Today, the World Economic Forum says that the Fourth Industrial Revolution is occurring owing to the consolidation and growth of certain technologies like machine learning (ML), artificial intelligence (AI), IoT (the Internet of Things), deep learning (DL), and many more. The experts claim with confidence that AI has had an impact on every stage of multiple industries, and if you go by the statistics, it could still be an understatement.
If you want to check out how AI has impacted the world and the industry verticals, then this article has you covered. Here in this article, we will delve into the explanation of the manifold impact that artificial intelligence has had on various industries and other verticals. Read on to know more.
The healthcare domain
Due to the pandemic outbreak, artificial intelligence has had a major impact on the global healthcare segment. And over time the healthcare domain has leveraged this technology to come up with new solutions to add value to patients’ health and bring ease in the process of health check-ups. But it didn’t happen because of overnight changes. It’s because the healthcare industry is becoming increasingly tech-focused today to cater to patients better than before. Today, AI carries on to find a diverse application in telemedicine that ranges from a basic diagnosis to create a treatment plan. That is not all. The AI platforms can use a wide range of technologies, such as image processing, data mining, and predictive modeling, to discover the ideal path to a healthy and long life.
The case of Medtronic is a clear testimony as to how AI can benefit the healthcare domain. When it comes to diabetes, the brand’s initiative in artificial intelligence and machine learning is properly documented, after it launched Sugar.IQ, a virtual diabetes assistant. The brand’s hybrid closed-loop insulin pump, that MiniMed 670g today comes equipped with a Guardian 3 sensor, that uses AI to assist diabetes patients in combating low and high blood glucose-associated events.
Today, the brand is aiming to make the most of AI for another venture, that is stroke care. Medtronic has got into an alliance of global distribution with Viz.ai, an AI-enabled imaging software that can quickly treat the patients who are suspected of ischemic strokes. Asserting on this development, a Medtronic spokesperson said that the concerned software can highlight the difference between bad and good medical results in an individual with stroke having LVO (large vessel occlusion). This is exactly what the software platform linked to the CT scanners can do – its AI can use the patient’s CT scan of the brain and decide fast whether he or she has already witnessed an LVO. It can also flag where it thinks that the occlusion took place and alert the doctors.
The financial service, insurance, and banking domain
In the past few years, this particular sector has made a very slow but great impact by adopting AI technology. Today, there are several ways businesses can implement AI solutions to empower organizations to arrive at balanced and intelligent decisions.
For example, AI can assist the policy underwriters in drafting the custom insurance policies, which can point towards the risk and consumer lifetime value of a person. That is not all. Today, there are also AI-enabled bots that can conduct the high-security sanction process while providing access to various other banking facilities. At the same time, the robot-advisories are able to arrive at customized recommendations for the investment scopes for wealth creation. If you want to know more on AI and other allied topics you can check out RemoteDBA.com.
The education sector
The latest internet technologies are adding more democracy to the education domain. And here, AI technology is acting as an accessory and an enabler, especially when it comes to self-paced environments. If you look at it closely, it helps to individualize the learning depending on the learner’s competencies. Additionally, it also establishes a collaborative platform for the trainers and the learners and alters the complication levels depending on the transfer rate of the knowledge. Finally, when it comes to the back-end, the automation addresses the scheduled administrative tasks, for instance, grading or managing attendance. And it ultimately frees up the tutors and enables them to concentrate more on the teaching part.
The entertainment and gaming domain
There are times when the domain for over-the-top (OTT) content streamers becomes completely saturated. And it is during these times that AI can help to keep the engagement alive. It helps to suggest intelligent options to its audience about the content they can view depending on their taste. And on another end, AI also assesses the viewer or customer behavior and suggests the type of content that such platforms can acquire or create.
The same phenomena are noted in the gaming domain, which said yes to ML and AI very early. So, what is the outcome? Today, there are interactive and highly engaging games that can alter the events’ direction as a response to the user’s action.
The e-commerce and retail segment
Most people encounter AI technology, usually in the eCommerce and retail space. And it functions as a potent differentiator in a highly competitive market segment. The DL, AI, and ML technologies recognize the consumer purchase patterns for lending insights on the way businesses can enhance their marketing capacities. And from making customized suggestions depending on the consumer preference and interactions to rearranging customer assistance dialogs, today AI can get traction all through the consumer journey.
According to experts, AI is anticipated to activate worldwide economic growth by approximately $15.7 trillion by the year 2030. And this suggests the positive side of the AI revolution. Right from robotic process automation to autonomous vehicles, AI has developed roots and expanded to a whole new domain. Hence, with time, most industry verticals will quickly adopt AI scopes. And for this to happen, businesses need to connect with trustworthy sources with AI specialists and vendors. Last but not least, the AI marketplace can cater to this requirement by enabling organizations to sell or buy AI-enabled services and products.