Artificial Intelligence and its Prominence in Different Industries

Artificial intelligence is a prominent phenomenon in the world of computer science. There have been rapid advancements in this technology, which has added to its popular worldwide. The current market value of artificial intelligence is expected to stand at USD 190.61 billion by 2025. From business, entertainment, to education, and medical, the implementation of artificial intelligence can be witnessed in basically every sector. In this article, we will learn more about artificial intelligence and its prominence.

What is Artificial Intelligence?

Artificial intelligence or AI centres on the simulation of human intelligence within machines that are programmed reflect human actions. It is basically any machine that exhibits traits such as learning ability, analyzing, problem-solving, etc. Equipment powered by AI holds the ability to assess a particular situation or data and take necessary actions to achieve a particular objective. When people hear the world artificial intelligence, they often think of robots, but it is so much more than that.

AI is technology is centred on the principle that human intelligence is defined in a way that can use mimicked by machines, and subsequently person simple as well as complex tasks.

Developing an artificial intelligence system is a process that centres on reverse-engineering traits and capabilities of humans in a machine. Furthermore, the computation capabilities of these machines are used to facilitate various tasks. Artificial intelligence is built by combining a lot of components including mathematics, philosophy, economics, psychology, neuroscience, computer engineering, linguistics, control theory and cybernetics.

Types of Artificial Intelligence

Image Source – https://www.analyticsinsight.net/how-artificial-intelligence-is-reforming-the-manufacturing-industry/

There are three types of artificial intelligence –

• Artificial Narrow Intelligence

It is the most common type of AI that is popularly seen in the market. These AI-powered systems are developed to provide a solution to one challenge and execute a single task. And as their name implies, this type of artificial intelligence have narrow capabilities.

• Artificial General Intelligence

This is the form of artificial intelligence, which theoretical. It is referred to as artificial intelligence that has cognitive capabilities similar to human’s across different vertical such as image processing, language processing, reasoning, etc.

• Artificial Super Intelligence

An artificial super intelligence system is a type of AI that would surpass the capabilities of a human. This would include taking a rational decision, developing art, facilitating emotional relationships.

Importance of Artificial Intelligence

Image Source – https://www.analyticsinsight.net/artificial-intelligence-disruptive-industries-next-five-years-2/

Artificial intelligence has made its mark in almost every industry and transformed its traditional process. Therefore, the importance of artificial intelligence can be understood by learning about its application in different industries.

Artificial Intelligence in Business

Companies are slowing getting out of the stage where they are evaluating the pros and cons of artificial intelligence. Today more than 23% of companies across the globe have integrated artificial intelligence and using it as a competitive tool. From leveraging data analytics for making predictive decisions to chatbots for optimized customer support, artificial intelligence can be witnessed in many forms in the corporate world. Artificial intelligence is used to process the massive data collected by the company, which can be then assessed and used to determine possible implications. This has streamlined the decision making process to a great extent.

Artificial Intelligence in Healthcare

Artificial intelligence in healthcare refers to the use of software and complex algorithms to imitate the cognitive abilities of humans to analyze complex medical data. The growth of artificial intelligence within the healthcare sector is expected to stand 48% between 2017 and 2023. This technology can be leveraged to foster the growth of preventative medicine and research new drugs. Moreover, 30% of the healthcare costs are borne due to administrative tasks. The use of artificial intelligence can help in automating the repetitive tasks such as follow-up on unpaid bills, pre-authorizing insurance, maintaining various records etc. This will alleviate the workload on medical professionals and save money.

Artificial Intelligence in Education

There is more to artificial intelligence in education than science fiction. AI-powered systems are being used to customize the learning experience for each student. By implementing the potentials of machine learning, AI systems are used by the educational institutes to establish a learning profile that is customized for students individually.

These systems will provide customized learning tools and materials to enhance their overall experience. According to reports, by the year 2024, 47% of leaning management tools will be integrated with AI-capabilities. Teachers will no longer have to create a single curriculum for the entire class; instead, the augmented intelligence will provide versatile learning materials that would cater to the needs of every student.

Artificial Intelligence in Agriculture

Artificial intelligence in agriculture is assisting farmers in optimizing their efficiency and lower impact the environmental impact of their activities. The agricultural industry is increasingly implementing AI into their everyday practices. This technology has transformed the way food is being produced, and agricultural emissions have been reduced by 20%. A majority of agricultural start-ups have implemented AI-empowered approach to boost their production efficiency and capabilities. In fact, the market size of artificial intelligence in agriculture is speculated to value at USD 1550 by the year 2025. AI-powered systems would help farmers identify climate changes or diseases sooner and enable them to take preventive measures in a timely manner.

Artificial Intelligence in Transportation

Similar to almost every other sector, AI is revolutionizing transport industry. From assisting trains, cars, aeroplanes, and ships to operate autonomously to ensure smoother traffic flow, AI has been applied in many aspects of this sector. This technology can is integrated to make modes of transportable cleaner, smarter, safer, and more efficient. AI-powered autonomous transport could help in reducing errors caused by humans that lead to accidents. Different use cases of this technology in transportation are justifying why the market is predicting a great surge. In fact, artificial intelligence in transportation is speculated to value at USD 3.5 billion by the year 2023.

Artificial Intelligence in Finance

The finance sector is one of the adopters of artificial intelligence. Traders, insurers, wealth managers, and bankers all have adopted artificial intelligence and machine learning. This technology enables companies to save time and money by leveraging the algorithm to generate valuable insights. The information provided by AI-powered systems enables financial companies to improve their services, predict sales performances, and make strategic decisions. Software is automating tasks such as making the calculation, aligning data records, assessing variables, etc. artificial intelligence is replacing the reliance on humans to make decisions. The technology holds the potentials to assess the information or situation and provide insights to facilitate necessary actions.

Artificial Intelligence in Logistics

Artificial intelligence has made a significant impact on the logistics industry. The core objective of the implementation of AI in the logistics sector is to automate the arduous actions, in turn, save time and money. The technology has streamlined various operations of warehouses such as data collection, inventory processing, maintaining records, etc. This efficient approach has allowed companies to increase opportunities or revenue generation. The automation system can enable companies to predict the demand for an item, therefore helping them with inventory management. The potentials of artificial intelligence have significantly reduced human’s dependency on completing routine tasks. This way, skilled personnel has more time to manage more important tasks that cannot be handled by machines.

It is quite evident that artificial intelligence is a technology that has created major waves in basically every industry. With the passing time, we are likely to witness more potentials of this technology that will help in streamlining operations, save time and money, and improve efficiency.