Artificial Intelligence aims to create machines and automated technologies that can successfully simulate human intelligence. On a global level, the phenomenon of Artificial Intelligence is changing the world socially, politically, and economically. Google assistance, SIRI, Alexa, smart cars are prime examples of artificial intelligence. From business, healthcare, militia, to education, gaming, entertainment, and much more. Artificial Intelligence has revolutionized almost every sector. Moreover, a career in Artificial Intelligence is amongst the trending ones in the digital world. This blog elucidates upon the applications of Artificial Intelligence in daily life as well as in different areas and sectors like education, healthcare, business, amongst others.
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What is Artificial Intelligence?
Artificial Intelligence (AI) is a type of computer intelligence that mimics human behavior or thinking and may be educated to solve issues. AI is a mix of Machine Learning and Deep Learning approaches. AI algorithms that have been trained with large amounts of data may make intelligent judgments.
AI Facts and Figures
- The global artificial intelligence (AI) software industry is anticipated to reach 126 billion dollars by 2025, according to Statista.
- According to Gartner, 37% of companies have deployed AI in some manner. Over the last four years, the number of businesses using AI has increased by 270 percent.
- AI will fuel 95 percent of consumer interactions by 2025, according to Servion Global Solutions.
- According to Statista’s latest estimate for 2020, the worldwide AI software industry is predicted to increase by 54 percent year over year, reaching a forecast value of USD $22.6 billion.
Types of Artificial Intelligence
We will now cover the many forms of artificial intelligence in the AI applications topic. This vast is divided into numerous categories to aid with your understanding.
Narrow AI is another name for weak AI. It’s an artificial intelligence system that’s been created and taught to do a certain task. Siri and Alexa, for example, are AI that isn’t very good. Unsupervised programming is used to categorize the information. Because they already have pre-programmed answers, they categorize things accordingly. So, when you ask Alexa to play a song, pay attention. The algorithm will reply by playing a song, but it is only doing so because it has been programmed to do so.
Strong AI, often known as artificial general intelligence, is more like the human brain. It possesses cognitive abilities that aid in the execution of new tasks and directives. It can solve a problem without relying on a pre-programmed algorithm.Strong AI may be shown in visual perception, speech recognition, decision-making, and language translation.
Applications of Artificial Intelligence
Businesses are utilising AI for facilitating a better relationship with their customers as well as to tackle tasks that would be carried out by humans but can be done faster using robotic process automation. Further, websites are utilising machine learning algorithms to explore the best ways to serve the customers. Amongst the diverse applications of Artificial Intelligence in the business sector, chatbots are included in websites to ensure immediate services to the customers. AI possesses the potential of boosting sales, carrying out predictive analysis, better connecting with the consumers by enhancing their overall experience as well as formulating efficient and effective work processes.
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When it comes to the education sector, AI has brought key changes in revolutionising the traditional methods of teaching. Digital technologies can be effectively incorporated for grading assignments as well as to provide smart content through online study materials, e-conferencing, etc. Further, AI is also being proficiently utilised by admission portals like Leverage Edu to help students find best-fit courses and universities as per their preferences and career goals. There are innumerable other applications of Artificial Intelligence in education such as online courses and learning platforms and digital applications, intelligent AI tutors, online career counselling, virtual facilitators, amongst others.
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Artificial Intelligence has proved to be a significant and effective technology for the healthcare sector as it has revolutionized medical equipment, diagnosis, research, amongst others. Other than using computing technologies for better and faster diagnoses of diseases, there are various significant applications of Artificial Intelligence as complex algorithms can be utilised to emulate human cognition for analysis and interpretation of complicated medical and healthcare data. AI systems can handle larger chunks of data and analyze them to suggest the best ways for treatment. Many healthcare companies have also designed digital applications such as Lybrate, WebMD, etc. where patients can report their patients and seek medical assistance from healthcare professionals.
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Applications of artificial intelligence in the banking sector are also exponentially growing. There are a number of banks in the world that are already taking advantage of artificial intelligence for detecting frauds related to the activities of credit cards as well as facilitating online banking. Almost every bank is providing its users with online apps where they can track their account transactions, carry out online payments as well as to detect anti-money laundering patterns as well as payment frauds. Famous companies like MasterCard and RBS WorldPay equally rely on AI and Deep Learning.
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In the financial sector, Artificial intelligence is playing a major role in determining the future patterns of the market. The main aim & objective of AI-based technologies in the finance sector is to thoroughly analyze the dynamism of stock trading. Using different applications of Artificial Intelligence, the finance industry is incorporating adaptive intelligence, algorithm trading and machine learning into financial processes. Based on the prediction of market prices, they help individuals in taking the right decisions.
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There are many issues related to environmental change which are miserably affecting the lives of farmers and crop production. In order to do away with the agricultural crises, a number of AI-based machines are at the forefront, be it robots and algorithms, helping farmers in sustainable agricultural production. They help farmers discover more effective means of protecting crops from weeds. Effectively using applications of Artificial Intelligence in Agriculture, the ‘Blue River Technology’ has set a great example as it has created see and spray machines that can detect weedicide on cotton plants. These automated machines spray plants with the help of computer vision technologies which helps them protect against herbicide.
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Applications of Artificial Intelligence in the arena of gaming also deserves prominent mention. AI has achieved phenomenal growth in the gaming industry itself. Using machine learning and algorithms, a surreal gaming environment can be brought forwards for gamers. Implementation of augmented reality and virtual reality gaming to bring a real environment for players, AI possesses the potential of transforming even the simplest of video games into dynamic, engaging and interactive ones! DeepMind’s AI-based AlphaGo software is considered one of the prolific and phenomenal achievements in the field of AI. It has defeated Lee Sedol, the world champion in the GO game. There are many examples of applications of artificial intelligence in the gaming industry which includes the First Encounter Assault Recon, popularly known as F.E.A.R.
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Smart cars are the best examples of autonomous vehicles. It is one of the popular applications of artificial intelligence in the automobile sector. There are prolific companies like Waymo, which has conducted a series of test drives to make their product successful. They included a vehicle ranging system, cloud services, GPS as well as cameras in order to produce and control signals for vehicular movement. Tesla’s self-driving cars are purely based on Artificial intelligence is another best example of autonomous vehicles.
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Following are some of the other applications of artificial intelligence:
- Travel & Tourism
- Social Media
- Data Security
- Human Resource
Thus, there are plentiful applications of artificial intelligence in a varied range of sectors and areas possessing the potential of reducing human effort and making everything automated and run by machine algorithms. Exploring academic programmes to study Academic programmes in detail? Sign up for an e-meeting with our Leverage Edu and we are here to answer all your course and university-related queries to guide you towards making an informed decision to actualise your career aspirations!