Role of Artificial Intelligence in Industry

Artificial intelligence (AI) has become a part of the modern society. There is no part of our life which it has not touched. Use of AI is bringing about significant changes in every aspect of our lives. Whether it is business or society, AI is changing the way we live.

AI or machine learning (ML) has huge impact in industries as well. In fact, it is now extensively used in manufacturing, medical sciences, defense, space applications. Broadly speaking, it is increasing the human capacity for innovation and is helping to increase productivity in every walk of life. It is now an indispensable part of life.

What is Artificial Intelligence?

Before we go on to talk about the applications of artificial intelligence in industry, it is very imperative that we understand what we mean by artificial intelligence or simply AI. In simple language, it means the ability of machines to learn and make decision just as humans do.

AI is characterized by the ability of machines to observe, analyze and learn from the data similar to the human brain.  It is not pre-programmed for what to think and decide. Obviously, it is mind-boggling to think that a machine can think like humans.

Introduction of AI technology has changed the very scenario of consumer products. It has also helped in providing new breakthroughs in cellular biology, physics, and material sciences. In the industrial sector, it has already made a huge impact whether it is manufacturing, retail or service. The use of AI or machine learning has done its bit.

With the use of BIG Data, the scope of AI and ML has increased exponentially. It is set to increase in its power in the coming decades. In the coming decades the AI migiokht be able to acquire human-like intelligence. Even at the present it is helping in introducing new developments.

Artificial Intelligence in Daily Life

AI has evolved to the level where it is shaping the way we live and work. It is due to AI that we are able to navigate routes in our cities using Google Maps on our smartphones. Digital assistants like Alexa respond to our commands. It is all possible because of the use of AI.

Connected homes and workspaces will start to run our homes in the near future. Social media apps like Facebook, Instagram and Twitter has got us hooked because their AI understands how the human mind works. Our institutions are learning to use the ever expanding powers to deliver maximum impact.

Use of Artificial Intelligence in Industries

Until a few years back, there used to be a lot of talk about the potential of AI.  It was fashionable to elaborate how it would change our daily lives. Then, the leading technology companies started to leverage the potential of the technology.

AI and machine learning are now actually changing the paradigm we live in. At this moment, it is not a technology with the potential for bringing about digital transformation but a harbinger of change. The tech majors such as Apple, Google and Microsoft are fully deploying the strengths of AI and ML.

Even the small companies are now fully using the AI or looking to deploy in their future plans. Adopting the AI would assist the businesses to increase their efficiencies and capacities. There is feeling amongst the businesses that it is imperative to invest in the new technology to stay ahead of the curve.

Some sectors are fully invested in the technology and others are looking to follow the trend. In the next 5 years, all businesses would be investing in the deployment of the futuristic technology. In the following sections we will talk about top 5 industries that are fully leveraging the power of AI and ML.

Top Four Industries using AI

Healthcare

Healthcare is one sector where breakthrough AI technologies are used for providing cutting-edge services. Extensive adoption of the technology is proving to be a paradigm shift in the medical field. Mind-boggling data crunching power of AI is instrumental in quick diagnosis. It helps in early detection and starting of the suitable treatment.

It is a boon for the treatment of diseases where early detection improves the chance of cure. It makes use of sophisticated algorithms and systems for providing personalized healthcare. Moreover, it has also become an excellent tool for predictive healthcare.

Manufacturing

Manufacturing industry has come to deploy AI functionalities in a big way. There are many functions where using AI-based bots is very beneficial. Manufacturing involves many processes that have become efficient with robotic assembly lines.

And, introduction of intelligent systems have enables the functioning of industrial plants a lot more easy and seamless. AI systems equip the plants used in manufacturing with self-diagnostic capabilities. However, it would also render employees with outdated skills jobless.

AI technology will be of great help in streamlining supply chain networks and considerably decrease the delivery times.

Transportation

Transportation is one sector where the impact of AI technology is huge in the immediate future. Self-driving cars have already become reality even though it is in testing phase all over the globe. Just a couple of years, the percentage of cars and other vehicles fitted with AI systems were less than 10%.

According to estimates, the figure of vehicles using AI will increase exponentially by the year 2025. In fact, the rise will be over 100%. Connected cars have already become a hot feature in the auto industry. The predictive AI used in cars will help drivers to locate the malfunctioning parts.

This technology will also help them to navigate routes with direction. The AI will also have excellent embedded emergency and disaster prevention protocols. The cars embedded with wireless connectivity would become a common reality in the next five years.

Finance

Finance is one sector where use of AI systems will benefit a great deal. There is no denying that the sector requires high computing power. The AI could provide sophisticated computing power for testing complicated financial modeling.

In the coming years, the finance sector will make full use of AI systems for better detection of fraudulent transactions and ensure secure financial transactions.