The function and popularity of Artificial Intelligence are soaring by the day. Artificial Intelligence is the ability of a system or a program to think and learn from experience. AI applications have significantly evolved over the past few years and have found their applications in almost every business sector. This article will help you learn the top Artificial Intelligence applications in the real world.
Although Artificial Intelligence (AI) has long been here primarily as an academic and scientific discipline, this technology has attracted a lot of attention from various industries over the last few years. And AI use will only grow in 2023 thanks to the experience and convenience it has to offer.
According to a report provided by Grand View Research, the global AI market size is suggested to reach $1,811.8 billion by 2030, growing from $136.6 billion in 2022 at a 38.1% CAGR.
AI can help businesses automate many processes and deliver better user experience, help in education, promote convenience in many industries and improve the human experience as a whole. This article will showcase key industries that either has already benefited from AI use or are going to in 2023.
AI Facts and Figures:
- According to Statista, revenue from the Artificial Intelligence (AI) software market worldwide is expected to reach 126 billion dollars by 2025.
- As per Gartner, 37% of organizations have implemented AI in some form. The percentage of enterprises employing AI grew 270% over the past four years.
- According to Servion Global Solutions, by 2025, 95% of customer interactions will be powered by AI.
- A recent 2020 report from Statista reveals that the global AI software market is expected to grow approximately 54% year-on-year and is expected to reach a forecast size of USD $22.6 billion.
It isn’t surprising that the healthcare industry is one of those domains that can benefit from AI the most. Thanks to restrictions caused by COVID-19, the healthcare industry has applied lots of technologies to make the process less human and more efficient. As a result, Artificial Intelligence in healthcare is now used in data mining to identify patterns and then make a more accurate diagnosis. It also helps reduce the load on medical staff by offering chatbots for patients. It is used for medical imaging, medication management, and robotic surgeries.
Retail and E-commerce
Retail and E-commerce are considered to be two domains where the application of AI is the most observable to the majority of end-users. Being an incredibly competitive space in 2023, retail organizations are looking for technologies to find patterns in consumer behavior and thereby offer better user experience.
The use of artificial Intelligence in e-commerce is revolutionizing this industry with its many applications in e-commerce, including customer experience, fulfillment services, shipping, etc. For example, it helps businesses to increase personalization by learning user behavior and providing more relevant recommendations for efficient cross-selling. In addition, many tools, like Bezos, are powered by AI and specially designed for the e-commerce market.
Ai has also found its place in the food industry. If you haven’t ever thought about a robot making your cup of coffee, you should now think about it. Some FoodTech companies have already built a robotic tea maker based on AI capabilities combined with IoT technology. This smart robot now allows users to create their own recipes using a web interface, mobile app, as well as the machine itself.
Banking and Financial Services
The financial and banking industries are undergoing a significant transformation that will remain in 2023. Users are looking for more modern and convenient ways to interact with banks, and the appearance of decentralized banking is forcing them to bring a better user experience to stay relevant.
In many cases, human agents have been replaced by intelligent software robots that can process loan applications within a second. In addition, well-known robo-financial advisors are growing in popularity today since they have been shown to provide valuable investment recommendations based on collected data.