Since the beginning of the Industrial Revolution (RI) 4.0, it’s been like a rain fire of emerging technologies, and surprisingly, most of them are connected and working together. Because artificial intelligence (AI) complements the partnerships between ML (machine learning) and IoT (Internet of Things) with big data and enables deeper analysis that helps the company achieve its long-term goals.
What was a buzzword in the technology world a few years ago is now the most coveted product, to the point that mammoths like Google, Facebook, etc. Put your weight behind AI and ML before anything else.
According to research firm Tractica, the global AI software market is expected to reach $ 118.6 billion in global sales by 2025. In addition, more than 300 AI use cases will contribute significantly to market growth.
With the help of AI application development partners, almost all industries benefit from the advantages of the technology. However, let’s list and examine the top five industries that have the greatest potential for AI / ML applications.
This is an area that is at the top of the list in terms of the scope of AI application. Healthcare AI is used in many areas, but at the top of the table:
Most young people in the typical 9- to 5-year-old program cannot see a doctor. With the advent of smartphones and other devices, digital health counseling tools have become more popular, especially in the 18-29 age group.
The study shows that people who stay longer in hospital tend to get sick within six months to a year. AI-compatible robotic surgery, including cardiac, intestinal and thoracic aids, help the surgeon with greater accuracy, resulting in less pain, less blood loss and a shorter hospital stay.
These times are long gone when parent-teacher meetings were premature without much knowledge. On the other hand, parents and teachers can meet with AI-based scheduling software such as Acuity Scheduling, Doodle, etc. at a time that suits them.
Well, it doesn’t end with planning. Today’s classrooms consist of tactile robots with AI support for students, which not only enable the assistant to read, learn languages and social interaction, but also contribute to the development of skills Social services for disabled children.
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This is an area with versatility that also depends on various other internal factors. On closer inspection, all other departments of a company work in the best interest of the marketing department, since they are directly related to the brand exercise.
For this reason, marketing or martech technology is critical to the company’s success.
For example; Long hours of A / B testing with different headline combinations to determine click through rates and / or customer conversions can now be avoided with Google’s responsive search ads that put together different combinations and create the best possible optimized descriptions that would allow merchants to better strategize .
Have you ever thought about what the customer feedback form you often fill out when you bought something online is used? From the clock to the large fridge, everything that is bought online is delivered with a feedback form. The same applies to an abandoned car.
With each incomplete sale due to the abandonment of the shopping cart, e-commerce companies typically lose almost 70% of their sales, which translates into millions of dollars a day.
AI-based tools, for example, benefit e-commerce companies by automating data, inventory and inventory analysis, which enables a better sales forecast.
AI-based chatbots can remind your customers of incomplete sales and abandoned shopping carts with offers and discounts to initiate a purchase.
Every day your potential customer wants immediate help with problems that cannot be answered in the frequently asked questions. To prevent the customer from fleeing the website, the AI-based chatbots with NLP (Natural Language Processing) can help your customer immediately.
It is a sector that has taken over the technological revolution in every phase and in every phase. Now they have reached the stage of intelligent automation. Up to 49% of executives have implemented a detailed AI strategy.
It is estimated that 45% of companies have invested more than $ 5 million in AI-related initiatives. This says a lot about followers and startups in the financial sector.
Thanks to machine learning (ML), it was possible to predict cash events and proactively advise customers on spending and savings habits, as well as develop advanced credit models to increase reach and reduce payment defaults.
The list above shows that the introduction of AI and ML in industry is developing rapidly. Where it will clearly automate many previously performed manual processes.
Although this means that the workforce is excluded from these tasks, it also facilitates the scalability of human resources for higher qualifications. It is therefore a win-win situation for industry and the workforce.
I hope you have understood that how much AI technology is progressing day by day. And which industry are using this technology to grow their business.
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