The business ecosystem is continuously evolving with the introduction and growth of new technologies every day. Nearly every business is investing in new technologies in an endeavor to stay competitive in the crowded business landscape..

Artificial Intelligence (AI) has turned out to be a promising contender in the technology race and is helping businesses improve business processes.

AI Market Revenue Growth (2018–2025)

Source: Statista [The global AI market is expected to cross $118 billion in revenues by 2025.]

The growing presence of AI & ML based tools and solutions are transforming every segment and industry like never before. In this blog, let’s look at the impact of AI on major industries around the blog.

Cybersecurity & Network Infrastructure

69% of IT executives confess that they cannot respond to cybersecurity threats without AI.

Artificial Intelligence is improving the efficiency of cybersecurity analysts. Using AI-powered tools and techniques, cybersecurity experts can automate the process of threat detection and analyze the network for vulnerabilities, round the clock.

AI can use advanced reasoning and can learn from past events to improve network infrastructure within modern enterprises. In the coming years, more and more companies will start using Artificial Intelligence for cyber-surveillance and early response to vulnerabilities and hacks, transforming the entire cybersecurity landscape.

2. Logistics

The entire logistics industry is reaping the advantages of AI technology for improving the efficiency of transport operations. From intelligent logistics management systems to smart warehousing solutions. AI is increasingly being infused in conventional business operations by logistics firms.

On the passenger transport front too, AI is helping organizations become more efficient at servicing their customers and drive innovation.

One of the best examples of AI entering into transport is self-driving cars and automobiles. From Uber to Google, and a lot of other companies, everyone is trying to perfect a smart driving automation system that can be used on actual roads. It is said that smart driving will reduce accidents on the road once the technology matures to a certain extent.

AI will also be seen optimizing traffic flow on roads and optimizing public transport schedules in the future.

3. Manufacturing

Automation is becoming a reality in the manufacturing segment thanks to Artificial Intelligence (AI). In the future, factories will be seen running on smart networks with robots completing most of the hazardous tasks. This will not only improve the productivity of the manufacturing units but also will reduce chances of accidents due to manual intervention.

In the future, the concept of AI-driven collaborative robotics will totally revamp the manufacturing sector as we know it. Robots will be seen working with humans, improving the safety standards while improving the bottom lines for the factories. In fact, a study reveals that collaborative robotics market will exceed $1 billion, soon.

4. Healthcare

AI has phenomenal potential to improve the quality of healthcare delivery to patients owing to its data management and analytics capacity. ML can help caregivers detect anomalies and patterns within a large group, improving the state of preparedness.

The biggest implication of AI in healthcare is the data analytics capabilities. Most often, healthcare established has large amounts of healthcare data associated with a patient. AI can be used to derive meaning from the stored healthcare data to find out patterns and improve the quality of diagnosis and treatment.

Already, companies such as IBM are using its intelligent system, Watson, to create smart diagnosis system that can recommend the potential course of action and treatment plan.

5. Construction

The construction industry has a lot to benefit from artificial intelligence. The most significant use case is associated with the use of smart analytics to improve the work processes and minimize wastage of material. Using AI, architectural and construction models can be analyzed to identify loopholes and reduce the cost of construction, efficiently.

6. Senior Care

Apart from general healthcare, Artificial Intelligence (AI) is improving the senior and nursing care processes too. AI-based tools can be used for constant monitoring of senior health and raise red flags in case of an emergency automatically. Being a full-proof, zero-error technology, AI can replace obsolete technologies that are prone to discrepancies.

In the future, we will see the introduction of smart AI assistants for senior care that can be added to their homes and senior care centers for better care.

7. Retail & eCommerce

Retail and eCommerce segments have phenomenal growth potential as an industry in the near future. With the inclusion of AI-based tools and technologies, these segments are improving the shopping experience. Some of the largest eCommerce and retail companies are increasingly leveraging artificial intelligence and machine learning to provide personalized shopping recommendations.

AI-based algorithms are transforming the way eCommerce websites are servicing their potential and existing customers. Similarly, retail stores are increasingly looking for ways to add AI-based solutions inside stores to delight and satisfy their customers in a better way.

AI-driven chatbots are also being used by the retail segment for customer service operations, enhancing the interaction and satisfaction of aggrieved customers.

8. Business Intelligence

Probably, one of the earliest use cases of AI was in the business intelligence domains. Growing enterprises have started to leverage enormous amounts of data to make data-driven decisions across their departments. From HR to production, sales to marketing, everyone is using AI-powered Business Intelligence solutions to improve business operations.

In the coming years, Business Intelligence will evolve more to help organizations become better at customer servicing, product development and targeted marketing, all thanks to the AI revolution.

9. City Planning and Administration

The use of Artificial Intelligence (AI) in city planning, development and administration will bring efficiencies to the entire urban infrastructural development landscape. AI can be used to gather and analyze useful insights that will help administrators understand what the residents want from a city in terms of facilities, public transport, utilities, etc.

10. Banking & Finance

The banking and finance segment is using Artificial Intelligence (AI) quite efficiently and the trend will continue to swell in the near future. AI-based chatbots will be seen commonly in the segment to address customer queries and even analyze markets to provide personalized investment recommendations.

As AI can analyze large amounts of data quite easily and swiftly, the banking and investment operations have a lot to benefit from the technology. According to an industry estimate, AI will be seen managing a significant portion of wealth in the next 5 years.

Algorithmic trading is also picking up pace with time. AI will improve the accuracy of automated trades. Also, banks can use AI to evaluate loan applications and streamline their approval process. For the insurance sector too, AI will be seen improving customer experience by guiding users on which plans and products to buy based on their lifestyle, income and future financial obligations.

11. Education

The learning domain will also benefit from the power of AI. AI will help improve the curriculum and assist teachers in creating personalized learning programs and curriculums based on the appetite and potential of each student.

Also, AI-based tools can improve learning, preparation and capability analysis by tracking performance patterns of students and recommending corrective future course of action on its own.

12. Fashion

There are lots of potential implications of AI technology for the fashion industry. For the starters, AI can be used to predict upcoming fashion trends by analyzing past data. AI-based shopping assistant is also a great potential use case that can help fashionistas as well as fashion brands in improving the customer experience.

Apart from all this, AI definitely has the potential to assist in the production of new product lines by automating several processes from manufacturing to inventory management, logistics management and targeted marketing campaigns.

13. Supply Chain Management

Supply chain management is also one of the core segments that will see positive disruption due to AI. Not only will AI improve the general processes but will help in predicting future tasks and situations which will help in risk mitigation and bringing down the cost of supply chain management.

Data-driven decision making in supply chain ecosystem will reduce the chances of errors due to human biases. This will improve the entire supply chain operations in the long run across several business segments.

Final Words

Artificial Intelligence is transforming conventional industries as we have known them for years. In the coming decade, we will see AI-driven tools becoming a crucial part of our everyday lives. Companies too will use Artificial Intelligence to its maximum potential for becoming more customer-centric and for achieving their business goals.

From retail to eCommerce, healthcare to education, nearly every sector requires AI-driven tools, at present. An artificial intelligence development company can help several businesses by designing and deploying future-ready tools powered by Artificial Intelligence to help them improve their bottom lines. For businesses to thrive in the coming years, they need to strategically invest in AI technologies and find a capable AI development company to serve as their disruption partner in the long run.