In recent times the Artificial Intelligence (AI) is the breakthrough technology. We have started learning the ways to communicate with devices. We are successful in directing machines to perform certain tasks using their intelligence.
Of late, machines are performing many smarter activities using cognitive intelligence in contrast to natural intelligence (NI) displayed by human and other animals. AI is being used in many sectors and it has opened the doors of implementation of AI in many other emerging sectors.
Few live examples of the implementation of AI are self-driving cars, chatbots, robotics and image processing. AI is creating significant impact. In future, the AI implementation in various sectors will become part and parcel of our life.
According to IDC’s Worldwide Semiannual Cognitive/Artificial Intelligence Systems Spending Guide, worldwide spending on cognitive and artificial intelligence (AI) systems is forecast to reach $57.6 billion in 2021. With many industries aggressively investing in cognitive and AI solutions, spending is expected to achieve a compound annual growth rate (CAGR) of 50.1% over the 2016-2021 forecast period. Worldwide spending on cognitive and AI systems will total $12.0 billion in 2017, an increase of 59.1% over 2016.
AI will play a major role in shaping the growth of the core sectors in the countries like India. We are adopting new technologies and experimenting many new things for a positive outcome. AI technology will be the finest technology to give a boost to core sectors and help us for a faster digitization.
According to McKinsey Global Institute (MGI) report, India’s ascent: Five opportunities for growth and transformation, Indian economy is one of the largest growth engines in the world.
“What’s happening in India as a whole is that the urbanization rate will cross this threshold for us as a country over the next 10 to 15 years. For some of the largest states, we will get as much as 50 to 60 percent urbanized by 2030. That’s what’s driving the fact that our states are as large and will be as large as very significant middle-income countries are today. For example, Maharashtra plus Gujarat will look like Brazil.”
Many sectors have been growing significantly and contributing more to the economy. By adding the technology in these core sectors the result would be more positive. The sectors like infrastructure, financial services, technology, automotive and healthcare have been growing rapidly in the country.
Let’s have a look at the application of AI in the following top 10 sectors.
Astronomy: We look at the sky and try to find the answers regarding the most complex subject that is the astronomy. So far, science is advanced to a certain level and scientists are at their best to answer every question related to the universe. But, not all the questions as we know our limitations. The implementation of the AI could help us to cross the limitations.
According to a study published in journal Monthly Notices of the Royal Astronomical Society, the researchers show that calculations carried out by artificial intelligence can make more accurate predictions than humans can about the long-term stability of circumbinary planets.
The technology could be useful in understanding our entire universe and how it works. This implementation could give some of the best tips to mankind to understand their own origin.
Construction: It is not wrong to say that the construction sector is going to get the benefit out of the implementation of the AI or machine learning. AI-based applications have been widely being used in the construction sectors. AI could suggest the ideal design for buildings and recommend best safety features to make our lives more secure. The AI will also be useful in risk mitigation – it understands the complex language and useful in fixing the issues. The ai-based application will make the engineers more productive and capable of delivering high-quality work in the stipulated time frame. Mover over, the technology will be useful in analyzing the work and the process of the construction industry.
Agriculture: Agriculture is one of the core sectors and we have been modifying the cultivation process to yield more from it. There are incredible opportunities for AI or machine learning in agriculture. But, the implementation of the technology is the most complex in the sectors like agriculture. The technologies like AI & IoT will be very useful in understanding a timely planting, getting predictions, using fertilizers, harvesting and the climate. Automation of farming activities is possible with the implementation of the technologies like AI & IoT. Farmers need to adapt to the new technologies to implement and get the maximum output from their fields.
Sports: The implementation of artificial intelligence in the sports industry is a game changer. It is certainly going to change the sports world. The advanced technology will make the sports more interesting and help the athletes to go beyond the capacity to practice and deliver the best out of them. There has been a huge demand for AI-based applications in the sports industry as it possesses significant capabilities. The implementation of the technology is certainly going to solve many major changes in the sports world and it could bring the true competition among the players and athletes.
Entertainment: AI or machine learning has brought a big change in the entertainment industry. Of late, we can consume the media when we want, where we want and how we want, thanks to the emerging technologies. AI is everywhere and it is making a big difference in our lives. When it comes to the entertainment, the algorithms being used by various application make our life much simpler. AI has really changed the entertainment industry and it will make it more lively in the days to come.
Education: It is the most important and vast sectors that touch every life regardless of the age. AI-based solutions have been helping students and teachers at various levels. AI or machine learning is making our education system smarter and AI & collaborative virtual networks are used to make a perfect learning environment for students as well as teachers. AI and emerging technologies have been creating a proper blend of learning ecosystem. 21st-century classrooms are equipped with emerging technology solutions to deliver the best learning environment to students.
Healthcare: AI or machine learning is certainly going to carter greater services in the healthcare sector. The implementation of the advanced technologies in the healthcare sector is a bliss for the society as it will help ease all the challenges. The AI-based applications are useful in understanding medical data and reaching the right conclusion without direct human input. These applications are applied in diagnosis processes, treatment protocol development, drug development, personalized medicine, and patient monitoring and care.
Banking: Banks and other financial institutions have been showing interest in the adoption of AI or machine learning. It has a huge impact on the business and commerce of the banking industry. Many major banks across the world have implemented these emerging technologies for the automation and use these are powerful tools for their effective operations. The technologies have been successful in equity capital market and help the organizations in the enhancement of their organizational structure. The implementation of the AI in the banking helped in the payment efforts and reduced complex process through simple chatbots conversation to continue the operations without any hassles. Some leading banks also used the AI technology in the field of intelligent virtual assistant to improve their customer services. While some financial institutions have been using to prevent fraud and monitor potential threats to customers in commerce.
E-Commerce: e-commerce business is a bustling segment of the retail industry, of late. Major e-commerce companies have been using the advanced technologies like AI or machine learning. The impact of the implementation is clearly visible in e-commerce space. Companies are using the AI as chatbots, AI assistants, smart logistics, using algorithms to predict and analyze customers’ behaviors. The machine learning based applications are being implemented to augment the marketing strategy. Automation emerged as the key to effective warehouse operations and the technology helped many companies in achieving delivery efficiency. The ultimate aim is to reduce shipping costs. Machine learning helps companies in demand forecasting, product search ranking, product and deals recommendations, merchandising placements, fraud detection, translations and much more.
Marketing: Sales & Marketing professional always active with their leads and prospects. They will not let go any opportunity out of their hand. Of late, SMEs are also adopting some form of AI or machine learning based applications in their sales funnel. Two technologies – machine learning and predictive intelligence – are useful for the sales team to meet the target and deal with hottest & most qualified leads. The implementation of AI or machine learning will help the companies saving their valuable time and cost. It has been used at the different stages of the customer lifecycle. The applications could be useful in getting leads from both B2B and B2C.
The implementation of artificial intelligence or machine learning is making our life simpler and smarter. AI will help companies to enhance their productivity and to provide best services to their end customers.