoro are some of the players offering AI in retail industry.
Banking, Financial services, and Insurance (BFSI) are another industries benefited by AI technology. BFSI industry deals with a huge amount of customer’s personal data, so it is important to ensure security of such confidential data. AI can be applied in numerous applications in banking service such as customer service, back office operation, product delivery, compliance, marketing, and risk management. Furthermore, in financial service automated financial planners and advisors often named ‘robo advisors’ support users in making financial decisions and recommending them for buying stocks and bonds. Smart wallet is another key application of AI in financial industry, these wallets understand the users spending habit and send alert notification to them whenever user is overspending.
Lastly, the bottom line is increasing investment in AI has become business necessity across key industries. AI has not only created virtual workforce but has also enhanced the ability and skill of existing one. However, we also need to understand that substantial part of fiscal growth from artificial intelligence will not come from substituting prevailing workforce and investment, but in aiding them to use more effectively and efficiently.
About the author:
*Natasha Bhiwgade is a technology analyst at ‘Markets and Markets’ since 2016. She is an electronics engineer and has a Master’s degree from Pune University, India. She is passionate about researching on emerging technologies especially artificial intelligence (AI) and internet of things (IoT).
This article was published by Modern Diplomacy