Artificial Intelligence is a popular trend in the world of technology leading the tech sphere and outsmarting humans on a whole new level. The enormous importance of Artificial Intelligence can be witnessed in different sectors and walks of life. The world of Artificial Intelligence is successfully driving the Industry 4.0 revolution across different industries including healthcare, automobile, agriculture, hospitality, manufacturing, education, and more.

Thanks to AI, all these industries have noticed increased efficiency, reduced costs, improved customer experience, and boosted revenue. Organizations that leverage the potential of AI have also gained competitive advantages in the market. AI solutions like chatbots, virtual assistants, voice search, facial recognition, and self-driving cars have turned science fiction into reality.

The popularity of AI is high where one-third of global organizations depend on the technology across their several business units. Thousands of Artificial Intelligence software development companies largely contribute towards GDP with advancements and technologies like virtual assistants and autonomous cars, to name a few. It is predicted that the global AI market will touch $0.50 trillion in 2023. By 2031, AI will be contributing $15.7 trillion to the global economy.

Significant Growth of Artificial Intelligence

Why is the popularity of AI growing at this rapid pace? Is it just because AI is present everywhere to offer future-forward solutions? Is it because industries like education, automotive, healthcare, agriculture, and real estate majorly depend on AI solutions to boost their operations? Well, AI algorithms are deployed by every industry and domain today to come up with efficient, innovative, and intelligent solutions. No wonder the tremendous adaptability of AI is justified and certain to make the future a better place to operate businesses.

Today, nearly 80% of devices incorporate some form of AI on a daily basis. Also, 69% of machine learning researchers believe that AI development entails a greater focus on safety. As Gartner reports, chatbots are the main point of contact for thousands of businesses worldwide. By 2028, the chatbot market is predicted to reach $3335.3 million.

Top Uses of Artificial Intelligence

The importance of AI and its components has been making news for quite a while now. They are the major tools and techniques to make the world technologically advanced and future-ready. The use of AI is not limited to fancy gadgets, but AI has been deployed to many of the tech tasks that make life easy and reduce human effort. Thousands of AI app development companies are investing and instigating human requirements and necessities to develop and advance AI applications across several industries.

AI is used in several machines and tools to speed up the process and also to increase its efficiency more than human effort. Some of the industries ruled by AI adoption are listed below.

a. Medical Science

There is absolutely no second thought on the contribution of AI in the world of medical science. Several machines based on AI algorithms and models are used daily to detect symptoms and disorders like cancer. Using AI, it is also possible to predict patients’ health and guide them to a normal healthy life. AI has helped create virtual care private assistants that are used for monitoring and analyzing cases and outcomes. The use of healthcare bots is yet another revolutionary breakthrough that offers assistance to patients 24*7.

b. Financial Institutions

AI has helped the banking, finance, and insurance sectors by managing financial transactions and other activities. Different machine learning models solely based on advanced AI algorithms make sure that the workflow is efficient and accurate. Use cases like anti-money laundering and credit card analysis are among the areas that take help from AI.

c. Gaming & Entertainment

This is one industry that artificial intelligence has witnessed a giant success. Be it a bot or a virtual assistant to accompany you in a game, AI makes your gaming experience an immersive one without being dependent on a human. The advanced technology also helps in the details and graphics enhancing the gaming experience further.

d. Others

Several other industries have reportedly admitted that the use of AI has helped them with boosted revenue. Almost 8 out of 10 sales departments stated that AI adoption has positively affected them in revenue generation. Similar to sales, marketing is also dominated by the use of AI. A study by Adobe states that around 64% have used AI in marketing-related activities and witnessed better performance.

The Ongoing Digital Revolution and AI

The world is on the verge of a massive revolution - all because of Artificial Intelligence. Leading enterprises and Artificial Intelligence software development companies are working on AI algorithms that work in favor of humankind and its resources. The goal is to simplify the human workforce, without being a threat to the latter. World Economic Forum research predicts that AI will generate an additional 97 million employment by 2025.

Experts believe that AI is the best way to gain a competitive advantage. By 2023, 8 billion voice assistants will be in use globally, and by 2025, 9% of all jobs in the US will be based on AI services. Wait for a year more to witness cloud-based AI growing up to 5 times. In short, Artificial Intelligence is on a boom and the future ahead is mostly about the technology and its component.

Summing Up

To conclude, Artificial Intelligence has its uses and benefits that help enterprises discover their real value. More and more companies are reaching out to agencies for AI-related services to leverage the technology into their regular business process, and thereby improve customer experience.

Outsourcing services to an Artificial Intelligence software development company is a great idea when you need an expert team to understand and assess your business.