The business environment has faced a drastic change with artificial intelligence. Although it started as a rule-based automation system it is now capable of simulating human interaction. Besides its human capabilities, it provides better capacity and speed at a much lower price. Thanks to all the latest technological innovations, we all have access to AI in some way or the other.
Based on the estimation from IDC, global businesses are to spend $85 billion on AI in 2021. Even pandemics cannot stop the growth of AI. It is expected that spending on IT will skyrocket to more than $200 billion by 2025.
Automated Customer Service Agents and Sales Process Recommendation and Automation are the two largest areas where 20% of AI spending will happen.
The vice president at IDC, Rity Jyoti, commented, “disruption through the global pandemic has been unsettling, but it is also serving as a catalyst for innovation, growth, and business transformations. Today, AI expertise is focused more on developing commercial applications that optimize efficiencies in existing industries. Acceleration of AI adoption and proliferation of smart, intuitive ML/DL algorithms will spawn the creation of new industries and business segments and overall will trigger new opportunities for business monetization.”
Senior research manager Mike Glennon at IDC commented, “in addition to the customer experience, a lot of AI investment is geared towards improving efficiency. IDC believes these implementations will migrate towards developing and enhancing new business models. New ways of conducting business will fundamentally change how companies interact with their customers and encourage new players across many industries. We have already seen dramatic changes in retail with companies such as Alibaba and Amazon, and other industries will follow as they discover how they can benefit from changes in how business is done using AI. AI will have an impact in all stages of business, from customer interactions, through supply chain improvements, to new and yet to be thought of services.”
Let’s explore some of the crucial areas responsible for the growth of AI:
AI in news organization and content
Contents and news organizations use AI systems for discovering data from various sources. Machine learning algorithms are capable of extracting valuable knowledge and detecting variations in textual data that summarize the contained information inside. Using such sophisticated algorithms in journalistic organizations will help keep up with the current events and produce vast amounts of data from articles, tweets, press releases, and other unstructured content.
AI has a significant impact on the entertainment industry. It will make the future of the sector more personalized, entertaining, and social. Thanks to technology, media will now be able to personalize entertainment at unthinkable levels. It will not be wrong to say that people with AI will easily be able to build their own entertainment channels in the near future.
AI in healthcare
AI also has a significant impact on healthcare services and operations. It plays a crucial role in maintaining the well-being of people by constantly coaching and tracking health. It also ensures personalized care, earlier diagnosis, and more effective reassessments. By the year 2026, AI is expected to save at least $150 billion in healthcare costs. And for this, fewer doctor appointments, hospitalizations and procedures will be expected.
As per the BBN Times, AI is not just good at solving problems but is also known for demonstrating empathy. It has developed spontaneous emotions of its own accord. The future looks highly promising if we think about how it contributed to making human life better.
Here are the reasons why the demand for artificial intelligence has increased:
Due to AI, the productivity of organizations has been boosting. It has helped with speeding the operations of organizations. At present, it has become a part of every manufacturing industry that increases the rate of production to many folds. This has definitely helped with increasing the profits of an organization. It is more efficient due to its high degree of precision.
Accuracy in the prediction of stock market
Artificial intelligence with a decent accuracy can now predict the stock market behaviour correctly. Due to this, there is a major financial boost in artificial intelligence.
Smarter customer support service
It is due to artificial intelligence that organizations can provide 24*7 customer support. AI-enabled chatbot offers excellent customer support service. It improves the user experience and offers smooth and intelligent customer service. Due to this, more companies are opting for these smart solutions for their customers.
Effectively manages big data
Most of the big organizations are moving toward solutions from Artificial Intelligence companies due to big data. AI software solutions are responsible for handling data sets in cloud computing. It allows users to store data in a more structured manner. Data are analyzed in the simple form of charts and graphs.
The whole world is revolutionized due to AI-based software solutions. In recent years, jobs in AI have escalated, and it is estimated to increase exponentially.
It has become the most emerging technology in recent years. Since its technology is becoming the core of the business, there is no surprise that artificial intelligence is skyrocketing in every industry. AI is infused in almost every device and application. Platform companies like Facebook, Microsoft, Google, Apple, IBM, and Amazon have invested a lot in the research and development of AI.
Patrick Bate is a columnist in one of the top-selling magazines in the UK. She mostly writes articles or columns on gadgets and technologies. He is also associated with MyAssignmenthelp.co.uk, where she offers assignment problem solution to students.