The World Economic Forum attributes the Fourth Industrial Revolution (4IR) to the growth and consolidation of technologies such as artificial intelligence (AI), machine learning (ML), deep learning (DL), the Internet of Things (IoT) and more. Even though we can confidently claim that artificial intelligence has impacted every facet of different industries, it would still be an understatement.
The following is a demonstration of the far-reaching impact of artificial intelligence across different verticals and industries:
AI experienced a major boom in the healthcare sector since the Covid-19 pandemic. However, it was not a result of overnight changes, as the industry was increasingly turning tech-focused in the days preceding it.
Artificial intelligence continues to find widespread application in telemedicine, ranging from preliminary diagnosis to formulating a treatment plan. AI platforms can utilize a range of technologies such as data mining, image processing and predictive modeling to discover the best route to a long and healthy life.
As education becomes more democratized through the power of internet technologies, AI is serving as an enabler and an accessory, especially in self-paced learning environments.
For starters, it individualizes learning based on the learner’s existing competencies. It then establishes a collaborative platform for learners and trainers and changes the difficulty levels based on the knowledge transfer rates. At the back-end, automation takes care of routine administrative tasks such as managing attendance or grading, thereby freeing up tutors to focus on the teaching aspect.
Banking, Financial Services And Insurance (BFSI)
In the last few years, the BFSI sector has made slow but highly impactful headways through the power of technologies like AI. There are plenty of ways businesses can deploy AI solutions to empower businesses in making smarter and balanced decisions.
For instance, AI helps policy underwriters in drafting custom insurance policies that account for the risk and customer lifetime value of an individual. On the other hand, AI-powered bots can perform high-security authentication while offering access to banking facilities. Similarly, robo-advisories can make personalized recommendations for investment opportunities for wealth creation.
Retail And E-Commerce
Most people come face to face with AI technologies primarily in the retail and e-commerce space. It acts as a powerful differentiator in a market segment that is highly competitive.
AI, ML and DL technologies identify customer purchase patterns to lend insights into how businesses can strengthen their marketing capabilities. From making personalized recommendations based on customer interactions and preferences to streamlining customer support dialogs, AI finds traction throughout the customer journey.
Gaming And Entertainment
As the industry for over-the-top (OTT) content streamers gets saturated, AI comes as a breath of fresh air that retains engagement even if your libraries remain the same. It makes intelligent recommendations to the audiences on the consumable content depending on their tastes. At the other end of the spectrum, it analyzes viewer behavior and can shed light on the kind of content such platforms must create or acquire.
A similar application is seen in the gaming industry, one of the first adopters of artificial intelligence and machine learning. The result? Highly engaging and interactive games that change the course of events in response to user action!
PwC states that AI will stimulate global economic growth by $15.7 trillion by 2030. These numbers paint a bright future for the AI revolution.
From autonomous vehicles to robotic process automation, AI has developed roots and grown offshoots throughout. It is only a matter of time until AI opportunities accelerate through rapid adoption. However, to facilitate this action, businesses require trusted sources to connect with vendors and AI specialists. AI marketplaces can satisfy this need by allowing companies to buy or sell AI-powered products and services. These marketplaces can accelerate the speed of innovation in AI and bring the benefits of the AI revolution to the current generation.