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Every day, new applications of AI are discovered. Data scientists and other IT professionals are looking at new ways of using Artificial Intelligence on its own and when combined with other technologies like cloud computing, Big Data and augmented reality. AI combines the techniques of ML (machine learning) with Deep Learning methodologies. Artificial Intelligence application models can make strategic decisions based on the large volumes of data that data scientists use to train them.
According to data shared by Statista, the global AI (artificial intelligence) market will hit a valuation of $126 billion by 2025. Gartner put out data to show that 37% of all global organisations have implemented or deployed AI solutions in one or more forms. The number of firms working with AI solutions has grown by 270% in less than half a decade.
Research by Servion Global Solutions shows that 95% of all customer interactions will have an AI component to them by 2025. Meanwhile, a 2020 report created by Statista shows that you can expect a 54% YoY growth in global IT markets.
The future of artificial intelligence is bright, diverse and multi-dimensional. There is no telling what the technology of tomorrow can enable AI to do. It is one of the top technologies to watch in the coming decade.
Artificial Intelligence already has several applications in our lives today. We might not always realise it, but there are several aspects of our digital and online experiences that are only possible through the power of AI. Here are the top applications of Artificial Intelligence today:
If you’ve ever shopped online, you’ve interacted more times with AI than you’ve realised. AI has multiple applications in the online shopping domain. The most popular ones are:
AI can gather information from your past visits to a particular website, your cookies, interests and history. This data is fed to the AI model which helps generate recommendations for users. This ensures higher customer engagement and cross-selling opportunities. It also helps build customer relations and increase brand loyalty.
Virtual chatbots and shopping assistants take the customer experience to the next level as they shop online. NLP (Natural language processing) helps in making the conversation more humanised and personalised. Additionally, virtual assistants can provide real-time engagement and help solve problems without human intervention.
Two of the biggest challenges that e-commerce platforms face today are fake reviews and credit card fraud. AI can significantly reduce both these problems by looking at customer usage and behaviour patterns. Customer reviews help customers in choosing whether to buy a product or not. Fake reviews can be a real menace and hinder customers from making the right choice.
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GPS technology gives users detailed, accurate and instant data on their geographical location and helps improve safety while travelling. It uses a blend of Graph Neural Network and Convolutional Neural Network to automatically detect the road types beyond obstructions or the lanes on a highway. This helps in making travelling and commuting easier for citizens. Businesses like Uber, FedEx and other logistics and travel companies use AI in their GPS devices to help analyse road traffic, optimise routes and improve efficiency.
Robotics is a rapidly rising domain with several applications for AI and Machine Learning. Mechanical AI-enabled robots use real-time notifications and sense hurdles ahead. They can instantly pre-plan their journey or reroute wherever needed. Some common robotics applications for AI are in the form of:
Goods carrying in factories, warehouses and hospitals
Managing inventory
Cleaning large industrial and office equipment
Many leading businesses today use smart software and intelligent solutions to simplify their hiring process. AI also helps companies to put less effort into individual applications. With machine learning solutions, recruiters assess applications based on predetermined parameters. Artificial Intelligence scans each candidate’s profile and gives the recruiter a stronger understanding of the talent they should consider or reject.
There are highly diverse uses of AI in healthcare overall. The technology helps in building advanced equipment to help in detecting critical diseases and identifying cancer cells. AI can analyse chronic ailments using medical and lab data and provide a diagnosis early. Artificial intelligence also combines medical intelligence and historical data to aid in the creation of new medicines and drugs.
Using the right soil and ensuring its enrichment is vital for agricultural success. AI helps in identifying nutritional deficiencies in the soil and any dangerous elements. Computer vision, Machine Learning apps and robotics all work together to complete this analysis and understand where weeds are growing. AI also helps in harvesting crops faster and in larger volumes than possible with human labour.
Also Read: Top 3 Popular Machine Learning Certifications To Get in 2022
Gaming is another rapidly rising industry today and a potential base for multiple AI applications both in the present and future. AI is used in gaming to create human-like non-playable characters (NPCs) that can interact with active players and characters. AI also helps in predicting human behaviour which can help in improving game testing and designs.
AI is a significant component in the popularisation of self-driving cars. It can significantly evolve the radar, cloud connectivity, camera, control signals and GPS of the vehicle, making it easier to operate and safer to use. AI can also provide a superior in-car experience with additional features like emergency brakes, driver-assisted steering and blind-spot surveillance.
Marketing professionals use AI in several ways. We live in a digital-first age of targeted advertising. AI helps in delivering highly personal targeted ads that can help identify pattern recognition, behavioural analysis and customer interests. It also assists with audience retargeting to ensure improved results and reduce annoyance or distrust among consumers. When it comes to content creation, AI can provide content marketing solutions written in a manner that goes well with a brand’s tonality and style. You can use AI to carry out tasks like campaign reports, performance assessments etc.
Chatbots are also an important marketing feature. They use Natural Language Generation, Natural Language Processing, Natural Language Understanding and Artificial Intelligence to analyse user languages and respond in a human-like manner. AI also gives users real-time personalisation depending on their previous and present behaviour and helps in editing and optimising campaigns to suit the needs of local markets.
Chatbots can understand human languages and reply to online users who choose the ‘live chatting’ feature given on many websites. An AI chatbot is effective as it uses machine learning and can integrate with a wide range of applications and websites. An AI chatbot will learn from its responses and interactions, eventually building an answer database while it continues to take information from answers that were fed to it before. As AI improves and evolves, chats will be able to solve every customer problem, reply to routine inquiries, provide round-the-clock support and improve customer satisfaction. In general, AI-powered virtual chatbots can help improve customer satisfaction and drive brand loyalty.
More than 80% of banking institutions today acknowledge the advantages and benefits of using AI. From personal finance to consumer finance to corporate banking, highly-evolved AI solutions can improve financial services significantly through their impact on multiple financial products and services. Artificial intelligence can also recognise any change in buying behaviour, transactional patterns or any other red flags that people might overlook. This can help banks avoid significant data and financial losses.
The applications for Artificial Intelligence are only going to grow, both vertically and horizontally. If you are looking for a reason to switch to a career in AI technology, you now have 11. Give your career a new direction and enroll in an Artificial Intelligence certification course today.
Archer Charles has top education industry knowledge with 4 years of experience. Being a passionate blogger also does blogging on the technology niche.
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