The function and popularity of Artificial Intelligence are soaring by the day. Artificial intelligence is the ability of a system or a program to think and learn from the experience. AI applications have significantly evolved over the past few years and has found its applications in almost every business sector. This article will help you learn the top artificial intelligence applications in the real world.
What Is Artificial Intelligence?
Artificial Intelligence (AI) is the machine-displayed intelligence that simulates human behavior or thinking and can be trained to solve specific problems. AI is a combination of Machine Learning techniques and Deep Learning. AI models that are trained using vast volumes of data have the ability to make intelligent decisions.
AI Facts and Figures
- According to Statista, revenue from the artificial intelligence (AI) software market worldwide is expected to reach 126 billion dollars by 2025.
- As per Gartner, 37% of organizations have implemented AI in some form. The percentage of enterprises employing AI grew 270% over the past four years.
- According to Servion Global Solutions, by 2025, 95% of customer interactions will be powered by AI.
- A recent 2020 report from Statista reveals that the global AI software market is expected to grow approximately 54% year-on-year and is expected to reach a forecast size of USD $22.6 billion.
Let’s now take a look at how AI is used in different domains.
What Are the Applications of Artificial Intelligence?
Here is the list of the top 12 Artificial Intelligence (AI) Applications:
1. AI Application in E-Commerce
Artificial Intelligence technology is used to create recommendation engines through which you can engage better with your customers. These recommendations are made in accordance with their browsing history, preference, and interests. It helps in improving your relationship with your customers and their loyalty towards your brand.
Virtual shopping assistants and chatbots help improve the user experience while shopping online. Natural Language Processing is used to make the conversation sound as human and personal as possible. Moreover, these assistants can have real-time engagement with your customers. Did you know that on amazon.com, soon, customer service could be handled by chatbots?
Credit card frauds and fake reviews are two of the most significant issues that E-Commerce companies deal with. By considering the usage patterns, AI can help reduce the possibility of credit card frauds taking place. Many customers prefer to buy a product or service based on customer reviews. AI can help identify and handle fake reviews.
2. AI Applications in Navigation
Based on research from MIT, GPS technology can provide users with accurate, timely, and detailed information to improve safety. The technology uses a combination of Convolutional Neural Network and Graph Neural Network, which makes lives easier for users by automatically detecting the number of lanes and road types behind obstructions on the roads. AI is heavily used by Uber and many logistics companies to improve operational efficiency, analyze road traffic, and optimize routes.
3. AI Applications in Robotics
Robotics is another field where artificial intelligence applications are commonly used. Robots powered by AI use real-time updates to sense obstacles in its path and pre-plan its journey instantly.
It can be used for -
- Carrying goods in hospitals, factories, and warehouses
- Cleaning offices and large equipment
- Inventory management
4. AI Applications in Human Resource
Did you know that companies use intelligent software to ease the hiring process?
Artificial Intelligence helps with blind hiring. Using machine learning software, you can examine applications based on specific parameters. AI drive systems can scan job candidates' profiles, and resumes to provide recruiters an understanding of the talent pool they must choose from.
5. AI Applications in Healthcare
Artificial Intelligence finds diverse applications in the healthcare sector. AI applications are used in healthcare to build sophisticated machines that can detect diseases and identify cancer cells. Artificial Intelligence can help analyze chronic conditions with lab and other medical data to ensure early diagnosis. AI uses the combination of historical data and medical intelligence for the discovery of new drugs.
6. AI Applications in Agriculture
Artificial Intelligence is used to identify defects and nutrient deficiencies in the soil. This is done using computer vision, robotics, and machine learning applications, AI can analyze where weeds are growing. AI bots can help to harvest crops at a higher volume and faster pace than human laborers.
7. AI Applications in Gaming
Another sector where Artificial Intelligence applications have found prominence is the gaming sector. AI can be used to create smart, human-like NPCs to interact with the players.
It can also be used to predict human behavior using which game design and testing can be improved. The Alien Isolation games released in 2014 uses AI to stalk the player throughout the game. The game uses two Artificial Intelligence systems - ‘Director AI’ that frequently knows your location and the ‘Alien AI,’ driven by sensors and behaviors that continuously hunt the player.
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8. AI Applications in Automobiles
Artificial Intelligence is used to build self-driving vehicles. AI can be used along with the vehicle’s camera, radar, cloud services, GPS, and control signals to operate the vehicle. AI can improve the in-vehicle experience and provide additional systems like emergency braking, blind-spot monitoring, and driver-assist steering.
9. AI Applications in Social Media
On Instagram, AI considers your likes and the accounts you follow to determine what posts you are shown on your explore tab.
Artificial Intelligence is also used along with a tool called DeepText. With this tool, Facebook can understand conversations better. It can be used to translate posts from different languages automatically.
AI is used by Twitter for fraud detection, removing propaganda, and hateful content. Twitter also uses AI to recommend tweets that users might enjoy, based on what type of tweets they engage with.
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10. AI Applications in Marketing
Artificial intelligence (AI) applications are popular in the marketing domain as well.
- Using AI, marketers can deliver highly targeted and personalized ads with the help of behavioral analysis, pattern recognition, etc. It also helps with retargeting audiences at the right time to ensure better results and reduced feelings of distrust and annoyance.
- AI can help with content marketing in a way that matches the brand's style and voice. It can be used to handle routine tasks like performance, campaign reports, and much more.
- Chatbots powered by AI, Natural Language Processing, Natural Language Generation, and Natural Language Understanding can analyze the user's language and respond in the ways humans do.
- AI can provide users with real-time personalizations based on their behavior and can be used to edit and optimize marketing campaigns to fit a local market's needs.
11. AI Applications in Chatbots
AI chatbots can comprehend natural language and respond to people online who use the "live chat" feature that many organizations provide for customer service. AI chatbots are effective with the use of machine learning, and can be integrated in an array of websites and applications. AI chatbots can eventually build a database of answers, in addition to pulling information from an established selection of integrated answers. As AI continues to improve, these chatbots can effectively resolve customer issues, respond to simple inquiries, improve customer service, and provide 24/7 support. All in all, these AI chatbots can help to improve customer satisfaction.
12. AI Applications in Finance
It has been reported that 80 percent of banks recognize the benefits that AI can provide. Whether it’s personal finance, corporate finance, or consumer finance, the highly evolved technology that is offered through AI can help to significantly improve a wide range of financial services. For example, customers looking for help regarding wealth management solutions can easily get the information they need through SMS text messaging or online chat, all AI-powered. Artificial intelligence can also detect changes in transaction patterns and other potential red flags that can signify fraud, which humans can easily miss, and thus saving businesses and individuals from significant loss. Aside from fraud detection and task automation, AI can also better predict and assess loan risks.
Artificial Intelligence is revolutionizing the industries with its applications and helping solve complex problems. Do you agree with our list of Artificial Intelligence Applications? Think we missed anything important? Or do you have any questions for us? Feel free to share them with us in the comments section of this article. We’d be thrilled to hear from you!
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