Future Scope of Artificial Intelligence in Industry

  • Future Scope of Artificial Intelligence in Industry

    For the past ten years, there have been several dormant stages in the development of artificial intelligence. The current state of machine learning applications implies that these issues will only worsen.

    Startup financing for AI has increased dramatically and has now surpassed 38 billion dollars, including the first two quarters of 2021. Furthermore, as per Statista the predicted value of an investment in AI might reach 500 billion dollars by the fourth quarter of 2024.

    An increasing application of artificial intelligence in industry is soon to bring a revolution in many sectors. It is not mainstream technology yet, but the funding for research and product development in AI is increasing across all industries.

    This article highlights the top ten industries benefitting from AI.

    Future of AI

    The forthcoming years will be witnessing the transformation of industries with AI. From healthcare to education and the environment – no industry will remain untouched by AI. The near future will see rapid technology adoption in learning and reforming lives in cities.

    There is a certain possibility that 50 percent of lower-tier income groups will see AI replacing manual work. Monotonous tasks that follow a standard operating procedure will be displaced within a decade.

    Technical advancements can be celebrated but the level of job displacements is concerning. There is a need to educate these lower-income groups about the technology.

    The following sections of this article will talk about the top ten industries being transformed by AI.

    Healthcare

    In this industry, AI will make manual work easier, as healthcare always requires human touch. With AI in the healthcare sector, it has become convenient to collect and interpret data about patients, making it leverage the power of predictive analytics for businesses.

    IoT devices, patient monitors, and recordkeeping software have enabled doctors to observe their patients remotely. With this, healthcare professionals like doctors and biomedical researchers can make proactive decisions.

    As a result, the healthcare system will significantly improve diagnostic techniques and processes. From intricate physical health devices to empathetic chatbots for mental health, AI brings the best out of every corner.

    Automobile

    What is the automobile industry without a hint of AI? Manufacturers are introducing AI to every car facet to improve the process. The introduction of autopilot mode in cars goes hand in hand with AI-driven elements in a vehicle.

    Whether it is as simple as parking sensors or as complicated as a change in gears – automotive startups have enormous hopes for AI. Additionally, there are multiple ways in which AI can impact a car’s development, design, and functionality.

    The latest AI trend in this industry includes self-driving cars using LiDAR, radar, and cameras as sensors. These elements ensure that the driver and passengers remain safe at all times.

    Manufacturing

    It’s okay to go through risky situations and lose money – said no manufacturer ever! Production effectiveness has a significant impact on every manufacturing facility. This is the key to remaining successful in the face of potential competitors in the future.

    A vital piece of technology that can greatly increase production efficiency is machine learning. AI techniques have identified anomalies for better product manufacturing by forecasting customer psychology.

    Below are some fantastic benefits of AI in manufacturing:

    • Avoid unplanned downtime in the unit
    • Get rid of inefficiencies arising due to forecasting errors
    • Maintaining the inventory at all times
    • Reduction in lost sales
    • Significant reduction of waste from the unit by making the process more efficient
    • Better ways to tackle operational challenges
    • Optimizing labor costs without disrupting the supply chain
    • Streamlining cost-saving methodology to generate better revenue

    The primary use of AI in manufacturing includes the automation of machines and the detection of quality issues. Since quality and quantity are two central pillars of a manufacturing unit, it is the need of the hour to make them more efficient.

    Banking

    Banking and finance are a customer-centric industry that thrives on audience’s satisfaction and retention. Therefore, AI is a crucial component that adds relevance to this industry by boosting work efficiency without compromising service quality.

    AI aids in the development of an algorithm for banking that handles and interprets data. AI applications are already being used in the financial sector to help save hundreds of billions of dollars.

    Below are some great applications of AI in the banking and finance sector:

    • Elimination of cyber-attacks by detecting fraud activities
    • Enhancing customer experience
    • Better risk management strategies
    • Making chatbots available for immediate resolution of the query
    • Instant tracking of marketing trends and updating the policies accordingly
    • Automation of the process for better analytics prediction
    • Convenient data collection and data analysis

    These features and benefits drive the banking sector towards efficiency. Thus, the key benefits will significantly reduce costs by delivering exceptional customer service.

    Education

    There are many opinions about how AI affects the educational sector. Experts believe that a classroom atmosphere requires teachers and manual teaching methods. According to studies, AI in education does not aim to take the role of knowledgeable teachers. It is intended to alter how pupils learn and speed up their critical thinking.

    Below are some exceptional features introduced by AI in the educational sector:

    • Task automation such as grammar correction, research paper writing, paraphrasing, and note-taking
    • Custom learning is one of the most significant concepts of AI that allows a student to adapt to a concept at their convenience
    • Education has become more accessible to people who have hearing or vision impairment with the help of AI tools
    • It has become easier for teachers, academicians, and educators to upskill themselves without feeling overwhelmed
    • Data interpretation helps in performance tracking and highlighting the loopholes in the classroom

    To keep up with the trends, personalization and automation must be given top priority. This is a significant change that has the potential to enhance the teaching and learning process.

    Construction

    There are several opportunities for AI adoption in the construction sector. However, because it is the least up to date in terms of digital space, this business is slow to change. This sector not only has tremendous potential, but also makes reliable projections.

    Robotics have the maximum scope in eliminating strenuous physical work and instilling precision in the outcome. It will make monotonous tasks easier and protect human resources from hazardous working conditions. Furthermore, the manual skills and wisdom can be utilized in departments that require it the most after deploying robots at the job site.

    Since architecture is internally linked to the construction industry, AI tools have made it easier for them to devise concepts for their clients. One of the most prominent examples is using the smartphone’s camera to capture an empty corner of your home for designing the interiors. Plenty of AI-driven mobile applications allow you to see the outcome of a design concept before it is executed.

    AI in construction has created immense scope for optimization, natural language processing, and data management using knowledge-based systems. Therefore, it is an exciting era of executing AI-driven tools for impressive development in the construction industry.

    Information & Technology

    The IT domain is already the hub of the latest digital innovations and technologies. If AI-driven tools are integrated into the system, they will alter how we view technology.

    From research and healthcare to construction and manufacturing – the combination of IT and AI is turning computers into a system that can reduce human intervention. Below are some revolutions that AI has brought to the IT industry:

    • Data security: Data transactions happen in bulk daily in the IT industry. There are servers, cloud-based systems, and much more. With machine learning and better algorithms, adding another layer of security is possible. This will help secure the data and identify data breaches and loopholes in the system.
    • Coding productivity: One of the most tedious tasks in the IT sector has to be coding. However, a few codes can be added readily to help programmers achieve their goals quickly. AI is also helpful in detecting errors and bugs in the software to increase efficiency.
    • Automation: Automating the backend work in the IT sector makes it easier to ensure minimal human intervention and errors. Since most backend management tasks are repetitive, they can be accomplished using AI-enabled methods and systems.

    Keeping the above major applications in mind, one can quickly improve the quality, optimize the server, and improve software development efficiency. AI and IT are interconnected through several dots and are, in a way, interdependent.

    Agriculture

    Farming is the profession for yielding crops for the population. While it has remained a part of social culture since ancient times, the technological progress in the industry has been slow. Despite the fact that labour standards and product quality have significantly increased over the past century, AI-driven systems will play a significant role in the industry’s explosive growth.

    Below is a list of breakthrough changes AI will bring to agriculture:

    • Starting from the base, AI can help in keeping track of critical factors like the nutritional quotient of the soil and the quality of the crops
    • Yield predictions, crop health, and malnutrition factors can be taken care of
    • Observing crop maturity for better yield and preventing loss of crops
    • Computer-based vision can detect plant diseases caused by insect vectors
    • Helps in monitoring livestock by identifying unusual behavior, counting animals, and detecting diseases
    • Spraying fertilizers and insecticides at regular intervals has become convenient using AI tools
    • Automatic weeding is the latest addition to the industry through which robots eliminate the weeds
    • Aerial survey and imaging has helped in the grading of land and agricultural patches

    The sole purpose of AI in agriculture is to make the industry more efficient. The ancient history of agricultural practices makes manual errors and mistakes possible. Thus, eliminating human interference from regular tasks and reducing errors can help improve the crops’ quality.

    Retail

    There is no doubt that the retail industry is a highly dynamic sector that focuses on consumer satisfaction. With multiple channels being operated for making a purchase, the industry needs to collect the data to predict consumer psychology and trends for the near future.

    To innovate the retail channels, the industry adopted AI-driven tools and methods to lead the markets. Below are some ways in which this system reshaped the industry:

    • Better inventory management that prevented delays and lags in the system
    • Delivering a better e-retail experience with the help of consumer psychology and an adaptive interface for the user
    • Chatbots are actively being used to search for a specific product and resolve queries without human intervention
    • Visual search is one of the most helpful tools that assist in finding a similar-looking product with the help of AI’s precision
    • AI has made it possible for a consumer to receive personalized suggestions and recommendations to initiate action
    • Live trials, videos, and a review system have made the portal more engaging for the customer
    • Demand forecasting to predict the market dynamics helps brands, e-commerce platforms, and small businesses to be proactive in adapting to the industry

    Apart from making the industry profitable for businessmen, it has also created an exciting shopping and purchasing experience for customers. With better inventory management comes an updated logistics department. All these elements work in sync to bring the best outcome.

    Recruitment

    Isn’t it challenging to find suitable candidates to work with your company? With just a few interactions, choosing the right one from the pool of candidates gets confusing. However, AI-driven tools and survey analysis help in sifting the data to organize it for the benefit of the human resource department.

    Apart from adding AI-powered cameras for a physical interview, some tools assist in stringent background checks. Also, it has become easier to validate the references quoted by the candidate.

    Since many companies are looking to hire freshers for new projects and opting for internal promotions to maintain sustainability – AI tools help assess the talent pool. During this process, there are also systems and methods to figure out gaps and get AI-backed suggestions from the system about improvement.

    Some other applications involve employee onboarding, rerouting the talent and assigning responsibilities to the professionals.

    Conclusion

    While every sector is looking for ways to adopt AI and make things more efficient, research also suggests that merging the human touch with AI is a better idea. By bringing these technological advances into the industry, the goal is not to replace humans but to augment their decisions.

    Since the aim is to make the planet a human-friendly place to live in, AI must penetrate the much-needed corners of our lives. Hence, the penetration of technology will happen slowly and steadily, alongside finding an alternative to the loss of jobs.

    While researchers and programmers are actively curating adaptive systems for all industries, a group of people is concerned about manual touch and job opportunities. The involvement of artificial intelligence in industry certainly comes out as a threat but has also brought enormous opportunities.

    Additionally, there are efforts to create more explainable AI systems for different industries to simplify their application. First, it was digitalization, and now artificial intelligence – the 21st century is headed towards rapid changes.

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