Key Points:
– $39 billion is the revenue projected for the global AI enterprise software by 2025.
– Majority of this billion dollar revenue is expected to come from six core industries by 2025.
The next 10 years are going to be amazingly good for AI
Artificial Intelligence has already been in use for the past few years. We’ve seen the adoption in areas like smart assistants, online bots, and many other areas of our everyday lives, and it only keeps expanding.
A report by Tractica predicts that the Global Artificial Intelligence enterprise software revenue will reach $39 billion by the year 2025. This is huge and AI is expected to grow even after 2025 with the amount of value add it can do to a business.
We believe that there are five major industry segments would see a widespread AI adoption:
- Deep Learning
- Natural Language Understanding
- Emotional Intelligence
- Computer Vision
- Machine Learning
While these are the functional areas that will rule the industry, and help businesses run efficient, here are some of the best use cases of Artificial Intelligence for different industries.
1. Healthcare: Processing Patient Data for Doctors and Patients
As we speak, there are thousands of doctors being aided by Artificially Intelligent machines to arrive at decisions faster than ever before.
AI has extended its capabilities beyond just processing images and analysing them. Machines can now be made smarter by continuously teaching them about the cases in the hospitals, their solutions and probably how the solution was achieved.
Using AI, a patient’s data can be mined, analysed and compared with other patients who might not be directly visible in the holistic view of a doctor.
Technologies like UnderstandEngine can help physicians diagnose patients’ more accurately then ever before. Since the Engine is continuously learning from the current and the past data sets of a variety of patients, the learning potential to help doctors with better results grows exponentially over time.
2. Predictive Maintenance
Vehicle rentals, especially the ones who rent out heavy-duty vehicles for mining and other purposes go through a huge maintenance costs, since they are not able to see what’s coming for them in the future.
A beautifully crafted AI engine can solve this problem in real-time. Machines can now be built for reading sensor data of the vehicles on-road, and inform the owners about the wear and tear, very early on, helping them fix the issue when it is small. Thus lowering the cost for the owner.
While this is for vehicles, AI can also help in reducing the frequency of manufacturing equipment failure. As a preventive action, AI can alert the owners about a possible irregular wear and tear for their asset and help them take preventive measures way before the issue becomes big.
3. Artificial Intelligence for Human Resource Systems
Companies like SAP are heavily using AI based systems to help their large-scale customers predict who would fit their company best.
AI makes finding the right person for a job faster. This is not just done based on the keywords, but based on their history and many other areas that AI can quickly analyse, just like a normal HR.
That’s not all. It extends beyond recruitment alone. AI can help you arrive at a carrier path in a company, by laying out a study plan, coaching plan and ways to motivate your employees customised for each and every employee in an organisation.
4. Real-time Object Detection
AI can now detect objects with very high accuracy in real-time in a variety of media. The best example here is the video. AI has the ability to run through hundreds of videos, see through them to detect a particular object in that video.
The other big use-case for object detection using AI is in warehouses. AI enabled forklifts and drones are huge breakthroughs for companies. Vehicles are equipped with sensors which sends data to the Engine to get instructions on what to do next. Such smart vehicles can have the ability to prioritise what to do next and where to go next without any human intervention.
5. Media Classification
Healthcare, Insurance and Finance sectors need such technologies like AI. With the power of AI and really well-written algorithm, it is possible for the machines to detect items in an object at very large volumes. The ability of the AI to scan through photographs and other content types in a matter of milliseconds can change the entire industry’s performance exponentially.
Technologies like these are not a dream or wish anymore. They are here. They are all set to go live with the right partners in AI for your business. You might also want to read through the Return on Investment on Artificial Intelligence we wrote earlier.
Skcript has spent over 4 years crafting a powerful Artificial Intelligence engine called the UnderstandEngine. This enables us to build customised AI based solutions faster for businesses, with accuracies like never seen before.