Artificial intelligence (AI) has existed for a while. The phrase was originally coined in 1956 by a young math professor at Dartmouth College who had brought together a team of computer and cognitive scientists to look into the possibility of creating intelligent robots. We are currently experiencing the paradigm shift that AI is bringing to economies and inventions worldwide. The AI market is currently worth $387.45 billion, and Fortune Business Insights projects that it will grow to $1,394.30 billion by 2029.
The COVID-19 outbreak taught world business leaders a crucial lesson about digital transformation. The potential that data analytics and artificial intelligence provide is arguably the most interesting. Resources were needed to get ready for the pending demand in COVID-19-affected industries like travel, hotel, healthcare, and other services. Over half (53%) of IT professionals say that their deployment of AI has increased over the last 24 months, according to IBM’s “Global AI Use Index 2022,” indicating that the adoption of AI is continuing to climb. This proportion is significantly greater than that of 2021, when only 43% of companies said that COVID-19 was prompting an increase in AI use at their companies.
A wider range of tried-and-true use cases, increased usability and accessibility, and expanded automation capabilities are all contributing to how swiftly organisations around the world are utilising AI to their benefit.
The shifting industrial landscape of AI
Businesses used to spend a lot of time and energy figuring out how to strategize effectively. However, firms would pass on fascinating opportunities if not for the most recent advancements. The result would be subpar performance, a loss of knowledgeable personnel and clients, and ultimately bankruptcy for the company.
Everywhere you look, AI’s effects are apparent. Self-driving cars, automated industrial machinery, chatbots, and virtual assistants like Siri and Alexa are all affected by it. With its ability to analyse enormous volumes of data for use in daily operations, AI presents a wide range of entirely new prospects. It can take charge of many commonplace jobs after it has been taught. Additionally, by using AI to replace low-complexity routine labour, firms may concentrate on more complex business concerns.
In 2023, how will AI affect various industries?
As 2023 draws near, a number of sectors are planning ahead to meet expectations and make use of AI advances to streamline workflows and boost productivity.
AgriTech: To meet the growing need for food, farmers are using AI models to improve the quality and yield of their crops. AI-enabled models greatly facilitate the utilisation of field data for a variety of agricultural applications, including crop health, moisture, water conservation, and weather forecasting. The efficiency these AI-enabled gadgets offer has boosted their use. These models also do away with the necessity for humans, which lowers the chance of mistakes. The Indian economy will have every aspect of crops at their fingertips thanks to technology like LiDAR, satellite imagery, and many more as the sectors transition to the digital model.
Healthcare: Since the COVID-19 pandemic, organisations have been able to see changes in the healthcare industry. Artificial intelligence has made life easier for patients, doctors, and hospital administrators by carrying out duties that would often be performed by people at a fraction of the time and cost. New developments in AI-based medical technology make it easier for patients to interact with healthcare providers and help organisations process millions of data points more efficiently. Another advancement in healthcare is robotic surgery, which will allow medical personnel to employ AI and ML to assist patients in recovering more quickly and with fewer postoperative complications.
Manufacturing: Artificial intelligence is being used more and more in this sector. Automation and AI technologies are being tested by businesses to improve production and product creation efficiency. For instance, AI helps computers to gather and extract data, recognise patterns, learn from experience, and adapt to new circumstances and environments through machine intelligence, learning, and speech recognition. AI will also have an impact on the Internet of Things (IoT). IoT will send thorough data to distributors and manufacturers so they may look for quality problems and potential failure causes. This will make it simpler to envision objects that are more in line with evolution using improved generative design tools.
Retail: Using artificial intelligence to make purchases and conduct business online is becoming essential. It is a crucial component of the underpinning infrastructure that brands and retailers depend on to engage with customers, keep track of trends, enhance business decisions, and provide the best, most individualised customer experiences. AI helps businesses and retailers stay competitive by making accurate predictions and employing innovative upselling and cross-selling techniques. A potent AI-based recommendation engine, for example, might offer highly relevant options for equivalent or complimentary goods based on actual session behaviour rather than solely relying on legacy data like browsing history and previous purchases. Beyond making recommendations, AI data solutions may help brands and retailers optimise their eCommerce merchandising so that the placement of promotions and the order of search results are tailored to each visitor individually.
Fintech: The fintech business has continued to grow swiftly, and as a result, traditional banking practises are gradually being replaced by digital ones. AI is being used by top fintech organisations to assist with a variety of functions, including risk assessment, fraud detection, and the provision of customised and pre-approved loan products. Loan-related fintech enterprises have benefited greatly from AI-enabled solutions. Since the credit risk assessment and underwriting processes are now automated, lenders may analyse applications more quickly.
AI is without a doubt the engine of the fourth industrial revolution. Organizations from many industries can work together to use artificial intelligence and human awareness to maximise commercial opportunities. Although it is challenging to predict how AI will alter the business environment across industries in the future years, we are aware of the magnitude of its influence. As the technology advances and its applications spread, corporate executives are increasingly motivated to understand what AI means for them and the future of their organisations. Businesses that have implemented AI are already seeing benefits. Now is the time for businesses who are still debating AI deployment!
