Introduction
While artificial intelligence was no more than a theoretical concept in the old days, nowadays, companies are spending small fortunes on adopting machine learning and other AI-based technologies into their own products, services, and more. Unshockingly, machine learning can be found in most industries nowadays and with more industries to come. What artificial intelligence can achieve and accomplish is unknown, from weather forecasts to auto-driving cars and scanning for tumors in the human body AI is just a wonder waiting to be utilized in our daily lives.
In this short article, we will state 5 industries that rely heavily on machine learning and artificial intelligence in general. All these industries have been improved greatly by AI, whether by saving costs, precious time, saving lives, or accomplishing things never heard about before. Without further due, let’s dive into 5 of the most heavily infused AI industries of our day.
1. HealthCare
As one of the most, if not the most, critical user of machine learning nowadays, the healthcare industry can be considered one of the top machine learning-infused industries of the decade. With many great leaps in the medical industry, in this section, we will only mention two usages of AI in the medical industry.
Medical Diagnosis and Disease Classification
Although still unfledged in some areas of disease identification, machine learning has proven to provide great accuracy in certain body diagnoses.
Removing tedious tasks by using Speech Recognition
One of the main benefits of AI is its ability to understand human language or what is more commonly known as Natural Language Processing. It doesn’t matter if the words are written or spoken machine learning models are able to understand and process such words into a machine-understandable format. In the case of the healthcare industry, special machine learning models are able to understand and classify clinical documentation, removing unnecessary tasks from doctors’ daily to-do lists such as writing prescriptions, entering patients’ data manually, and so on.
2. Transportation
Self Driving Cars
With great funds being poured into the autonomous self-driving car industry, customers can expect to never hold a steering wheel again. By including ultrasonic sensors at certain car dimensions, the self-driving car can detect the location of surrounding objects such as cars, curbs, and more. Using advanced machine learning algorithms, cars can then calculate the best path to take on a road, allowing for full driving automation.
Although still not completely functional, customers can expect more of the self-autonomous car industry in the coming decade.
3. Finance
Reducing loan risks
Where there is money to be gained, machine learning can be used. With machine learning algorithms that are capable of accurately predicting how future stocks rise, nowadays
Machine learning models can predict and assess loan risks, reducing overall financial costs.
Fraud detection in bank systems
By studying previous customer patterns, artificial intelligence can be used to detect any miscellaneous activity done by users. By using such a fraud detection system, banks can detect scammers early on, saving massive amounts of money.
4. Retail and Customer Service
Recommendation systems
For the past decade, recommender systems have proven their worth in gold. With individual customers having their own personal salesperson, who knows all their likes and dislikes, it’s hard for customers to not be continuously hooked on buying more and more. With companies such as Amazon gaining most of their revenue through the usage of recommender systems, it’s no surprise that they are spending millions on improving and perfecting such systems for utmost profits and sales.
5. Real Estate and Property Evaluation
Can you not judge how much your house would sell for in today’s market? It is common nowadays that real estate owners cannot accurately predict how much their properties go for. With hundreds of factors such as location, size, weather, and more, the human analysis may get a bit more complex for the human brain. Here is where AI comes in handy, with advanced machine learning modes capable of accurately predicting real-estate properties with hundreds of factors accurately. Such models learn from millions of sold or cost-known properties, allowing for further predictions of new properties.
Conclusion
Whether in medical care, transportation, finance, or retail, artificial intelligence and the ability of human thinking have vastly improved such industries in the past couple of decades. By saving millions of lives, time, and billions of dollars, who knows what AI can accomplish in the coming couple of years.
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