Artificial intelligence is the deception of human intelligence processes by machines, especially computer systems. This umbrella term covers Robotics process automation, Machine Learning, Deep Learning, Machine Vision, Natural Language Processing, Pattern recognization, Robotics, etc. Introduced by John McCarthy, the American Computer Scientist at The Dartmouth Conference in 1956, it has gained prominence due to big data and its role in increasing the speed, size, and variety of data businesses. Artificial Intelligence can do the tasks such as recognizing data patterns more efficiently than humans, enabling businesses to achieve more details of their data. Artificial intelligence has gained significant importance in almost all domains like healthcare, business, education, finance, law, and manufacturing.
Artificial Intelligence is the best field for people with dreams to play around with. It is the thought that we can make human-machine using artificial intelligence. Many scholars conclude that making a human machine is next to impossible, but research will still achieve the final objective. Using human-machine is one way advantageous as they are emotionless and serve better in terms of faster and longer performance. We can get the ultimate result with time, proving whether artificial intelligence can attain human-level or beyond that and what is the future for artificial intelligence.
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.
Let’s now take a look at how AI is used in different domains.
Relates post – Top 10 artificial intelligence trends for 2021
What Are the Applications of Artificial Intelligence?
Here is the list of the top 15 Artificial Intelligence (AI) Applications:
1. AI in E-Commerce
Personalized Shopping
Nowadays consumers get product recommendations via the recommendation engines of Artificial Intelligence. This better engages customers with the shopping experience. But how does AI make this recommendation? Well, this is based on their browsing history, preference, and interests. It helps to improve consumer and producer relationships and also improve their loyalty towards your brand.
Fraud Prevention
In the e-commerce space, credit card frauds and fake reviews are two of the most significant issues that E-Commerce companies face. AI can help reduce the possibility of credit card frauds taking place by considering the usage patterns. It is not unnatural that customers prefer to buy products after verifying the review report of the particular product. AI can help identify and handle fake reviews.
AI-powered Assistants
Chatbots and virtual shopping assistants are new means to improve the user experience while shopping online. Natural Language Processing is used to make the conversation sound as human and personal as possible. Moreover, with these assistants, you can have real-time engagement with your customers. For your information, Amazon is planning to handle such customer service by chatbots.
2. Applications Of Artificial Intelligence in Education
To date education sector is mostly influenced by humans, but recently we see an invasion of Artificial Intelligence in the education sector as well. We can see a noticeable productivity gain in the education sector with this interference. As a result, faculties are able to concentrate more on students than office or administration work.
Some of these applications in this sector include:
Smart Content
It is the time of digitization. We can see the usage of artificial intelligence in the digitization of content like video lectures, conferences, and textbook guides. Different types of interfaces like animations and learning content through customization for students from different grades are taking priority. Artificial Intelligence helps create a rich learning experience by generating and providing audio and video summaries and integral lesson plans.
Administrative Tasks Automated to Aid Educators
Educational institutes hold many non-educational tasks like task-related duties like back-office tasks like grading paperwork, arranging and facilitating parent and guardian interactions, routine issue feedback facilitating, managing enrollment, courses, and HR-related topics. With artificial intelligence, we can facilitate and automate personalized messages to students, teachers, and guardians.
Voice Assistants
Since conversation plays an important part in any organization, it is important that we find an efficient means to communicate with the customer and client to build a relationship. This is where the AI-powered chatbots jump in. These chatbots are designed to improve responsiveness and customer experience. With the help of conversational AI (Artificial Intelligence), one can significantly improve the quality of their customer service.
Things are getting automatic and faster day by day. Now with an AI voice assistant, a student can access extra learning material and assistance without the involvement of the lecturer.
Personalized Learning
Using AI technology, hyper-personalization techniques can be used to monitor students’ data thoroughly, and habits, lesson plans, reminders, study guides, flash notes, frequency or revision, etc., can be easily generated.
3. Artificial Intelligence in Lifestyle
Artificial Intelligence has a lot of influence on our lifestyle. Let us discuss a few of them.
Autonomous Vehicles
Autonomous vehicles have gained immense popularity these days as the manufacturing companies like Toyota, Audi, Volvo, and Tesla use machine learning to train computers to evolve and think like humans when it comes to driving in any environment and object detection to avoid accidents.
Spam Filters
The email that we use in our day-to-day lives has AI that filters out spam emails sending them to spam or trash folders, letting us see the filtered content only. The popular email provider, Gmail, has managed to reach a filtration capacity of approximately 99.9%.
Facial Recognition
Our favorite devices like our phones, laptops, and PCs use facial recognition techniques by using face filters to detect and identify in order to provide secure access. Apart from personal usage, facial recognition is a widely used Artificial Intelligence application even in high security-related areas in several industries.
Recommendation System
Various platforms that we use in our daily lives like e-commerce, entertainment websites, social media, video sharing platforms, like youtube, etc., all use the recommendation system to get user data and provide customized recommendations to users to increase engagement. This is a very widely used Artificial Intelligence application in almost all industries.
4. AI Applications in Navigation
Based on research from MIT, GPS technology can provide users with accurate, timely, and detailed information to improve safety. The technology uses a combination of Convolutional Neural Network and Graph Neural Network, which makes lives easier for users by automatically detecting the number of lanes and road types behind obstructions on the roads. AI is heavily used by Uber and many logistics companies to improve operational efficiency, analyze road traffic, and optimize routes.
5. AI Applications in Robotics
Robotics is another field that comes under the umbrella term artificial intelligence. Robots powered by AI use real-time updates to sense obstacles in their path and pre-plan their journey instantly.
It can be used for –
- Carrying goods in hospitals, factories, and warehouses
- Inventory management
- Cleaning offices and large equipment
6. AI Applications in Human Resource
Did you know that companies use intelligent software to ease the hiring process?
AI has already taken a big leap in the hiring process. It is so much so that up to 75% of resumes are rejected by an automated applicant tracking system or ATS before they even reach a human being. Previously, recruiters put manual effort into shortlisting candidates by seeing the resumes. However, resume scanning is done by an automated system. 67% of hiring managers stated that AI was making their jobs easier.
7. AI Applications in Healthcare
The medical world has already explored the power of AI. It is full of data, and this data is widely used to build predictive models. Besides, we see huge usage of robots in surgery and diagnosis. Even AI has shown to be more effective than physicians in certain diagnostic contexts.
Since last year, the healthcare industry has been overwhelmed fighting the COVID-19 pandemic worldwide. The question is, where does AI jump in? As most of the hospital staff and the doctors are busy treating COVID patients, there is a huge need to automate certain tasks such as triage, diagnosing, evaluating medical records, etc. This automation is done using AI (Artificial Intelligence). It not just ease the entire work environment of the hospital but will also help reduce the chance of human error. In the coming years, we will witness the huge acceptance of AI in hospitals.
8. AI Applications in Agriculture
Artificial Intelligence is used to identify defects and nutrient deficiencies in the soil. This is done using computer vision, robotics, and machine learning applications, AI can analyze where weeds are growing. AI bots can help to harvest crops at a higher volume and faster pace than human laborers.
9. AI Applications in Gaming
Another sector where Artificial Intelligence applications have found prominence is the gaming sector. AI can be used to create smart, human-like NPCs to interact with the players.
It can also be used to predict human behavior using which game design and testing can be improved. The Alien Isolation games released in 2014 uses AI to stalk the player throughout the game. The game uses two Artificial Intelligence systems – ‘Director AI’ that frequently knows your location and the ‘Alien AI,’ driven by sensors and behaviors that continuously hunt the player.
10.Cybersecurity and Artificial Intelligence (AI)
Cybersecurity is crucial, considering the amount and importance of data being processed as well as stored online. As much as the technology is progressing, the hackers are also becoming more and more active & progressing. As per the study, the number of hackings is going to increase over the years. With the help of AI (Artificial Intelligence), the algorithms can be developed using with the user can learn different ways to decipher the pattern of behavior. This algorithm can help detect suspicious behavior and prevent hacking.
11. AI Applications in Social Media
On Instagram, AI considers your likes and the accounts you follow to determine what posts you are shown on your explore tab.
Artificial Intelligence is also used along with a tool called DeepText. With this tool, Facebook can understand conversations better. It can be used to translate posts from different languages automatically.
AI is used by Twitter for fraud detection, removing propaganda, and hateful content. Twitter also uses AI to recommend tweets that users might enjoy, based on what type of tweets they engage with.
12. AI Applications in Marketing
“Martech”, this word comprises of two terms – marketing and technology. It is not wrong to say that marketing is the data center of the organization as it involves the collection, organization, and translation of the data collected from the customers and clients, which later is used for deductions to help in marketing. Thanks to AI, this process is being automated. In the coming years, we will be witnessing more development on that front.
13. AI Applications in Chatbots
Artificial intelligence chatbot is not a new concept, and to date, thousands of chatbots have worked as a boon for the business is the virtual assistants in almost all sectors. As per Gartner’s 2011 summit report, by 2020, 85% of customers will use chatbots as an automated platform for communication.
For example, some bots are simple and made for just messaging purposes like Facebook messenger bot. On the other hand, another stack of intelligent chatbots provides a complex experience like speech recognition, natural language processing, etc. So, many chatbot development platforms have stepped into the market for the purpose a chatbot works for.
14. AI Applications in Finance
Artificial intelligence in finance is not new. The impact of AI on financial services in 2019 has almost taken over human intelligence. It is AI capabilities and business needs, heightening the interest over time in financial sectors. The impact of AI on financial services has created a storm in the financial industry with the three technologies’ combined power. These are machine learning, cognitive computing, and natural processing. The techniques and some other factors have motivated the financial sector to expand the use of artificial intelligence. These are the enormous growth of data, the intervention of new technologies like cloud computing, and increased customer expectations.
Artificial intelligence in the finance industry encompasses a broad range of organizations that deal with money. Some of the major sectors are banks, insurance companies, and stock brokerages. Artificial intelligence and machine learning in finance projects in these sectors have commendable performance