Artificial Inte (AI) saw its inception many decades ago. However, with time and help of the Machine Learning Data, it has evolved. And, it became way smarter than it was before. Thus, corporates from many sectors like Customer Service, Blockchain, App Development, and more have adopted AI to make it a part of their services. Now, they are using AI to execute tasks such as fast customer assistance, cybersecurity, data management, and more.
A report by UBS states, the AI witnessed a growth of 20 percent between 2015 to 2020. The 2015 AI revenue had a revenue threshold of USD 5 billion globally. However, in 2020, the approximate AI revenue has grown and touched a value of USD 12.5 billion.
Now, with such rapid growth and the increasing adoption of AI in everyday life, it is crucial to know the reason behind the same. Thus, we are talking about a few use-cases for which, industries have already adopted this technology.
So, without further ado, let’s begin!
Top use-cases of the AI in industries
AI with Machine Learning is being used in many industries, including Automobile, Customer Service, Learning, and more. Thus, we are picking a few crucial use-cases from industries where AI has become a trend nowadays.
AI in chatbots
A few years back, AI chatbots were limited to customer service duties only. These chatbots were used to solve customer queries by providing them resolutions by identifying keywords in the question asked by customers. A report by Salesforce says, 23 percent of corporates prefer using AI chatbots as well for their customer assistance department.
Benefits of the AI in chatbots
- Instant resolutions
- Higher customer satisfaction
- Better quality communication
- Better tolerance to rude customers
AI in the E-learning
The education industry has grown at a rapid speed. From traditional methods of learning to mobile applications, the industry has seen a technological evolution. Currently, many mobile apps like Udemy or Khan Academy are using AI in education to give people a better learning experience. Students can keep a track of their studying patterns and get a personalized learning experience as well with the help of these AIs.
Benefits of AI in the learning sector
- Personalized learning strategies
- Detailed learning analysis
- Alternative solutions
Automated Business operations
Artificial intelligence has given tech giants such as Amazon a tool that can perform heavy business operations automatically. The AI is not only used to maintain a systematic development process by giant companies but also to do Research and Development activities. Modern AI can even best business strategies by using Machine Learning Data like Demographical factors of the target market, market conditions, and more.
Benefits of AI in Business Operations
- Automated inventory management
- Fast R&D activities
- Better customer service
- Automated manufacturing processes
AI in the Sports Industry
The Sports industry is adopting AI rapidly to execute tasks like Predictive Analysis. Many sports betting websites are already using APIs with AI into their websites and mobile applications to provide content for betting or statistics. Moreover, the AI is also useful for reviewing sports to find out better strategies and weak points. It uses metrics like speed, target, spin, the position of the player, and more.
Benefits of AI in Sports Industry
- Predictive analysis
- Detailed sports statistics
- Performance review
- Strategies suggestions
Insights into the growth of AI in markets
Furthermore, to understand the real growth of AI in various industries, it is ideal to have a little insight into the statistical data. As per a report by Forbes, AI saw 2.1x times growth in AI-based startups between January 2015 to January 2018. This number was way more compared to all active startups, which saw a growth of 1.3x times within the same period.
In the US, the funding for AI startups increased 4.5x times between 2013 to 2017. Moreover, AI also witnessed exponential growth in its job opportunities. Between 2015 to 2017, Machine Learning and Deep Learning, both saw a growth in the demand as skills. The AI for different industries like Robotics, Machine Learning, and CyberSecurity among others saw a good margin of percentage growth.
FAQs related to the growth of AI
Well, before we proceed further and have a look at the conclusion of this blog, let’s have a look at a few commonly asked questions.
Answer- A report by Grand View Research states, in 2020, the AI market was valued at USD 62.35 billion. Expectedly, the same market is expected to grow with a 40.2 percent of Compound Annual Growth Rate (CAGR) between 2021 to 2028. Some common sectors which have already adopted AI are Healthcare, Finance, CyberSecurity, and Blockchain among others.
Answer- Well yes! AI is rapidly growing its expansion in various sectors due to its user-friendliness. Moreover, AI is also giving businesses more opportunities so that they can frame better strategies and take applications of the AI into consideration while framing business decisions.
Answer- Due to its increasing popularity among businesses, AI is expected to grow quite well within a few years. A report published by Cision says the AI is expected to touch a market value threshold of USD 228.3 billion by 2026. Moreover, it will expand its size in industries like Software, Hardware, Machine Learning, and Finance among others.
It’s clear that AI is an incredibly useful tool for many industries to use. From fundraising to customer support, it has become an integral part of many businesses. Given the popularity and importance of AI in the rapidly evolving world of technology, keeping up with the latest advances by reading the latest newsletters and articles, attending artificial intelligence course, and visiting blogs are desirable.
Now, when we are done with the analysis of the reasons behind the rapid growth of AI, let’s have a look at a few crucial points we discussed above for a revision.
- Since a value of USD 5 billion in 2015, the AI market has touched a value of USD 12.5 billion in 2020
- 23 percent of corporates prefer AI chatbots to serve their customers better
- AI is helping companies build a better relationship with customers
- In the education sector, AI is helping learners learn with more effectiveness
- The Sports sector is using AI to perform predictive analysis and betting activities
Well, we have covered all crucial elements that explain the growth of AI in the market currently. However, surely, in the near future, developers will find more ways of using AI in fields that we have not even imagined yet.