AI is revolutionizing each and every sector at a faster speed than ever; applications of artificial intelligence (AI) have become unstoppable to the point that you can’t ignore them. And if you do so, you will lag behind in the race and eventually have to adopt them. Not until a few years ago were AI-based models being used to get repetitive tasks requiring less complex intelligence done, as there was barely any risk. But today, AI is being used in various applications of artificial intelligence to make well-informed and less risky decisions. Major industries, from healthcare to manufacturing, have adopted AI in every way possible to improve productivity and stay ahead of the game. Let’s dive in with healthcare.

Applications of AI in Various Industries

Though AI has impacted almost all industries, we have listed the ones that have drastically evolved and will continue to integrate for good in the near future.

Healthcare

As AI has improved and become more accurate over time, healthcare has also leaned into AI. The applications of artificial intelligence have been improving a lot lately in healthcare, tracking specific patterns, analyzing patient reports, figuring out disease(s), and telling treatment. Lately, one area that is under focus is cancer detection; rigorous research is conducted to make this as accurate as possible so cancer can be detected and treated early. The system analyzes all signs, patterns, anomalies, or anything indicative of cancer of any sort.

Real-time surgeries with the assistance of robots are being conducted.  Pharmaceutical companies are using AI-based models to analyze data to discover new potential medical drugs.

According to Statista, AI in overall healthcare by 2021 was worth around 11 billion U.S. dollars around the globe, which is expected to surge to around 188 billion by 2030. The most commonly used types of AI software in healthcare were natural language processing and healthcare data integration.

The gist? AI will help conduct diagnoses better and more accurately, spend less time on administrative tasks, and lead to overall better and more prompt care in hospitals.

Social Media

Social media firms like Meta, X, etc. use AI in their daily operations for a multitude of tasks, of which the most prominent are the following:

• Ensuring compliance with their content policies, combating insensitive and bullying language, and taking actions against such profiles, either restricting or banning.
• Processing big data on a daily basis for numerous purposes, such as recommendations, advertising products, predicting future strategies, improving user experience, analyzing activity on the platform, etc.
• Generating and directing content based on the regions, states, countries, etc.
• To discern what is trending and rising.

And remember when Facebook was accused of running targeted ads during the US presidential elections in 2016? Social media campaigns were allegedly run to divert voters’ preferences and targeted ads.

Other than all this, companies are and will keep using AI to automate processes and make platforms as they desire.

Finance

AI has helped the finance industry to better streamline and standardize routine processes and activities, like customer service, internet banking, etc. 

Apart from the above-mentioned applications, the application of AI is used to analyze market trends and graphs of stocks, identify patterns, and predict the future behavior of the market, helping firms make well-informed investments.

The finance industry has quickly adopted AI for its accuracy and efficiency in a number of ways, like suspecting fraudulent behavior, further preventing its progression, and saving their customers from potential scammers.

Also, you must have used WhatsApp chatbots for inquiries related to bank accounts. And how can we forget loans? Companies are using AI to calculate the risk of giving out loans.

In short, at every level, AI has trickled into the finance industry, whether it is identifying potential hazards, identifying changes in patterns, dismissing the prospects of fraud, or forecasting future trends.

In a report released by Statista, most financial service professionals around the globe considered AI a hinge for their company’s success in 2020. 81% of C-suite professional respondents considered incorporating AI as an edge for the success of their company.

The gist? AI in finance will streamline all the processes possible and make them safer, helping improve revenues, reduce operational costs, and improve customer satisfaction.

Agriculture

You must have seen recent viral videos of drones analyzing the field, generating reports, and giving suggestions for the best crops to grow on that field. The next drone will sow seeds at a rapid speed. There are devices that can analyze and detect deficiencies in a specific field. Apart from this, there are devices that help combat pesticide attacks.

Today, farmers, based on the report generated by AI tools and devices, decide if they should go on with a certain crop or not. Under the scorching sun, farmers themselves were efficient and would get tired quickly, but now there are robots that help farmers harvest crops.

To quote the report by Statista, it was estimated in 2020 that the AI in agriculture was one billion USD, which is seen to go around four billion U.S. dollars by 2026.

Manufacturing

It has been quite a while since the manufacturing sector integrated AI into its system to assist in repetitive tasks.

Manufacturing, since the integration of AI, has become efficient, productive, and less flawed. The robots are doing repetitive tasks better than workers, even lessening the chance of any sort of anomaly. The predictive maintenance systems foresee errors and failures in equipment, etc. Apart from this, the assembly of car parts has been sped up, producing more cars quicker.

Due to the integration of AI, the chances of supply chain-related issues have been mitigated, and businesses are getting their deliveries on time.

Manufacturers are using AI for quite a lot of things and purposes, i.e., quality control, inventory management, marketing diagnostics, customer care personalization of products and services, and asset maintenance.

And to name one thing that AI has drastically improved in the manufacturing industry, it is quality. In a survey published on Statista, 59% of correspondents mentioned that quality control has been the most important use case of AI for them. You may ask how, right? By using smart cameras to improve inspection processes, which has reduced overall costs.

Ecommerce

You must have seen videos of robots doing shipping, placing orders, and keeping luggage in check at Amazon warehouses. Big e-commerce giants like Amazon and Etsy use AI to analyze data, predict future trends and buyer behavior, improve the customer experience, and manage inventory.

Also, AI has greatly helped companies combat credit card fraud and fake online reviews. Apart from this, the kind of personalization you see on these companies’ websites is being generated with the help of AI.

We all either search for product reviews online or read about the product on the website; AI also filters out fake and suspicious reviews so actual and original reviews are shown to users. Apart from this, companies are using AI-powered assistants to make availability 24/7 possible, and due to natural language processing, the replies sound more “human” to the customers.

And talking about pricing, these companies use AI to keep global inflation, customer behavior, market trends, and everything else under consideration while pricing their products. Overall, the application of AI has streamlined routine processes and daily tasks.

As per the Statista 2020 survey, e-commerce decision-makers in North America and Europe hope AI will help them more in the future with personalization, site search, forecasting, marketing, pricing, customer services, sales, fraud prevention, product assortments, delivery, order management, etc.

Education

Though education still has humans doing the actual part, teaching, AI has just facilitated the teachers to do the repetitive tasks like grading homework, scheduling meetings, managing their courses efficiently, sending personalized responses to students, creating lectures and student guides, etc.

With tools like ChatGPT, educators can create content for lectures and classes more effectively and quickly, saving time to spend on more productive things or learn new stuff.

Transportation

Countries with good and fine road structures have self-driving vehicles running, carrying logistics. AI algorithms analyze routes to find the best route, which helps reduce congestion, fuel congestion, and road accidents while improving overall safety.

And obviously, who does not know about Tesla? EVs? We all know, right? Self-driving cars are in style and are under testing. The industry, which is currently worth one billion dollars, is estimated to reach a whopping revenue of 2.3 trillion dollars by 2030.

With AI in transportation and logistics, respondents in a survey think AI  will help with inventory management. They believe they can create smarter manufacturing and distribution centers, and they believe AI can create a complex, intricate world of real-time inventory control dynamics, forecast scenarios, recommend actions, and act autonomously.

Chatbots

All businesses want to be responsive to their customers 24/7, even on holidays, so they miss any potential customers. This was, until a few years ago, manually done by us humans. Then chatbots came into play, but they were impersonal and not so accurate to the point and were not able to perform well against exceptions and anomalies. But with the boom of ChatGPT, chatbots have become efficient at responding to queries and personalizing replies.

Various industries are incorporating AI chatbots for seamless customer service, showing 24/7 availability for their customers as it reduces operation costs and is easy to scale.

The chatbot industry is currently estimated to be worth 1.25 billion U.S. dollars in 2025, compared to 190 million US dollars in 2016.

Marketing

As discussed above in “Social Media,” AI is widely used to analyze data and patterns to help make informed decisions about what to pass on or not. Marketing companies use data to make suggestions for campaigns, generate campaign reports, analyze patterns in behavior and graphs, improve customer engagement, offer custom app development services, etc. We all have come across unexpected ads that make us skeptical if we are being watched all the time.

Tools like Grammarly come in handy a lot when writing a campaign page. All the other tools that give us insights wrung out of customer data help us create more attractive campaigns and drive more engagement and business.

Not just big tech companies and startups but also individual marketers are using AI or AI-based applications to expedite routine errands. Just to cite a fact, in 2022, across 35 countries, 90 percent of marketing professionals were using AI tools to automate their routine chores and customer interaction, which is 2% higher than last year.

Big players like Amazon use AI to give personalized shopping recommendations and dynamically set prices based on the demand and supply of a specific product.

Robotics

Until a few years ago, robots were pretty simple, and no one would think of getting complex tasks done from them, but since the integration of AI, they have become more accurate and reliable.

Today, they can more effectively and flawlessly navigate, avoid potential collisions and obstacles, recognize commands, and analyze the environment around them. If you go to factories, industries, and hospitals, you will see them working alongside the human force, assisting them in day-to-day activities.

Their ability to learn has drastically improved, and now they handle, maneuver, and manipulate objects better. Soon, there will be humans only checking in on them, which will help industries spend more time interacting with customers.

Countries with declining birth rates and labor problems will benefit from it more in the future. And if we cite Statista again, as of today, AI-based robots are not worth around 20000 million US dollars, which is expected to go beyond 80,000 million by 2030, considering they will be able to simulate human intelligence with more precision and perform tasks autonomously.

Conclusion

The application of AI has seen a sharp rise in industries where there are repetitive tasks or having to analyze patterns and predict the potential and future behaviors of humans, such as finance, social media, commerce, e-marketing, and healthcare. Many big manufacturers, including Elon Musk, have recently proposed to slow down working on AI, citing societies being fully ready to embrace it effectively. By the way, if you want smooth custom android app development services, you can contact Binate Digital, an emerging IT outsourcing company.