How Artificial Intelligence is Impacting the Future of Virtually Every Industry
Artificial intelligence is a part of our lives in many ways. From voice assistants in mobile phones to smart devices for smart homes and automated systems in companies, AI has made its presence felt everywhere. Though artificial intelligence development belongs to the IT industry, we see automated systems and AI-based tools/ apps benefits in almost every industry.
Statistics show that the global AI market was $93.53 billion in 2021 and is expected to reach $997.77 billion in 2028 at a CAGR (Compound Annual Growth Rate) of 40.2%. Businesses from various industries have been adopting AI at various levels. Rather, 83% of the companies state that access to AI’s their top priority.
Small, medium and large enterprises want to invest in artificial intelligence to streamline their processes and increase returns. AI is seen as the way to the future and a means to gain an advantage over competitors.
Let’s read more about how AI plays a vital role in defining the future of every major industry.
How is AI used in the IT industry?
Adopting AI is a part of digitally transforming the business, its systems, processes, people, and culture. AI tools empower computers to process huge volumes of data and detect patterns that otherwise cannot be identified. AI is pretty much an umbrella term that covers a range of technologies in 2022 & beyond.
AI is used in multiple ways and at every stage of the business functions. For example, artificial intelligence in retail is used to manage inventory, logistics, point of sale, and analyze customers. Machine learning, computer vision, natural language processing, and deep learning are some subfields in artificial intelligence.
AI in the IT industry focuses more on quality assurance, process automation, and service management.
- Quality Assurance is where developers and testers run a series of tests in multiple environments to ensure that the software product has no glitches or bugs and delivers the project’s purpose. AI in QA saves time for testers by automating the testing process. It trims down the risk of human error and reduces the effort of running the same tests several times.
- AI in Process Automation helps automate the recurring tasks in the production cycle. It reduces bottlenecks and optimizes the cost of production. Thus, allowing the company to increase returns by automating processes involved in software production.
- AI-based chatbots and virtual assistants allow companies to set up employee self-servicing helpdesks. The AI software processes the inputs and provides solutions based on the employee’s details and other related information. It gives the support team more time to focus on complex technical issues.
What is White Label Artificial Intelligence?
We know that AI is useful in any industry: health, IT, travel, or retail. But how do the enterprises implement it?
The answer is White Label AI.
White label artificial intelligence is nothing but customization of AI tools to suit the exact requirements. Customizing the tool adds value to the business and enhances results.
Let’s take AI and retail as an example. Computer vision helps brick and mortar retailers to derive real-time insights about their customers and gather data to identify the fast-moving products on their shelves. The technology used is personalized based on the size of the retail store, the volume of business, and the additional requirements of the retailer.
Another example is the use of chatbots on business websites. The chatbots on a banking website share information about the customer’s account. The chatbots on an eCommerce website share information about the products sold on the site.
AI Trends in 2022
The following are the top three AI trends in 2022, belonging to different industries. Businesses across the industries hire AI service providers to implement the technology and integrate it with their existing systems.
- Artificial Intelligence Future in Sales
Small eCommerce businesses can compete with the top brands by effectively investing in AI.
Marketing, sales, and advertisements go hand in hand. Instead of spending millions on advertising just because a brand can, the focus is on optimizing the investment to increase ROI. Artificial intelligence and retail are perfect for the present times and the future.
Automated systems can create personalized content for marketing a product to each target audience.
Machine learning helps develop the perfect PPC campaign to increase the conversion rate and generate sales.
AI can improve online and offline sales by streamlining the entire process from managing inventory to ensuring customer satisfaction.
- Artificial Intelligence Future in Health
Computer vision image processing is used in healthcare centers to detect diseases and high-risk medical conditions in their initial stages. It increases the chances of providing proper treatment to the patient and saving their life. The mortality rate is expected to reduce as AI is used for diagnosis, operational assistance, and remote patient care.
AI robots and mixed reality technologies assist surgeons with complex operations and increase the success rate.
AI streamlines non-medical processes such as scheduling appointments, updating the patient database, clearing the bills, and insurance processes.
AI will bring down the cost of medical expenses and provide relief to overworked hospital staff.
- AI to Open Up Millions of New Job Opportunities
AI intelligence still requires humans to manage the systems and supervise the processes. Moreover, AI tools need to be developed and customized by AI engineers. This opens doors for new job opportunities in the market. There is an escalation in demand for AI engineers, ML engineers, and Data Scientists in various industries. AI is helping start-ups expand faster and create more jobs, which in turn is increasing the demand for AI experts globally. However, this would also help create new technical and soft skills niche jobs.
Businesses hire offshore AI service providers to adopt the latest artificial intelligence tools and customize them to suit their requirements. VLink has over sixteen years of experience working with SMEs, SMBs, and large enterprises. We offer reliable and customizable AI solutions for affordable prices. Check out the latest whitepaper on AI/ML as VLink team lays out the topics about which corporate executives, from C-level decision-makers to line of business data consumers, should be thinking.