The invention of AI has proved to be a bliss for business operating in almost all industries. Statistics demonstrate that an increasing number of organizations are employing this advanced technology within their business operations. So, the applications of artificial intelligence is increasing rapidly.
The market size of AI was valued at approx. $27 billion in 2019, and it is projected to reach about $267 billion by 2027. Businesses worldwide are leveraging the power of AI to optimize their processes and earn higher profits.
Applications of Artificial Intelligence
Though AI is applicable to all industries, some major ones are explained below:
#Human Resource (HR) Management
An Oracle/Future Workplace report showed that 64% of participating HR practitioners would trust a robot over the advice of their manager.
The combination of AI and machine learning (ML) is slowly reinventing the HR world. The sector can benefit from these technologies for two main reasons:
- There are surprising amounts of top quality data in the field.
- HR departments in companies feel essential as well as the pressure of time.
AI can automate some aspects of the recruiting and HR job, freeing professionals to focus on other things like onboarding, training, etc. This can also streamline and improve processes for betterment.
Cyber attacks on businesses are massively growing and evolving. Depending on the size of your company, there are countless signals that must be analyzed to evaluate the risk.
Unfortunately, this is not a human-scale problem anymore. In response, AI-powdered tools have emerged to help intelligence and cybersecurity teams to work efficiently and effectively.
Using AI, companies can easily detect vulnerabilities in business applications like Financial or ERP systems. For instance, some of the world’s most protected airports use this technology to analyze your identity when you are on your way to it. This saves security personnel time while making them proficient.
A research report by Healthcare IT News showed that 63% of research subjects agreed that AI and ML would provide excellent value in all specialty care departments.
In the coming few decades, AI is going to reinvent the healthcare industry. The technology helps the industry leverage the data at their disposal and improve patient outcomes to a greater extent.
Due to its growing use, the global market size for AI in healthcare is projected to reach about $28 million.
AI enhances predictability, reliability, and consistency when it comes to service quality and patient safety. It’s true that technology cannot replace doctors, but it makes them more efficient and effective by taking their cognitive burden.
AI provides a competitive edge to eCommerce businesses, especially because it fits these companies’ size and budget.
The technology uses ML to automatically tag, organize and visually search content by labeling features of videos and images.
At the same time, AI helps buyers quickly discover products based on their preferences for colors, sizes, shapes, and even brand.
Its visual capabilities ease shopping online, thus improving customer experience with eCommerce stores that leverage this evolving technology.
Today, every business uses this technology in one or another way. Besides above applications of artificial intelligence, its uses cover businesses operating in industries like retail, hospitality, gaming and betting, manufacturing, to name a few.