Innovation has become the key mantra for so many organizations around the world which are looking for exponential growth and success in the marketplace. In this quest, Artificial Intelligence (AI) has become an important technology area which is redefining industries, providing greater personalization to users and automating so many of their business processes.
We cannot say that Artificial Intelligence is a new technology in the market, but yes it is true that its potentials have not been fully explored yet and only recently it is becoming a core part of the business strategies. Hence we should know how AI will change industries? And why entrepreneurs around the world are continually trying to understand how AI can help their industry so that they can get the best results in their businesses.
According to stats available on the internet about AI, it is predicted that by 2025, the global AI market is expected to be almost $60 billion; in 2016, it was just $1.4 billion. Another research says that AI bots will drive up to $33 trillion of annual economic growth and also power 85% of customer service interactions by 2020.
Therefore, virtually almost every industry is embracing AI and getting benefits of AI, but there are some sectors such as healthcare, retail, finance etc. which are expected to get the most benefits. They will be at the forefront of AI adoption. Most of the industries have now realized the importance of AI technology, and no one wants to lag behind.
So let’s now talk about the seven major industries which are likely to get most benefits from advancements in AI technology in 2019 and beyond.
We are seeing an important trend in the healthcare industry, which is the entry of the giant technology companies like Microsoft, Google, Apple and IBM in this space. These and other software development companies have created many healthcare mobile app solutions, and they are trying to transform the industry by applying data mining to the massive amount of healthcare related data to provide better and faster health services.
Governments and healthcare organizations have a huge amount of stored data, some of which is even many decades old and mining this data to gain insight is not an easy task. AI is now being used to mine and analyze this data to find out the patterns and carry out diagnosis and treatment of so many medical conditions.
For example, IBM Watson which is an AI tool works by first deriving the meaning and context of the…
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