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Technology is evolving rapidly and is significantly changing the way the world operates. Artificial Intelligence (AI) and its unique capabilities is one such technology that is well poised to have a profound impact on modern industries.
While AI has already transformed the way people travel, shop, work, operate, and interact; it’s gradually making forays into healthcare, manufacturing, agriculture, finance, and other rapidly evolving industries. It is aiding end users with automation, cloud infrastructure, machine learning, natural language processing, natural language generation, and the designing & deployment of bots.
Its potential is being leveraged to allow end users to detect patterns in large volumes of data and generate meaningful insights. According to Grand View Research, the adoption of AI is growing, and as a result the artificial intelligence market is projected to reach USD 35,870 million by 2025.
Fig 1 Artificial Intelligence - Direct & Enabled Revenue, 2014 - 2025 (USD Million)
AI traction is particularly due to the continued rollout of smart infrastructures, such as homes, grids, hospitals, and cities. AI can be commonly found in an ecosystem of a smart home comprising of a smart television control system, a self-service system in bathrooms, and an intelligent food identification system.
When it comes to smart transportation, AI can help in autonomous driving and traffic management. In smart grids, AI assists in managing the grid operations, delivering consumer engagement services, and integrating smart energy platforms.
Artificial intelligence has proved to be one of the most promising technologies for healthcare related applications. AI capabilities are helping hospitals, clinics, and tertiary care providers analyze a patient’s information in EMRs and home health technology.
The chatbot capability powered by AI helps in responding to patients’ queries for better remote care Robot-assisted surgery, virtual nursing assistants, drug discovery, and genomics are some of the other healthcare-related applications being aided by AI.
The manufacturing sector is leveraging the capabilities of AI to augment operational efficiency. For instance, manufacturing facilities are cultivating AI technology to detect a faulty circuit board, or to predict faults at each stage of the manufacturing process.
Apart from automating various tasks associated with the manufacturing, Artificial Intelligence is also being used for predictive maintenance, yield enhancement, testing, quality optimization, and improvement of inventory management.
Financial service companies are using AI to make sure that every transaction is free from malware and fraudulent activities.
Officials in the banking industry are using AI features to enhance customer experiences, and deploy AI-powered digital advisory platforms. Other departments that would benefit from AI include risk management and equity prediction.
Telecommunications companies are using Artificial Intelligence to monitor, manage, and optimize a particular networks operations. As well as analyzing the usage, predict demand surges, and initiate predictive maintenance.
Also being deployed are AI-enabled chatbots to address the queries raised by subscribers, as well as to deliver speech & voice assistance.
Retail and E-commerce
E-commerce websites are using AI technology to understand consumer behavior and make recommendations on products, as well as assist in searching for products in a conversational language.
Other tasks aided by AI include providing customer-centric search, identifying exceptional target products, and augmenting the efficiency of the sales process. On the other hand, AI is also helping retailers in sales by organizing the logistics and delivery of goods.
Fig 2 Artificial Intelligence Market, By End Use, 2018 (%)
Artificial intelligence has successfully paved its way into a myriad of applications. However, there are several other application areas where artificial intelligence can find immense opportunities. The recurrent neural networks in artificial intelligence can be used in cybersecurity applications to detect fraudulent activities at the initial stages itself.
Smartphone manufacturers are utilizing AI technology to provide various features, such as face recognition to unlock their phone or iPad. Other sectors where AI can find immense opportunities include data analysis, transportation, emotion bots, marketing, and advertising, among others. Artificial Intelligence has a profound impact on how the industries operate, thereby creating a wave of disruption and opportunity.
Jain Khushboo, Senior Research Associate– Information & Communications Technology Practice
Working as a Sr. Research Associate in Information & Communications Technology (ICT) Domain at Grand View Research Inc., since April 2019. She has experience working in many projects in Information & Communication Technology (ICT) domain including augmented analytics, smart electricity meter, digital utility & other projects. Khushboo is a management consulting professional. She holds Bachelors degree in Engineering from Medicaps University from Indore, India.
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