Why AI is set to become an integral part of every business
The value of the Artificial Intelligence global market extent was anticipated at $25.9 billion in the year 2018. It is also estimated to grow at 47.2% CAGR from the year 2019-2025.A considerable amount of ecommerce companies in the current times are benefiting largely from Artificial Intelligence in the logistics industry. The energy, chemical and legal industries are also using AI.
Being a part of the 21st century has its own set of perks. Artificial Intelligence is one of them. Enhanced data volumes and enhancements in computing storage & power are some of the wonders of this life-changing technology. Machines can perform human-like errands simply with AI & its branches namely natural language processing & deep learning. More than 40% of organizations & businesses of today’s time employ Artificial Intelligence. Measuring the importance of AI becomes easier with this. Every industry & business of the contemporary era with the help of a mobile app development company is employing the expertise of AI to its fullest. Let us learn how AI is benefitting almost every industry currently.
Scaling AI importance for gaining more transformative experiences
The value of the Artificial Intelligence global market extent was anticipated at $25.9 billion in the year 2018. It is also estimated to grow at 47.2% CAGR from the year 2019-2025.
Are you taken aback by looking at the figures?
It is time to discover the potential Artificial Intelligence techniques hold for every industry of today’s time.
- Chemical industry – The prospects of the Artificial Intelligence chemical industry are massive. Few AI ideas for this industry that can make it blooming are:
- Companies can meet the demand & supply of natural gas, metals, oil, air & raw minerals with the help of predictive modeling.
- Machine learning which is a revolutionary subset of Artificial Intelligence carries the extreme potential of forecasting machinery failure. By this businesses will know how to manage all the assets. Reduction in interruptions of pumps & motors to large extent is possible with deep learning & time-series modeling.
- Energy industry – The energy system’s futuristic design largely depends on Artificial Intelligence technology. The applications of Artificial Intelligence energy industry include smart grids, transport & heat, electricity trading, etc. Companies & businesses are planning to enhance the utilizations of AI in this sector by responding to requirements like digitalization of the energy sector & an equally massive data set.
- AI in power trading assists in enhancing forecasts. The technology helps with the systematic evaluation of huge amounts of data in the sector of electricity trading like historical or weather data. With better forecasts, there will be automatic enhancement in grid stability.
- A huge amount of data is processed following which forecasts are carried out in a Virtual Power Plant. However, Artificial Intelligence companies now can extensively generate accurate forecasts with the help of AI algorithms. The algorithms help in coordinating the numerous participants in power plants as well.
- Media industry – Media is that sector of human life that is ever-evolving. The humongous power of the Artificial Intelligence media industry is also not surprising. The way AI has transformed media is as follows:
- One of the most agonizing stigmas that the media industry faces today is the defeat of the increasing bias. This leads to misleading content & no factual news. Artificial Intelligence is definitely the best resolution to this challenge. AI helps in eradicating the subjective understanding of data of mankind. This is because ML algorithms undergo training for considering the variables that actually enhance the predictive accuracy depending on data utilized for training. Exploring & interrogating AI decisions is possible unlike human decisions.
- Robot journalism utilizes natural language processing algorithms that are motorized by AI for converting data into numerous news stories automatically. Then the news stories are distributed through programmed journalism platforms.
- Legal industry – When it comes to the impact of Artificial Intelligence in the legal industry, the technology is transforming this profession & how! Not only it offers additional insights via analytics but also helps lawyers carry out due diligence & research. Current Artificial Intelligence benefits on the legal industry of today’s time are as follows:
- AI software carries the ability of generating results that can forecast the litigation outcome.
- Artificial Intelligence tools help lawyers in assessing massive IP portfolios & illustrate insights from those contents.
- Logistics industry – A considerable amount of ecommerce companies in the current times are benefitting largely from Artificial Intelligence in the logistics industry. These companies are already employing the robots for automating the procedures of product packaging & sorting. Robots are involuntary in a way that they are able to pack products & differentiate it depending on the delivery requisites.
- The main objective of e commerce is to offer a personalized experience for consumers. An executive always processes the orders after the orders are placed following which he renders an ETA for the purpose of delivery depending on dynamic data. Managing data thus is a tedious task. AI on the other hand assists in leveraging data platforms & craft datasets for regulating anomalies & patterns. These data patterns depend on predictive analysis.
- AI also impacts the logistics industry for the good through voice assistants. VA helps in tracking orders that are placed with their logistics partner. Warehouses also employ AI for automating & interconnecting the internal procedures within.
Wrapping it up
To conclude, now we know the objective of Artificial Intelligence is to offer software that carries the capacity of reasoning & explaining on input & output respectively. The importance of AI is in the fact that it will offer interactions like humans with software & provide decision support for numerous tasks. But it is vital to realize that it can never be a substitute for humans.
A mobile app development company comes handy in today’s time as it can help you integrate AI seamlessly in your products like software, application, voice assistant, etc. For instance, with AI, it is possible to prepare data for the purpose of analysis, integrating text analytics in a single product, developing models with contemporary ML algorithms & a lot more. In fact you will be able to code projects with AI that amalgamate SAS with various other languages like Artificial Intelligence with Python. Simply augment the abilities of your business with AI & gain better vision & understanding. More than 60% of customers of today’s time are very much optimistic regarding the Artificial Intelligence industry. So ecommerce business owners must seize such opportunities for being a part of a billion dollar industry.
(Featured image by Hitesh Choudhary via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
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