Industry Applications of Artificial Intelligence

A lot of entrepreneurs still don't realize it, but Artificial Intelligence (AI) is already alive and powering the 21st century businesses. Smart systems make a substantial impact on business operations globally, which turns AI into the biggest driver of lead, sales, and revenue generation.

A report reveals that 80% of emerging technologies will have AI foundations by 2021. In such circumstances, it's not surprising to see that the AI industry will be earning $118 billion a year by 2025.

When business professionals see stats like the ones we mentioned above, they usually ask a couple of questions: What makes AI so powerful, and does it have any real-life applications already? If you want to see the answers, keep reading this article as we are about to show you practical examples of AI projects in use today.

1. AI improves healthcare

We begin with one of the most important benefits of AI and that is the impact smart technologies make on the healthcare industry. AI literally saves millions of lives all over the world thanks to the predictive data analytics. The number of applications is endless, but we will highlight some of the key functions:

• AI reduces error rates and eliminates misdiagnosing
• It helps doctors identify cancer faster and more accurately
• The system powers smart wearables for real-time patient monitoring
• AI assists pharmaceutical companies to develop new medications

 
 

2. AI supports agriculture

Agriculture and farming feel enormous pressure due to long-term factors such as climate change and population growth, so the major boost in productivity becomes critical. This is where AI helps farmers maximize efficiency with various support features like:

• Monitoring the current status of the soil and making predictions on how to nurture crops
• Automating tasks with self-sufficient robots
• Creating better predictions related to different environmental impacts

3. Online advertising

AI has taken advertising to the whole new level because it enables ultra-precise audience targeting. Today's businesses can easily track and pinpoint verified leads and display ads based on a number of carefully selected features such as location, age, gender, personal interest, marital status, average income, and many more. In other words, ads become more relevant and drive more engagement.

4. AI powers voice assistants

Are you familiar with Siri, Cortana, or Google Assistant? We believe you are as nearly 50% of Americans use digital voice assistants to interact with smartphones and other devices. It turns out that AI powers all of these tools and enables a wide range of practical use-cases.

For instance, you can use a voice assistant to conduct quick online searches. Another option is to ask Siri or any other tool to help you with online shopping. These and many other functions are available thanks to advanced AI platforms.

5. eCommerce lives and breathes AI

Online retail is yet another industry that would be almost impossible without AI. Doing business in real-time over the Internet requires a lot of instant calculations and data management, which is out of reach for any human being.

However, AI can process huge volumes of information instantly and help eCommerce businesses to handle inventory, adjust prices, and process transactions on the go.

6. Cybersecurity

AI is the driving force behind cybersecurity. Thousands of malicious attacks take place every second, so it's practically impossible to stay alert 24/7 and protect any online system without advanced security mechanisms. AI makes it possible because it successfully tracks and analyzes suspicious behavior, thus making sure to prevent the vast majority of hacker attacks.

7. AI enables content personalization

As you already know, AI systems function in real-time and deliver results almost instantly. This enables the highest level of content personalization and makes it possible to win over customers with relevant offers. According to the report, Netflix relies on AI to build a personalization and recommendation engine that saves the company over $1 billion per year. That is only one example of personalized content placement, but it proves the strength of AI in digital marketing.

8. Chatbots are simple AI platforms

Almost every credible website on the Internet gives you the option of contacting a chatbot instead of the human customer service agent. Chatbots represent a relatively simple AI tool, but they do miracles for businesses by improving customer service operations. There is no need to hire dozens of human agents anymore because chatbots can answer the majority of customers' questions simultaneously.

9. Autonomous vehicles

Although still being in the early stages of development, autonomous vehicles have already been tested and used in many countries. Self-driving cars use a complex system of navigation to move around without any human interference. Such a high level of autonomy would not be possible without AI as it is the only type of technology that can properly collect and interpret navigation-related data.

10. AI impacts sports and gaming

Do you know that AI is so superior that it easily beats any chess player in the world? We bet you do because the first case happened more than 20 years ago in the famous match Deep Blue versus Gary Kasparov. AI is getting even better at chess and similar games, so now it is impossible to imagine a human player winning a single match against intelligent computer programs.

The Bottom Line

AI is not some faraway concept that promises to change our world in the distant future, but rather the already-existing phenomenon that makes a serious impact on the way we do business in 2020. How does it influence business activities in the 21st century? In this post, we showed you the list of the 10 most important AI projects in use today. Which one do you think to be the most important here?