Artificial intelligence (AI) is revolutionizing a lot of businesses and services.
According to the latest release of the International Data Corporation (IDC) Worldwide Semiannual Artificial Intelligence Tracker, by 2024, the artificial intelligence (AI) market, including software, hardware, and services, is expected to break the $500 billion mark with a five-year compound annual growth rate (CAGR) of 17.5% and total revenues reaching an impressive $554.3 billion.
The global AI market size, as per Grandview Research, was pegged at $62.35 billion in 2020 and is expected to touch $997.77 billion by 2028. It shows AI’s considerable adoption in verticals like automotive, healthcare, retail, finance, and manufacturing. It was seen in this report that the advertising and media segment took an 18 percent share of the global revenue in 2020. But the healthcare sector is anticipated to gain a leading share by 2028. Also, AI has seen a significant share in the BFSI because of the high demand for risk and compliance applications in the sector.
Let’s take a walk across some verticals of note.
Artificial intelligence (AI) in the automotive industry
Artificial intelligence (AI) is being used massively to drive the most significant disruption that the automotive industry has ever experienced. It is the fundamental force that will power the self-driving revolution. Autonomous cars, vehicles, and transport would utterly depend on the accuracy, speed, and impact of artificial intelligence models that run them. Also, the new world of connected vehicle experience with C2V or Customer to Vehicle interactions and V2V or Vehicle to Vehicle interactions would be supported through artificial intelligence tools.
Artificial intelligence (AI) in social media
Customer proximity will be a reality instead of fiction, thanks to the widespread use of AI in social media. With AI tools, personalization, location mapping, and fast responsiveness would be achieved on a large scale in social media. This would help to optimize user outcomes and gain new monetization opportunities. It would be made possible thanks to real-time insights and action.
Artificial intelligence (AI) in cyber security
While artificial intelligence is being used in the adversarial universe, AI can also help the defense teams to find patterns and achieve high speed in responding to security breaches. Risks could be mapped proactively, and zero-day vulnerabilities can be fixed thanks to the velocity and agility that AI brings in.
Artificial intelligence (AI) in finance
We have already seen how Fintech players are shaking up the turfs of legacy banks and traditional BFSI players. All this is being achieved because of disintermediation. That level of speed and action comes from the data advantage AI plays on. That helps speed up KYC, construct personalized solutions and create a deeper CRM in the financial landscape. That is why we are finding services around financial analysis, risk assessment, and investment/portfolio management solicitations.
Artificial intelligence (AI) in e-commerce
The world of hyper-personalization is now a norm for all major e-commerce players. That’s not all. Bots are powering even the customer support and service areas. Behind the scenes, too, we see AI playing a big part in logistics, Robotic-assisted warehouses, and automated supply chains.
Artificial intelligence (AI) in education
AI is making virtual learning and collaborative learning pragmatic and hassle-free. Students can enjoy the immersion and real-time experiences of virtual classrooms because of AI agents and AI-powered classrooms. AI is also giving feasibility to new models as self-paced learning and application-oriented learning.
Artificial intelligence (AI) in entertainment
Today, in the post-Netflix era, the space of entertainment has undergone a big plot-twist of sorts. In the age of hyper-personalized viewing choices and analytics-based viewer engagement, we cannot think of doing anything without the help of AI. This is being witnessed in not just content distribution but also content creation and new revenue opportunities.
Artificial intelligence (AI)in agriculture
Why suffer droughts or lose market advantage because of lack of information? Farmers are using AI’s strengths to study patterns regarding crop state, yield management, supply chain gaps, market pricing, and customer demand mapping. With AI, the factor of luck in farming is out of the picture.
Artificial intelligence (AI) in robotics
Robots of all stripes and flavors are being configured with a core AI DNA somewhere. So whether we are looking at drones, software assistants, chatbots, factory floor cobots, or sophisticated virtual assistants – they are all using AI in some form.
Artificial intelligence (AI) in travel and transport
It would soon be normal to hear of platoon-based truck supplies. It would be okay to envision a supply chain with no fragmentation, global, streamlined, and no blind spots – all thanks to the advantages that AI brings in.
Artificial intelligence (AI) in gaming
With AI in place, games are becoming more and more engaging, immersive, and collaborative. Monetization in games is also witnessing an unprecedented spurt because AI creates a new bridge between the player and the gaming platform.
Artificial intelligence (AI) in healthcare
Wearables and telemedicine now dominate healthcare because AI can support the scale and complexity of information here. It will be a time for personalized medicine, remote healthcare, and robotic surgeries because of AI’s advent and widespread impact in healthcare. Welcome to the world of robot-assisted surgery, dosage error reduction, virtual nursing assistants, clinical trial participant identifier, hospital workflow management, preliminary diagnosis, and automated image diagnosis.
As we can see, artificial intelligence (AI) might have been an exception once. But now, artificial intelligence (AI) is becoming a norm. In almost every vertical. Therefore it has become imperative for professionals to build AI and Machine Learning capabilities and shape their careers in an AI-dominated world.