Artificial Intelligence (AI) and Machine Learning (ML) have been expanding far and wide in the past years. Indeed, it appears the time has come for AI and ML to be indispensable for powerful industry segments like healthcare, transportation, manufacturing, education, IoT, and others.
Almost all industry segments have started depending upon AI and ML algorithms for their processing cycles. The technology landscape is advancing at a rapid pace, and it is interesting to witness the advantages acquired. AI and ML have already been revolutionizing the life of developers big time.
Both these technologies are revolutionizing the workplace, and the way businesses operate. These two game changers are enhancing productivity and profitability, driving digitization, and making machines think just like us humans. The real effect is being witnessed in the changing technology landscape.
Before we delve deeper into what transformations are being leveraged due to AI and ML, let us briefly have a glance at what AI and ML mean.
What Is Artificial Intelligence?
AI is a trending area of computer science that deals with the creation of intelligent machines that can perform human tasks with ease. Moreover, it has automated activities or robots that are controlled by a computer to perform tasks as done by humans. Truly, AI is instrumental in developing systems that are embedded with human intelligence, generalization, and past learning experience.
AI aims towards the intelligence that machines show and its simulation in normal human circumstances. Certain examples of AI touching our daily lives are Deep Learning, Siri, Alexa, self-driving cars, conversational bots/chatbots, quantum computing, email spam filters, voice and facial recognition, cyber security, and many more.
Key Benefits That AI Offers
- Automation of simple and repetitive activities
- Data ingestion
- Creation of neural networks
- Facial recognition and chatbots
- Simulation of human intelligence
What Is Machine Learning?
Machine Learning is an integral arm of AI that offers computers the ability to learn. It programs analytical model building and helps in identifying patterns, taking decisions with least human interaction, and predicting outcomes without any explicit programming. It makes use of historical data as an input.
Machine Learning is significant since it offers organizations futuristic trends in client behavior, workflow patterns in business, etc. It is most used in cases like fraud detection, malware detection, spam filtering, business process automation, and predictive maintenance. It is now a centralized ingredient for most business segments.
Key Benefits That Machine Learning Offers
- Automatic data visualization
- Accurate analysis of data
- Client engagement and satisfaction
- Enhanced work efficacy
- Pre-processing of data
If you’re interested in an in-depth analysis of AI, you could also consider reading Atlas of AI: Power, Politics, and the Planetary Costs of Artificial Intelligence.
5 Top Business Segments Enjoying the Benefits of AI and ML
Having seen what AI and ML are and how they bring amazing technological advantages, it’s time to see the five top business segments that use AI and ML to enhance their processes.
Healthcare and Medicine
Healthcare is one industry that is relying more on systems that use artificial intelligence and machine learning. There is much prediction-based analysis being done here, with deep learning training computers to identify and diagnose medical conditions, along with robotic surgical procedures that use AI for precision.
Implementing AI in different areas in the healthcare sector can lead to saving time and reducing costs. Taking care of patients efficiently is of prime importance and can best be done with AI-based implementations. Examples are the discovery of new medicines, efficient robotic processes, virtual nursing, flexible treatment options, radiological imaging, computational outputs, disease detection methods, and many more.
AI tools are apt in identifying probable illnesses well in advance, leading to timely solutions. They also help train patients in self-care skills and offer appropriate assistance and resources. It is interesting to see how AI could predict medical conditions and revive the healthcare system.
Different AI technologies—like content analytics, predictive analytics, deep learning, and natural language processing (NLP)—have been instrumental in enhancing healthcare and analyzing patient conditions much earlier than before.
AI and ML algorithms are leveraged in the diagnosis sector to extract the best results effortlessly, without much human intervention. A dearth of human resources has driven the adoption of AI technologies at a faster rate.
According to Markets and Markets, the use of AI in the transportation market is projected to grow at a CAGR of 17.87% between 2017 and 2030. The penetration of AI and related technologies in the transport sector has revolutionized the way operations are being managed in this industry. Transport is now faster, flexible, conventional, cheaper, and more effective.
The competitive AI and ML algorithms have offered a great service level to users at very affordable prices. Self-driving/autonomous vehicles, portals like Uber pool/Ola, lane changing portals, automatic vehicle guidance and braking systems, traffic management, drone taxis, and delay predictions are all live proof of AI and ML influencing the transport sector in a positive manner.
Advanced AI and ML technologies can facilitate driving from monitoring other vehicles for parameters such as driving behavior, weather, road conditions, etc. The relevant tools help drivers get a smooth ride. There are also light detection programs that measure the parameters in a certain area and alert the driver in case of any upcoming trouble.
The different tools used in the transport sector help analyze the factors affecting traffic conditions so they can alert users well in advance in case of obstacles. They also help drivers avoid a collision with other vehicles and, overall, take necessary action in case of unforeseen circumstances such as an accident or extreme weather conditions.
Over-reliance on tools does have repercussions if not handled properly—for instance, blindly following navigation systems has proved to be dangerous—but with AI going strong, the future has a lot of positive to offer in the transport sector.
Speech, Voice, and Language Recognition
The voice biometrics market is expected to reach $5,889.9 Million by 2028, an increase of 22.3%. It’s clear that the penetration of AI and ML into the voice and speech sector is causing more people to use these increasingly high-quality systems.
Indeed, voice recognition and translation algorithms are now nearing perfection in terms of accuracy levels, helping people with speech and hearing issues. The utilization of voice recognition is increasing day by day, both in personal and professional life. People are now getting used to offering their voice controls in extracting information from portals.
Even translation into multiple languages is increasing its spread for many portals. The Google Translator is helping in different areas, like reading street signals, instruction manuals, signboards, etc. Real-time conversation can be translated into desired languages by users, leading to a flexible and effective output.
Software like Google Home can take voice commands in national languages too. Popularly known as Voice AI, this technology is a conversational AI tool that leverages voice commands for receiving and interpreting directives.
Voice and speech-based technologies are easy to integrate with multiple devices and software solutions. With their multilingual support and voice-embedded algorithms, they offer enhanced security of information that is being passed on from one place to another.
These AI and ML-driven speech and voice software have attractive GUI embedded with algorithms that can connect easily to external systems. Live examples—like Apple’s Siri and Amazon’s Alexa—are using AI-driven speech recognition techniques for offering voice or text support. Google Dictate is one such voice-to-text portal that transcribes the dictated sentences into text.
Education and eLearning have been one domain that has seen increasing adoption of AI and ML techniques in recent years, and there is much more expected in this year. In fact, the use of AI in the global education market is projected to reach $3.68 billion by 2023, a growth rate of 47%.
Newer activities like virtual tutoring, online colleges and universities, competitive exam preparation, assisted learning, modern-day education tools, and online learning material access have been the new way of studying and administering colleges/schools.
There has been digitization of textbooks through AI methods so that the material can be easily distributed at cost-effective rates. Organizations are offering customized software solutions with embedded AI and ML algorithms to support. These solutions are thinning the gap between the physical and digital worlds.
The role of teachers is also changing, with help from AI and ML. Teachers are using new techniques for things like assessing each student’s individual performance and needs. These techniques can help analyze the student’s strong and weak areas and recommend actions that can strengthen the student’s academic future.
Relevant course material, tests, online worksheets, etc., can be offered to students through AI-driven algorithms. Personalized training through test sheets can be offered through AI methods. Even usage of chatbots has been increasing for instant help and guidance.
The entire education and eLearning sector—which had a back seat until recently—has now progressed as a full-fledged, competitive business domain, thanks to the smooth integration of AI and ML techniques.
Even natural language processing technology has played a pivotal role in spreading the wings of education far and wide. Smart content creation, task automation, personalized and flexible learning, and universal access are some of the key benefits the education sector is enjoying owing to AI and ML.
IoT and Smart Cities
The Internet of Things has been bringing the physical and digital worlds closer. Thanks to the IoT, there is a lot of valuable data that is getting generated and can be leveraged for future benefits. It is AI and ML-based algorithms that have played an instrumental role in extracting the best of information and modernizing the entire IoT infrastructure.
To understand how important AI is to the global IoT market, it’s expected to grow at a CAGR of 27.3% by 2026.
The novel “Smart Cities” concept is also picking up pace, with AI techniques playing a key part in its implementation. The utilization of data science techniques and sensors is making urban places smarter and interwoven with technology. It is helping cities take smarter moves and get increasingly modernized.
There are many visible benefits that AI and ML are bringing to smart cities through IoT devices:
- controlling pollution and offering effective water and energy management
- predicting and lessening traffic and noise congestions
- predicting the future needs and business trends in different industrial sectors
- offering efficient car parking systems
- tracking recycled material and overall managing waste properly
These are only some of the possible ways in which AI has been helping smart cities become smarter.
If you’re interested in finding out more about the future possibilities of AI, you could also read A Thousand Brains: A New Theory of Intelligence.
The World Leverages the Power of AI and ML
As you have likely realized reading through the above five segments that are enjoying the benefits of AI and ML, the world is changing. We find ourselves getting used to these modern-day technologies in our daily lives—both personal and professional.
From healthcare and transportation to language, education, and smart cities, AI and ML offer a plethora of solutions to all kinds of problems, making our lives easier and our procedures smoother. And this is just the beginning!