Artificial Intelligence is influencing almost every segment of the markets all over the world. From the way we communicate to the way we learn, now AI has a role in everything that we do by using technology. With time, AI is not only boosting the efficiency of operations, but it is also automating plenty of tasks that had human involvement before.
Currently, the perfect example is driverless cars which have become the hot topic a while back. By eliminating the need for human drivers, these driverless cars have the potential to revolutionize the traditional ways of transportation and fully automate traffic in a few countries. But that is just one of the many talks of the future of AI that we will witness within a decade.
From the perspective of businesses that are spending on AI, revenues for this technology will only see growth in the future. For your reference, a Statista report’s fact can be useful. As per this report, approximately $51.27 billion will expectedly be spent on the AI software market by the end of 2022. However, with the increasing possibilities and endless opportunities that AI is creating at the moment, it is no surprise that by 2027, businesses from all over the world will help the AI market in generating $126 billion approximate revenue.
Now, in this blog, we are focusing on a few crucial applications of AI that will change the way the world works. We will discuss some emerging trends of AI that are expected to trigger such exponential growth in the revenue of the technology. So, if you are already finding the topic intriguing, stay with us until the end of the article.
1. Transforming the trading segment
AI is capable of predicting approximate events that might happen in the future with the help of historical data. It uses machine learning algorithms to identify patterns and on the basis of that, makes decisions. Likewise, AI is capable of helping businesses in the trading segment by using influential information. We are not saying that AI will forecast 100% accurate trading events as there are many factors that influence the share market.
However, AI algorithms can eliminate the human influence on trading. Also, it is helpful in reducing risks which will ultimately reduce overall losses for investors. A report by Entrepreneur says that 80% of trading operations done on the US exchange are already using AI algorithms. Some famous trading platforms that are using the technology are RegalX, AI Autotrade, and more.
2. AI in data privacy
Among other uses of AI, data privacy is one of the biggest concerns that it can take care of. By scanning apps that you install on your devices to find out what data they are accessing and how often these apps access the data, these AI algorithms can find possible data breaching patterns. There are apps that are also known to use and upload your data on servers when the app is not even being used, to counter such cases, AI is being used to block and alert the user. These apps are also marked spam on servers to inform other potential users who might end up installing such apps in the future.
3. AI in automated software testing
Perfect software is never released without proper QA. Not only that, as we know that all operating systems have different versions due to regular updates and device upgrades, it is also crucial to check software compatibility with almost all of them that are existing in the target market.
Manually, however, this task can be challenging and almost impossible. So, automated testing tools came into the existence where AI is used to test the app on multiple devices and operating systems. Accordingly, these tools are also able to help you in finding the exact root of the glitch if it occurs so that you do not waste time going through every single line of the code.
4. AI in medical research
The healthcare segment is improving scientifically and expanding the adaption of technology for better efficiency. The technology is helping pharmaceutical research to provide approximate data on possible outcomes of combinations that are reducing the wastage of resources. Also, for other processes like shipment, AI by pairing up with other technologies like IoT is making it easier to keep track of shipment temperatures, status, automated approvals, and more.
Currently, AI is also commonly used in fitness bands and healthcare applications to use the data taken through sensors to predict the health level of the user. Also, to help users in improving their fitness, AI is capable of using the data to provide them with personalized tips.
5. Better efficient supply chain management
Good supply chain management for businesses of all sizes is the key to growth. AI is now capable of helping businesses out with establishing smooth manufacturing to delivery process. Tech giants such as IBM have prepared AI-supported SCM systems that can keep track of your inventory, place orders automatically, connect you with potential suppliers and buyers as well. For businesses dealing in segments with a short life of products like farmers, SCM systems can help them in prioritizing inventories.
Conclusion
Artificial intelligence is already influencing many things that we often do. For example, it observes and recommends products that we might end up purchasing, it keeps a track of our music taste with apps such as Spotify to show us what we might like according to our taste. Even when we are not at the full potential of AI yet, experiences such as shopping and entertainment among others have changed entirely. It will be exciting to witness the full potential of the technology someday and to see what possibilities will be there that we could not predict.
