How AI Will Help You Accelerate Your Business Growth in 2020?

Artificial Intelligence (AI) is changing the tech landscape faster than you think. It’s helping companies access, evaluate, use their data to enhance business processes, and to generate new sources of revenue. A lot of artificial intelligence development companies are at the forefront to disrupt the tech forever.

AI goes far beyond merely trying to predict the future through historical evidence. Once algorithms are able to grasp human intent and feelings, they can then behave accordingly to help solve user problems and queries. According to IDC, worldwide spending on artificial intelligence systems is forecast to reach $35.8 billion in 2019, an increase of 44% over the amount spent in 2018.

AI and machine learning have the potential to create an additional $2.6 trillion in value by 2020 in Marketing and Sales, and up to $2 trillion in manufacturing and supply chain planning. Worldwide spending on artificial intelligence systems is expected to hit $35.8 billion in 2019, a 44 percent raise over 2018 expenditures.

Artificial intelligence and machine learning both have become synonymous with creativity and the evidence shows that this is more than just a rumor. Such technological advancements have opened the door for further development in products that we believe have hit their limits today. So much more that wasn’t conceivable now, but just a couple of years ago.

IDC expects spending on cognitive and artificial intelligence systems worldwide will hit $77.6B by 2022.

AI systems have specific capabilities that can handle an increasingly complex set of tasks related to automation. Tasks that defy what is possible with conventional procedural logic and programming.

Artificial Intelligence development in industries

AI in Healthcare:

According to Global Markets Index, the wearable artificial intelligence market will reach $180 billion by 2025. The entrance into the healthcare field of technology giants such as Microsoft, Google, Apple, and IBM holds considerable significance for the industry. AI is currently being used for a number of healthcare needs, including data mining for pattern recognition and then more precise medical condition detection and treatment, medical imaging, medication management, drug discovery, and even robotic surgery.

A tool called Artificial Intelligence for Drug Discovery (AIDD), developed by an intelligence development company leverages Big Data and AI to identify the system-level link between diseases and drugs.

AI in Food Tech:

AI has found applications in areas of unpredictability. Have you ever thought of making a robot ready your teacup? Some companies have developed an AI and IoT-based robotic tea maker. The smart tea maker allows users to create their own recipe from a web interface, from a smartphone device and from the computer.

Users effectively place the order through the web interface, computer, or smartphone device for their cup of tea. The computer starts preparing the tea as soon as a user places an order and the user can enjoy live features to see their tea being prepared.

The AI use cases that will see the most investment this year are automated customer service agents ($4.5 billion worldwide), sales process recommendation and automation ($2.7 billion), and automated threat intelligence and prevention systems ($2.7 billion).

AI systems have also made inroads into the agriculture sector as we are already seeing an increase in the use of smart tractors and smart plucking machines.

AI in Entertainment & Gaming:

The AI recommendation program Netflix uses saves the business around $1bn per year. About 75 percent of what Netflix customers watch comes from those suggestions. Entering the entertainment industry, AI helps program producers and broadcasters recognize which shows or services they can suggest based on their performance to individual users. It lets Netflix and Amazon give consumers a more personalized experience.

Machine learning algorithms are commonly used to study user behavior and these algorithms are becoming more sophisticated over time, to the point that they can decide whether a user wants to buy a product for themselves or for gifting purposes, or whether family members have different viewing preferences.

Big businesses like Apple and Spotify employ AI in the music industry to identify the interaction habits of the consumers and recommend the best music to the right people and at the right time.

The gaming industry was one of the early adopters of AI and its influence was profound on user experience.

AI in Banking and Financial Services:

Thanks to the advent of AI technology, the banking and financial services industry is undergoing a major transformation. There are plenty of AI uses cases in this room. For certain cases, human agents are replaced within fractions of a second by smart software robots for handling loan applications. Likewise, Robo-financial advisors sift the best investment choices for customers across various data rates in split seconds.

Such robotic consultants will also evaluate your social media posts, emails, and other personal data to classify the markets and businesses that are compatible with your long-term interests and goals.

The important use of AI is fraud detection in the finance field. Mastercard, for example, uses AI-based Decision Intelligence technology to identify fraudulent transactions through the examination of various data points.

AI in Retail and E-commerce:

Retail and e-commerce are probably the only space where the most discernible for the majority of end-users is the use of AI. As a strategic area, companies often search for techniques to identify trends in customer behavior, and thereby match their strategy to outsmart their competitors.

Surely AI has found a sweet spot in the entire scheme of things. The product suggestions on your Amazon account are nothing more than a real-time application of complex AI algorithms to decide the goods you would most likely purchase.

AI systems are now being constantly used to enhance the customer experience. For instance, many of the website chatbots are powered by AI and configured to provide instant answers to a variety of popular customer queries.

AI is rapidly taking the lead as the single most important driving force for technological change as it progresses to the next level. We are part of the era in which computers begin to understand and predict what users want or are likely to be doing in the future. It has allowed countless possibilities, and what we’ve seen to date or can expect for the future involves a tiny part of AI’s broader capabilities.

If you are looking to disrupt your industry with the help of AI, do check out the work of intelligence development companies like Think Future Tech.