Do you know the AI market is booming at a constant speed? There is a new revolution in the market, and we are highly fascinated by this evolution. Even in 2020, we have already entered the era of AI and its advancements.
Don’t believe this? This article will make you feel in it with real-life examples.
However, if you go through the tech magazines and scroll through the tech blogs or had a discussion with your peers at an industry conference, you will quickly find the change that almost every technology around us today contains the element of artificial intelligence or machine learning solutions. Even every innovation coming out of the technology is AI-based.
According to the Statista results, the global artificial intelligence software market experienced a massive growth of around ten billion U.S. dollars in 2018, which is expected to reach 126 billion by 2025. The overall market includes a vast array of applications such as machine learning, natural language processing, and robotic process automation.
Many tech giants have heavily invested in AI acquisition, research, and development. Companies such as Microsoft, IBM, Google, and Samsung have each submitted thousands of AI patent applications.
And if we talk about the AI startups and funding, then it has reached 7.4 billion dollars in 2019 as per the results of CB Insights. The funding amount is also recorded to be the single highest ever in the quarter.
Why is AI Gaining Popularity Day by Day?
2019 was an AI-driven year and in 2020, it’s all set to dive deeper into the industries with more advancements and solutions. Its exponential waves are stacking top one another technologies and eclipsing decades of breakthroughs in scale and influence and thus need to hire developers in india is rising day by day as they are cost-effectively upgraded with the latest trends and technologies.
If we count on the perks of AI and the reasons behind its immense popularity, then there are many.
Here, I have mentioned a few of these:
- It performs large-scale computer-based tasks with accuracy and reliability. Whereas human research requires system configuration and asking the right query.
- It adds intelligence to the existing products by considerably improving their capabilities. E.g. Siri has added a new generation feature in its many Apple products.
- The conversation platforms, robots, automation and smart machines can be combined with the vast data amounts to improve software technologies at your place and workplace from investment analysis to security intelligence.
- It creates a five-layer hidden fraud detection system that analyzes more in-depth data through neural networks. E.g. Alexa, Google Search and Google Photos are entirely based on deep learning.
Along with the above lines, we have more to discuss with you about AI. Below, you will find the names of the various industries and the artificial intelligence impact on them in 2020.
Let’s dive in.
Healthcare
Artificial intelligence is potent in offering assistance in the data analysis of X-rays and CT and other health tests plus exams. The path of personal treatment can be created for everyone with the help of patient’s data, clinical research, and various external knowledge sources. It can also provide medical advice to patients on a real-time basis.
However, there are still many AI-based doctors in some countries and offer the appropriate treatment with a database and patient’s medical symptoms. Such types of applications use voice recognitions to consult with the patients.
Financial & Banking Industry
Banking and financial industries are continually struggling to eliminate fraud and theft cases. As online transactions are gaining popularity over time, financial cybersecurity becomes a challenge.
Artificial intelligence solutions and their deep learning techniques can sort the issues at an advanced plus all-new level. It can quickly analyze patterns and identify suspicious behaviors.
Retail/ E-tail Management
Artificial intelligence can occupy a special place in the retail / electronic commerce industry. The virtual customer service assistants and chatbots can assist the customers and clear their basic queries without any human interventions.
Such advancements facilitate businesses to work 24×7 with utmost efficiency and productivity.
Technology-based Companies
How can the tech firms be left in this AI decade? They don’t only create but also take the best advantage though the tech giants like Microsoft, IBM, Google and Apple are already ruling in the market. Due to which many AI or machine learning companies struggle to gain competitive advantage.
At one side, the big players have already created intelligent voice assistants like Microsoft Cortana, Google Home, and Apple Siri. In contrast, chatbot platforms are used in both medium and small businesses. This becomes a bit critical as well as competitive.
All these states only thing, i.e. the fourth industrial revolution where automation, deep learning, artificial intelligence, data analysis, and machine learning solutions are revolutionizing the industries plus bringing enormous opportunities for the firms.
Also, Know the Perks of AI-based Techniques in Traditional Software
Regular software handles essential components such as front end product interface, data management, and security. Though, it can benefit from machine learning solutions. Here, we have the reasons.
- Rapid Prototyping
Visual interfaces convert the business requirements to the technology product needs. Machine learning shortens this process and even needs less technical experts.
- Smart Programming Assistants
Smart programming assistants offer recommendations and timely assistance like code examples, practices related documents, and more as the software development companies spend their maximum time in document reading and software debugging. Codota for Java and Kite for Python are the best examples of such particular helpers.
- Automatic Analysis & Error Handling.
Like humans, programming assistants also learn from their past mistakes to identify automatically and tag different common errors during their initial development phase. Once the technology is applied, AI or ML can be also used to analyze various system logs to quickly and proactively identify numerous software errors.
Additionally, it’s possible that soon it will allow the program to change dynamically in response to the errors with no human intervention.
- Automatic Code Restructuring
Clean programming code is vital for long-term maintenance and search engine rankings. Here, artificial intelligence can do code analyzation and optimize it accordingly for better performance and interpretation.
Wrap Up
No doubt, this roaring 2020s and AI decade will significantly impact all the industries across the globe. Due to which more and more companies are switching to AI to increase profits and hiring the best AI mobile app development companies for foolproof and advanced software solutions.
So, hire the best company and get a feature-packed business application to grow by leaps and bounds.
