23 Jul AI Trends in Various Industries
Technology needs to be adopted in industries across the board for companies to keep a competitive edge. Quite often, companies that do not innovate new practices tend to go bankrupt. Integrating technological advancements, such as location intelligence and artificial intelligence (AI) can help companies from falling to the wayside.
Almost every industry can benefit from location intelligence, but industries that do not integrate tech trends will surely be disrupted.
Industries Affected by AI
Some people who are against AI are convinced that it will only take jobs away from humans, but it is also saving industries from becoming obsolete. One of the industries that has been facing labor shortages due to high-intensity workdays is the agricultural sector. Implementing automation tech into various steps of the agricultural industry will alleviate some of the intensity, help cut costs, and keep farmers in business.
If car companies do not adopt AI into automobile development, they will surely fall behind other companies. The first thought that may come to mind is self-driving capabilities within cars – implementing autonomous driving features will be a necessity in the future.
One automobile company has recently launched its plans for YouX, which is essentially “a personalized artificially-intelligence operating system for cars.” This system will consider certain factors such as biofeedback, sensor-fusion tech, real-time cabin processing, and intuitive reactions to the passengers’ wants, needs, and even emotions. This new tech is paving the way for unparalleled luxury driving experiences.
Other developing features will also open up new doors for car services, i.e., autonomous grocery delivery, passenger transportation, and many more possibilities. Manufacturing will also be affected greatly with autonomous machines as various steps will take less time enabling cars to be produced at a quicker rate.
According to Medium, banking is at the forefront of AI investment with $3.3 billion for 2019. This new technology will be invested for auditing, credit risk estimation, investigation of fraud projects, and other systems to prevent threats.
There are various sub-categories within the computer industry that critically needs to adopt AI. Cyber-security with cyber-resilience will be greatly changed with the advancing technology.
Customer experiences can make or break a brand. The customer service industry can greatly be benefitted from the start of the call center in answering consumers inquiries or addressing certain issues to the comforts of brick and mortar. The travel industry could adopt AI to create 24/7 capabilities of developing a personalized travel itinerary based on location intelligence, weather predictions, and much more
There are various ways in which AI is currently being implemented in energy. Some of the focus areas are predictive maintenance, forecasting demand, real-time intelligent analysis, smart grids, and energy efficiency. The logistics of gas and oil can greatly benefit from cognitive and machine intelligence.
The healthcare industry will be investing in virtual nursing, intelligent emergency triage, genetic level individualization, robotic-led surgery, and more. Some people see replacing those in the emergency room check-in desk with robot concierges, this could also be replicated across industries like that of salons, hospitality, and so on.
AI has reshaped the entire manufacturing industry. Automation and optimization will see great advancements in the world of manufacturing with AI advancements.
The retail industry will see dramatic growth in catalog visualization from advertising functionality growth to augmented and virtual reality. There will be new adoptions in customer service, location intelligence with logistic operations, which is expected to outshine banking with $3.4 billion in investments. Not only is retail operations being affected but so is the creative side as seen in retail design.
According to the Wired, the company Glitch has teamed up with MIT graduates to sell designs developed by deep-learning software. The system they use implements gathering data from an artist’s collection of styles, catalogs, and even visualizations from the runway.
Software can relate to all the previously mentioned sectors and it is an industry all within itself. “AI, has the potential to transform the entire software lifecycle where AI assistants help with everything from modeling new applications with the right architecture and user experiences to analyzing the business value and impact for the organization.”
Other industries that will be affected by AI and location-based intelligence are education, tourism, insurance, legal, restaurants, and more. Industries within the telecommunication sector are already implementing advanced intelligence needs, such as location-based intelligence. If your company could benefit from location intelligence regarding telecom, be sure to contact GeoTel today.
Author: Valerie Stephen