The term ‘artificial intelligence’ was formed in 1956 at a conference in New Hampshire, and since then, the world has seen a number of milestones with different adoptions of AI. From virtual assistants such as Alexa to self-driving cars, AI technology is helping consumers improve their lives and make everyday operations easier. But what about businesses? How will they be using AI to attract customers, manage their business, and save time? It turns out, different verticals have their own applications of AI to scale their business and overall growth.
Artificial Intelligence Software Market Growth
As the world continues to adopt AI practices, the software market is growing, as expected. According to Statista, the market is expected to reach $126 billion by 2025. Applications will include natural language processing, robotic process automation, and machine learning.
COVID-19 Propelling the AI Movement
A major question to address is: Has COVID-19 propelled the AI movement? The answer is yes.
In a survey by RELX, more than a thousand senior executives were surveyed on the topic of AI adoption during the pandemic. The majority of respondents (68%) increased their investment in AI technologies during the COVID-19 pandemic, 48% invested in new AI technologies while 46% invested further in AI technologies already in use at their companies. Similarly, 63% of business leaders polled reported having a positive experience with applications of AI technologies, as it helped their business stay resilient during rough times.
However, it is crucial to note that the companies are using AI to increase worker productivity, not necessarily replace labor. That is not to say that AI is not being used to replace labor at all, it just means that those were not the results that were yielded from this survey.
How AI is Being Used in Different Industries
Healthcare: As healthcare is rapidly transforming, especially during the pandemic, AI is increasing its presence in the vertical through various ways. Check out 5 Ways AI is Transforming the Healthcare Industry. Some other advanced healthcare methods that involve AI and ML are applying it to reduce diagnose errors, improving patient convenience, and assisting in delivering telehealth services.
Agriculture: The terms ‘smart farm’ and ‘farming 4.0’ are spreading fast within the agriculture sector. Both terms are synonyms for automation in farms which involve the application of AI. Robots are ready to take over farms and carry out various processes involved in the food chain including detecting weeds and packing. This will likely take over human jobs as mundane tasks will be handled by advanced technology.
Manufacturing: Another sector which requires mundane processes to be handled, manufacturers are constantly looking for several tasks to be automated. Luckily, AI is here to save the day again. Common applications of AI include product development, price forecasting for raw materials, and customizing the look and feel of the products as well.
Retail: Artificial intelligence is changing the way stores operate, both in-store and online. The main goal here is to improve customer service. Whether that is through helping customers find a product in a store, reduce long lines during checkout, or even robots that recognize customers by face and determine their likes and dislikes. The possibilities are endless.
Real Estate: You may have heard of various technology disrupting the real estate scene before, such as augmented reality (AR) and virtual reality (VR) online tours. Well, AI is also transforming the way realtors do business in various ways. Realtors can take advantage of this technological shift by incorporating a chatbot to their site, examining Big Data to have more targeting marketing campaigns, and better manage their properties.
I want to Incorporate AI Technology to My Business, Where Do I Start?
Artificial intelligence can get complex, so you need to partner with a reputable software development company that has decades of experience to examine your business properly and craft the perfect AI solution to scale your business. From AI strategy consulting to development, we got you covered every step of the way.
Sunvera is one of the top AI companies in Orange County, and can help you implement the right software solution for your business while helping you reduce costs and improve operational efficiency. Contact us for a FREE 2-hour consultation.