From driverless cars to robotic arms, artificial intelligence (AI) is transforming the way we live, work, travel, and operate. It is further expected that AI would hit the $15.7 trillion figure by the year 2030 and would become one of the biggest contributors to the global economy (Source: PwC AI Market Research). Below are some of the biggest areas where AI is being implemented.
One of the biggest embracers of AI technology is the healthcare industry, which has been going through significant transformations and making medical services more profound and effective. Artificial intelligence in healthcare is being employed for maintaining patients’ health track records, maintaining the database of all the medical inventories, and predictive healthcare monitoring.
Talking about the fashion industry, AI acts as quite effective in assisting with the buying patterns of users worldwide and accordingly predict fashion trends. It can thereby help professionals from the fashion industry to benefit multiple folds by using AI technology.
Another application area where we can find the use of AI in the gaming industry is for enhancing the playing experience of gamers. AI is used to generate intelligent, responsive, and adaptive behaviors in the gaming characters. Thereby, gamers find themselves more involved with gaming characters.
If you are one of those who wonders what AI is to do with education, then you would be astonished to know that AI in the gaming sector is expected to grow worth 6 Billion USD by 2024. Educational institutions these days have been implementing AI technology to improve student learning as well as automating the tasks for instructors. AI is being widely used to set the question papers based upon the learning aptitude of the students. (Source: Global Market Insights, 2019)
Across all the sectors adapting with artificial intelligence, the manufacturing sector is still the biggest and the most influential sector that has great potential across all its domains. AI in the manufacturing sector is employed to automate the manufacturing processes, facilitate preventative maintenance, offer great quality, and establish an efficient working culture.
Retail and eCommerce Sector
Next, we have one of the fastest-growing industries of all time, called the retail and e-commerce industry which finds one of the greatest applications of AI. AI in the retail and eCommerce industry is being used to deal with heavy volumes of customer information, manage inventory, manage market sales, and research-based forecasting and predictions.
Finance and Banking Industry
These days identity theft and fraud loss cases are quite common, especially in online transaction cases. To help out with this, and add an additional security layer across all its processes, the AI technology can be used, which makes it possible to track suspicious activities and identify frauds by analyzing the transaction patterns and alert the user about it.
Overall, AI has got immense potential across all the sectors and is regarded as one of the most effective technologies of all time. Further, if we talk about one of the largest embracers of AI technology, then, Singapore tops the list and eventually, there are some of the best Artificial intelligence companies in Singapore, that assists with this platform.