Important Applications and Future Scope of Artificial Intelligence
As Artificial Intelligence is the simulation of human intelligence done by machines and programmed by humans, AI becomes an increasing part of our daily lives. Through this article, I am discussing the number of artificial intelligence applications and their future scopes.
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Applications of AI|ML in different fields
- AI|ML in Healthcare
Yes AI in healthcare is going to be huge in the future. As health is wealth, people are more concerned about their health so does researchers. Medical experts and researchers are so focused on improving technology in the healthcare domain. The usage of health-related AI applications applies in analyzing the past data of millions of patients with diseases in the past and using that data we are able to detect the disease in the early stage. Since the number never lies we can see the accuracy of results.
There are companies building applications to find out the prevention and treatment techniques of health-related problems. In the healthcare domain researchers are working on the detection of diseases with much more accuracy based on parameters like lifestyle etc. Researchers are aiming for curing a disease before even getting a hint of it.
Future Scope : Healthcare systems using AI will be able to predict an individual’s risk of certain diseases and suggest preventive measures. Systems such as AI-powered predictive care.
2. AI|ML in Finance
Growth and development for any country are directly related to its economic and financial condition. AI systems in finance could outperform human managers in managing funds with higher accuracy. AI systems are helping to optimize the processes of credit decisions, quantitive trading, financial risk management, and if we are successful in figuring it out it saves us from a lot of bad and risky decisions.
Future Scope : AI and ML would help in managing finance and risk detection such as tax management, fraud detection, and trading would become much easier and accessible.
3. AI|ML in Education
With AI assisting in generating digital content, learning is proposed to become more digital and less dependent on hard copies. With digital learning, learners and students are improving their knowledge at their own pace in their flexible time. The AI-powered systems add the benefits of educational institutes reducing their operating costs and faculties management. AI tools are helping in making global classrooms accessible to all the people around the globe despite their languages. AI-powered technology is helping in a wide range of educational areas.
Future Scope: AI has huge power and benefits in educational field as it will make education accessible around the globe with minimum or less amount of money. Personalized Learning digital content helps improve ones ability to learn faster.
4. AI|ML in Manufacturing
AI in manufacturing includes automation involving robots which help to execute work in far less time than doing it manually. It helps companies and industries execute their products and operational processes in very little time more accurately and efficiently. As the demand for products increases day by day the manufacturing industry adopts new technologies like AI, ML, etc.
Future Scope: In coming times, the manufacturing industry would be totally run by robots to minimize manpower and cost so, researchers and experts are working day and night to make robots as safe as possible.
5. AI|ML in E-Commerce
Here e-Commerce market is going to be the biggest beneficiaries of AI and predictive analytics. Based on data of searches and buying history, the customer can be provided with the product recommendations. E-commerce websites are using chatbots to improve customer support service. As chatbots are automatic, they are providing 24/7 customer service which helps to run the workflow of those websites smoothly. One of the best applications of AI in e-commerce is recommending similar products you just have checked in.
Future Scope: E-commerce is huge in the global market as demands are rapidly increasing, supply chain is also becoming huge. E-commerce helps people in reaching out to their desired products globally.
6. AI|ML in Marketing And Advertising
10 years ago, if you searched for a product in an eCommerce store, you’d be unlikely to find the result. At present time search is much smarter to find you the product(right product) you have in your mind on eCommerce sites such as Amazon.com, Alibaba.com, etc. Recommendation Engines helps you find the right movies on Netflix, Amazon’s book, or product.
Marketing and advertising industries are the most benefited from the use of AI technology. It helps in the marketing of products through the internet. AI helps in the growth and accessibility of e-commerce companies. This technology helped people find their desired products and goods over the internet in no time at all. The working mechanism of AI is learning the browsing patterns of users through data and target users with specific content on the internet as recommendations. This technology helps in advertising your goods over the internet.
Future Scope: In near future it may be possible for consumers on the web or mobile to search for products similar to images.
Summary: Artificial Intelligence is a smart technology that can be used in many more or we can say almost all fields for better decision making with higher accuracy. The above are some of the applications in the AI field. Hope you found this article informative.