Artificial Intelligence technology is frequently in wonderful demand for fintech initiative and many industries. AI continues to increase dramatically with its integration with machine learning and IoT, and as the tech hulks, increase AI research efforts. As technical industry hulks, including Google, Facebook, and Amazon, capitalize billions now in AI and machine learning research, let's explore how 2020 is telling on this front.
According to some research, the global AI market reaches $ 118.6 billion in annual worldwide revenue by 2025. It additionally says that more than 300 AI use cases will donate significantly to market growth.
With this AI app development, almost every industry is using Artificial intelligence technology but let’s discuss the top 5 industries that have the highest potential for AI or ML apps.
1. Education
Before days, schools are conducting parents meeting with teachers in speed without many visions. Another way, AI-powered selection scheduling software like Acuity Scheduling, Doodle, etc. both parent and teacher can meet at a suitable time that outfits them both.
Fine, it just doesn’t stop by preparation. Nowadays classrooms contain AI-powered tangible robots for students that not only provide the associate with reading, learning the language and social connections but it especially helps to develop vital social skills for children with disabilities.
Related post: Machine Learning in Education Market 2020
2. Healthcare
Healthcare is one of the topmost industries to the extent of Artificial Intelligence application. AI in healthcare is used in numerous areas but the following tops the plan.
Digital discussionHassle-free data maintenance
For data documentation, AI using Electronic Health Records (EHR) technicians for sorting and storing in digital form thereby getting rid of masses of folders with periods of health records kept in file cupboards in clinics or hospitals.
Also, read: Machine Learning for Healthcare
3. Marketing
Marketing is one of the most flexibility and is also dependent on various other internal factors. It will go in deeper; almost all the departments in the company are working for the better interest of the marketing department because it is directly related to the brand-building exercise. Because of this reason marketing technology is energetic for the success of any business.
4. Retail and E-commerce
Suppose, you buy anything online, customer feedback is very important that you often fill in. From a watch to a big refrigerator everything bought online is encouraged with a feedback form. The same is with the case of a wild cart.
With every imperfect sale due to cart desertion e-commerce companies tend to lose almost 70 percent in revenue resulting in millions of dollars each day.
For example, AI-based tools advantage the e-commerce companies by way of automating data, stock and list analysis that eases better predicting of sales.
AI-based chatbots can repeat your customers with imperfect sales and wild carts with offers and discounts in order to induce an acquisition.
On any given day, your potential customer would like prompt help on any issue which may not be answered in the FAQ sections. In order to stop the customer from fleeing the site, the AI-based chatbot with natural language processing (NLP) can contribute to your customer promptly.
5. Financial markets and services
A financial market is one of the fields that have accepted the technical rebellion at each and every stage. Right now have reached the intelligent automation stage. As much as 49% of the leaders have a full AI strategy in place.
A projected 45% of the companies have invested more than $5 million in AI-related creativities. This speaks capacities that the followers and startups in the finance industry are also getting in the race.
With machine learning Forecasting cash-flow events and proactively counseling customers on expenditure and saving ways and build progressive credit models for expanding the reach and reducing evasions has been made possible.
Above the list, one thing is clear that the acceptance of AI and ML is moving fast-paced across industries. Where it will clearly mechanize many processes that were earlier executed manually.
While this will lead to the removal of manpower from these tasks, it will concurrently ease the scalability of human resources to higher skills. Hence it is a win-win situation for both industry and manpower.
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Read more: Artificial Intelligence & Why It Matters?
