You will be surprised to know that 91.7% of businesses said that are increasing their investments in data and AI.
Over the last few years, AI technology has gained immense popularity among businesses of all types and sizes. Whether Google, Facebook, or any other tech giant, every company is leveraging this technology to its full potential. AI technology is longer an expense but it is a worthy investment that offers a host of benefits. There are many small to large industries that rely on this technology.
However, before we dive deeper, let’s first understand the meaning and benefits of AI technology.
An Overview Of AI Technology
Even though AI technology came into existence in 1956, it took many years for businesses to understand its true power and potential. AI, short for Artificial Intelligence is the ability of machines such as computer systems to exhibit human-like characteristics to perform tasks and reduce human effort.
Some of the benefits of using AI technology include
- Fewer chances of human errors
- Least risks
- 24/7 availability
- Digital aid
- New innovations
- Informed decisions
With the advent of new trends and techniques, Artificial intelligence is evolving at a rapid speed. It is on the verge of becoming one of the fastest-growing and most powerful data-driven technologies used worldwide.
From government sectors to large private organisations and small online businesses, there are multiple industries that rely heavily on AI technology.
Keep reading the blog to find out the top 5 industries that leverage the power of AI.
Top 5 Industries Using Artificial Intelligence
1. Healthcare
AI technology has already proved to be a game changer in the healthcare industry. You will be surprised to know that IBM’s Watson, which is a supercomputer, diagnosed a rare form of leukemia in a patient in just 10 minutes which even medical experts could not do after months of examination.
This AI-driven machine surely has put many doctors to shame. This clearly shows how AI technology can predict medical problems much faster than a human.
Apart from that, there are many AI-driven machines that play a key role in the medical industry. For instance, AI technology is used to evaluate the details of patients to diagnose the problem and come up with possible treatment solutions.
There are many healthcare companies like Babylon Health and Freenome that make use of AI technology for effective treatment.
Above all, from evaluating patients’ details to detecting medical issues, and robot-assisted surgeries, AI technology aims to rule the healthcare industry.
2. Finance
Finance and banking are one of the most common industries using AI technology. Since the finance industry holds a large data, a single human error can result in negative consequences. This is the reason financial industries must have robust and accurate computing systems to avoid any problems down the road.
From detecting frauds to safer online transactions, AI technology offers many perks in the financial industry. Furthermore, it can also analyze stock markets and help financial exports make informed decisions.
Also, AI-driven systems can accurately, quickly, and efficiently skim through large data faster than humans, thus saving a lot of time and effort.
Other benefits of using AI technology in the finance industry include
- Secure transaction
- Fewer bank frauds
- Less risk of financial threats
- Algorithmic trading
3. Transportation
The transport industry is a pioneer of AI technology. Self-driving cars are no more a dream. They are already on the market. To people’s knowledge, self-driving cars are robotic cars that use artificial intelligence for system management and operate without any human intervention.
Apart from self-driving cars, AI along with Machine Learning (ML) is widely evolving to monitor and manage traffic, thus less traffic-related incidents, minimum road congestion, and better road safety.
For instance, Google Maps use artificial intelligence to help people find different routes, inform them about traffic conditions, and even track their locations.
4. E-commerce
AI is one of the substantial components of the E-commerce business. From improving customer satisfaction to personalization, AI technology is constantly transforming the industry. There are many E-commerce companies like Lenskart and Amazon that use AI technology.
In fact, the most powerful E-commerce giant, Amazon has incorporated AI technology into almost every step from start to finish of the customer life cycle and other processes. The top benefits of AI technology in E-commerce business are
- Virtual assistance
- Smart search
- Personalize the online shopping experience
- Automated customer support
- Better customer service
5. Telecommunications
The telecom industry depends heavily on algorithms of AI technology. By using advanced AI algorithms, telecom experts analyze the data to predict and identify network issues.
Some of the other benefits of AI technology in telecommunications are
- Predictive maintenance
- Network optimization
- Flawless operations
- Virtual assistance
- Higher customer satisfaction
- Fraud detection and prevention
- Fewer network issues
In The End…
Apart from the above, advertising, manufacturing, retail, and agriculture are some other industries that rely on AI technology. AI has the power to transform your dreams into reality. The future belongs to this technology for sure and every business, small or large, will need to deal with AI in one way or another.
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