In today’s tech landscape, it’s rare to find a major industry that hasn’t been affected by AI. As data collection and analysis have considerably ramped up over the past few years, artificial intelligence and machine learning have been adopted by enterprises all over the world. With this in mind, we’ve narrowed down the top 5 industries that are most likely to be transformed by the integration of AI technology. Let’s dive in!
- Cyber Security
As the whole world is becoming more digitised in the wake of a global pandemic, cyber crime is now one of the biggest threats to organisations around the world. Unauthorised access, security misconfigurations and malicious insider attacks are causing huge losses to the global economy. The implementation of AI in this industry will (and already is) bringing a revolutionary change — finding attackers before they could result in any sort of attack. Researchers and cybersecurity experts are making use of AI’s potential to provide hacks and attacks with minimum human intervention. This is why 25% of IT leaders consider security as the top reason for adopting AI within their organisations. With its power to automate complex reasoning and self-learning on a massive scale, AI will be a game-changer in how we improve our cyber-resilience.
- Fintech and Banking
Another area that AI has made significant strides in is within Financial Institutions and Banking services. More and more frequently, financial institutions are using AI to make more thoughtful decisions (company-wide) and to make better recommendations to customers. For example; Kami, a chatbot company, uses AI to mimic human logical reasoning skills. It does this by analysing chat conversations to understand the personal preferences of each customer (illuminating things like purchase mentality, bias etc.) If they continue to uncover useful insights about their customer base, financial firms will soon have a unique advantage — making sure its next campaign reaches similar users.
- Healthcare
AI’s entry into the Healthcare sector has witnessed people across the globe benefitting from it. Most significantly, the sector as a whole has been equipped to collect relevant and accurate data about patients and those who come into care services. Moreover, when it comes to advances for patients, cutting edge breakthroughs such as computerised x-ray vision detecting diseases and natural language processing (nLP) are showing promise in drug safety and detecting patterns within a population. There’s no doubt that these new technologies will quickly become critical for patients, and revolutionise the healthcare industry.
- Retail and E-Commerce
In supermarkets of the future, advanced analytics and AI offer plenty of information on every individual buyer (some of which include their meal preferences, food allergies, and motives behind their purchases). Furthermore, by collecting data about the way in which customers access the store, major retail corporations are able to arrange products based on customer preferences and increase overall sales. In addition, retail is also set to be disrupted by AI in the form of self-shop stores. Having already demonstrated a concept for completely autonomous shopping, Amazon’s ‘Amazon Go’ has already opened several concept stores all over the U.S. Utilising a combination of deep learning, machine learning, image recognition and smart automation, the futuristic experience is the first of its kind when it comes to a ‘cashier-less’ shopping experience. It’s no surprise that the retail market valuation is expected to reach $24 by 2027.
5. Creative Services
From telling you what to listen to on Spotify, to deciding which artwork you’ll prefer on Netflix, AI is more prevalent in the creative industries than ever before. With AI tech, savvy marketers now have a huge advantage when it comes to standing out in the crowded landscape of advertising. For example, brands like LoopMe help giants like Microsoft and Disney run more effective mobile video advertising campaigns. The company’s AI tools help analyse customer data to determine which online users are most likely to purchase a company’s product or visit a store. The world of design is also experimenting with the technology, with AI system ‘ANGELINA’ designing experimental video games since 2011. Through the integration of more AI technology in creative spaces, AI can assist in stretching into more advanced creator tools and empowering professionals in the field. Despite shaping creative work, the emotion and art will continue to come from humans.
There’s no doubt that AI and machine learning have emerged as modern, essential ways for organisations to get ahead (with a projected value of US$228.3 billion) by 2026. With an inherent capacity to bring intelligence to tasks that previously did not have it, AI is quickly transforming into a highly disruptive power in numerous sectors. It’s just a matter of time.
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