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Being one of the top emerging technologies, the relevance and application of Artificial Intelligence is skyrocketing nowadays. From a mere concept of science fiction, AI has evolved to become an essential part of our everyday lives. Today, AI is helping humans save time, cost, and effort, with its varied applications in almost every industry.

From automated messaging and smart home devices to self-driving cars and surgical bots, AI technology is changing the way we live. 

Artificial Intelligence refers to a combination of technologies used to create intelligent machines or software which can solve complex problems and learn from previous experiences. AI includes Machine Learning, Natural Language Processing, Computer Vision, Deep Learning and many more such technologies. 

In this article, we will discuss the top Artificial Intelligence applications in different fields, such as healthcare, e-commerce, banking, marketing, and many more. 

Top AI statistics 2023

  • According to a report by Statista, the global artificial intelligence (AI) software market is expected to reach around 126 billion USD by 2025. 
  • AI is expected to improve employee productivity by 40% by 2035.
  • 37% of organizations have already implemented AI in some form.  
  • According to PWC, the total contribution of AI to the global economy is expected to hit $15.7 trillion by 2030.
  • Based on a report by the World Economic Forum, AI will eliminate 85 million jobs and create 97 million new ones by 2025. That’s an overall addition of 12 million jobs.
  • The number of digital voice assistants will reach 8.4 billion units by 2024 – a number higher than the world’s population.

1. Artificial intelligence applications in healthcare

Artificial Intelligence is widely used in the healthcare industry nowadays. AI-powered diagnostic equipment helps in early disease diagnosis and faster recovery for patients. With the help of AI techniques like computer vision and neural networks, patient scan reports and X-rays can be interpreted much faster than humans. 

Robotic surgical bots are another great example of Artificial Intelligence applications in healthcare. These surgical bots are extremely precise and can work 24 hours without any rest.

Wearable health monitoring devices have become trending among people of all age groups as they help to monitor vital statistics such as heart rate, BP, pulse, sleep cycle, etc.

AI is also playing a significant role in new drug discovery and medical research.  Apart from these, AI techniques are being implemented in hospital administration activities to help employees save a lot of time and paperwork.

2. AI Uses in the automotive sector

The automotive industry is harnessing the power of AI and Machine Learning to be more cost-effective, innovative, and efficient. The popular car manufacturer company Tesla, spearheaded by CEO Elon Musk, is planning to roll out self-driving cars and robo taxis in the near future.

Various other car companies have also introduced AI-powered vehicles with advanced tech features such as sensors, cameras, temperature controls, music players, and much more. 

AI is extensively used in automotive product manufacturing and R&D segments to help develop innovative designs and optimize production processes. 

Logistics and transport service providers like Uber also employ artificial intelligence to track vehicles, find the best routes and provide accurate navigation.

With GPS, which uses various AI technologies such as neural networks, these transport applications provide easy and precise navigation for users. In summary, AI enhances the overall driving experience and increases the safety of passengers. 

3. Applications of artificial intelligence in marketing

Businesses are increasingly adopting AI practices as it contributes to better customer service, improved productivity, and ROI. Analysis of real-time reports can help marketers understand market conditions and user expectations better. 

The application of artificial intelligence in the marketing sector has been increasing over the last couple of years. Marketers are making the most of AI techniques to know customer preferences and target more customers with personalized ads.

Customer behavior analysis, ad retargeting, pattern recognition, automated report generation, etc. are some of the other AI uses in marketing. 

AI chatbots powered by NLP are helping companies assist their customers online with timely responses and query resolutions.

These chatbots can analyze the user language and provide responses just like human chat assistants. It helps brands to retain potential customers and improve overall customer satisfaction.  

4. Artificial intelligence applications in finance

Artificial intelligence is transforming the finance industry with its numerous applications.  A wide range of AI uses are helping financial institutions offer customer-centric solutions and enhanced security features. Be it personal finance, public finance, or corporate finance, highly powerful AI technology has now become indispensable to ensure success. 

AI helps in detecting fraudulent transactions and predict future risks based on historical and present data. Apart from this, AI plays a vital role in task automation and process optimization in the finance sector.

This will result in significant cost and time savings for both consumers and financial companies. 

AI techniques can also be utilized to predict the risk of taking loans and provide accurate financial advice to customers. 

In trading, AI software comes handy as it helps to process large data volumes and predict future outcomes in the financial market. It is expected that AI will take away a significant portion of insurance underwriting. 

7 types of AI (artificial intelligence) you must know

5. Applications of artificial intelligence in robotics

The field of robotics is continuously evolving with the help of Artificial Intelligence. AI-powered robots are taking over the world with their highly versatile uses, especially in the manufacturing and logistics industries.

These robots can be used for cleaning purposes, inventory management, carrying large goods in warehouses or factories, performing medical procedures, and much more.   

Humanoid robots like Nadine, Sophia, and Erica, which can behave like humans, are great examples of AI integration in robotics.

These intelligent robots can sense obstacles and navigate their way through the path without the help of humans. AI (Artificial Intelligence) enables robots to learn from experience and take appropriate actions, just like humans. This is achieved with the help of technologies like Computer Vision and Machine Learning. 

6. Applications of artificial intelligence in chatbots

AI chatbots are in vogue nowadays and a majority of the companies have introduced chatbots on their website. Chatbots can interact with humans with the help of natural language processing (NLP) technology. These chatbots can comprehend human language and provide quick responses to chat queries. 

AI chatbots are effectively being used to resolve customer queries, manage large volumes of inquiries and reduce the waiting time for customers. Chatbots can be integrated with websites and mobile applications to provide better customer service around the clock. The query answers can be stored in a database to send automated responses. 

7. Artificial intelligence applications in e-commerce

A majority of customers prefer shopping online, especially after the pandemic period. AI is now widely used in the e-commerce industry to provide a better shopping experience for customers. 

Integration of AI in e-commerce sites helps buyers easily find products of their choice. It helps to offer a personalized shopping experience for each customer, with matching product recommendations based on their previous shopping patterns. All these will enhance customer satisfaction and thus improve business profits. 

Virtual shopping assistants or chatbots powered by AI can play an important role in improving the shopping experience, as it saves time and human effort.

Apart from these applications in e-commerce, AI also has great significance in fraud detection and fraud prevention in shopping sites. AI can reduce the risk of credit card fraud and fraudulent accounts by tracking account data and usage trends. 

Join Executive MBA in Artificial Intelligence and Blockchain at Eaton Business School.

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