Impact of Artificial Intelligence (AI) on Industries in 2019

Artificial Intelligence (AI) & Machine Learning (ML) are growing rapidly and there seems to be no change in 2019. In fact, 2019 will be the year of Artificial Intelligence, as many businesses will be making a shift to the AI-powered systems, apps, security systems, data analysis and lot more.

Some Facts you can’t ignore!

• 44% of executives believe artificial intelligence’s most important benefit is providing data that can be used to make decisions.
• 20% of C-level executives (across 10 countries and 14 different industries) report that they are using machine learning (or AI) as a core part of their business.
• 61% of marketers say artificial intelligence is the most important aspect of their data strategy.
• Companies using AI for sales were able to increase their leads by more than 50%, reduce call time by 60%–70%, and realize cost reductions of 40%–60%.
• The AI market is projected to become a $190 billion industry by 2025.

Here we will discuss the industries that have been impacted by Artificial Intelligence (AI).

Manufacturing

Artificial intelligence can do wonders in the manufacturing sector. Be it automating the preventive maintenance AI will provide more productive results with fewer errors and higher quality. Initiatives from tech giants like Microsoft (AI for Accessibility) and other leading companies like 9series will soon be revolutionizing AI for the manufacturing firms and the workforce.

Healthcare

Healthcare has just begun its AI journey. Where computer vision promises to pinpoint the diseases over X-rays; natural language processing (NLP) promises in drug safety; ML shows promises to find patterns within a population. Once we reach a point of true information interoperability, supporting the secure exchange of health data, all these promises will join forces to become breakthroughs for the patients.

Construction

For a very long time, the Construction industry was kept at a distance from the latest technologies & software. But now, many new starts up have already started using and incorporating AI to boost the construction sector. Incorporating AI and ML in this industry will only enhance the construction process making it quicker, dependable and more cost-effective by diminishing human error and better utilising big data.

Senior Care

With the increase in senior citizens, we definitely need solutions that provide an extended facility for seniors making them feel more assured regarding living alone or accepting assistance from their caregivers. Living away from parents and not able to take care of them is very hard. But technology has its own way of solving this problem. Sooner or later we will be facing problems related to elderly care as we can see the expected growth by 2050.

“Globally, the number of persons aged 60 or over is projected to double by 2050, from 1 billion in 2015 to 2.1 billion in 2050. By 2100 it is expected to increase to 3.1 billion, nearly 3 times its value in 2017.”

Change is the only constant and so is AI. Currently, it is not only present in space and production but also in human interactions. Soon you will see it serving our elderly population for their varied needs.

Retail

The retail industry is going to be heavily impacted by AI. In the coming years, you will see retailers spending huge money on AI to be able to offer better services to its customers.

“Juniper Research: Retail global spending on AI is expected to reach $7.3 Billion by 2022.”

Retailers are expected to adopt the augmented and virtual reality functionality in their advertising. Engaging and visually attractive product catalogues are expected to grow dramatically, and where the end user will get to experience the products prior to purchasing it.

Business Intelligence

Companies are confounded by the amount of data produced by their customers, tools and processes. They are discovering that common business intelligence tools are faltering. Soon the spreadsheets and dashboards will be replaced by AI-powered tools. These tools will be able to investigate the data, obtain insights and offer suggestions automatically. These tools will enable decision making and change the way companies use data.

City Planning

You will witness a rise in Infrastructure planning and development with AI. AI is capable of processing & organizing huge data to better understand urban areas and their changing infrastructure. The data provided by AI lets you look differently at the growth and expansion, utility use, security, and more. You can easily plan for better things in the city planning with the help of AI.

Mental Health Diagnosis And Treatment

With a hectic lifestyle and work schedule, we are witnessing an increase in the mental stress and health issues among the young generation. Half the time they are engrossed in their devices and remaining time they prefer to be alone and separated from the physical world leading to isolation. This can lead to serious mental health issues, with AI it will get easy to identify people with this kind of risk. Once identified, it will be easier to suggest therapies and treatments, to avoid any further problems. Depression can be the death of anyone, one needs to find ways to get rid of it and AI will be of great help to identify such people.

Education

Education is one industry where we are going to see tremendous growth with AI. There is a lot of change required in the education system & sector and AI will be of great help in doing so. The only things that need to be done are we need to identify the changes and how we intend to get success in making those changes. Controlling AI to design a personalized, productive and practical learning pathway for any topic or subject can determine to be an astounding enabler for such a change.

Fashion

AI can be of great help in learning and studying the buying patterns of the customers worldwide and predict the latest fashion trends. This would also help the users make their buying decision faster if they know about the latest fashion trends and AI plays a major role in doing so.

Final Thoughts

AI market is booming and it does not seem to be stopping anytime soon. Almost everything will be using AI to ease the work process and flow. With AI one will be able to fetch data faster and make decisions faster to increase growth. There are many AI and machine learning development companies in India that will help to transform your business in more ways than you could never imagine.

You can also refer to the previous blog we wrote - AI technologies that will rule 2019, to know about which technologies will take the centre stage with AI in 2019.

Stay tuned to hear more from us on AI and other technologies.