AI is not only a trendy subject but also a source of some impressive statistics:
- 77% of the devices we use already have some form of AI
- Since 2000, the number of AI startups has grown 14 times
- The investment in AI startups grew 6 times since 2000
- In the time frame of 2015–2019 AI usage grew by 270%
The main goal of artificial intelligence is to mimic the work of a human brain. While the algorithm is similar, the machine learning operates without any human factors. AI does not get tired and it can process a large amount of data in bare seconds. Due to these advantages, AI solutions are becoming more and more effective in several industries.
Here I’d like to explain in which industries we would see major AI transformations.
The ability of a quick collection and analysis of the data has made AI effective assistants for modern doctors.
Intelligent devices like smart bracelets are already a part of our normality. We know that these devices can read a person’s vital signs.
Yes, but what next?
Imagine there is no more need for regular checkups once in a while. You don’t need to free up your calendar and commute to hospitals. Everything is in your bracelet. They will track your pulse, temperature and respiratory rate and send this data to your doctor. Based on the information transmitted by AI, doctors can diagnose the illness much faster and more accurately.
And if the system identifies dangerous vital sighs, it will immediately call an ambulance.
Also, its’ image recognition ability allows it to evaluate the best treatment plans and to be an effective surgery assistant.
AI is currently assisting hospitals with medical diagnoses, nursing and elderly care. The impact of AI is fully covered in my the previous post here:
Self-driving cars are no longer just a feature of the distant futuristic world.
By 2025, self-driving cars will be as ordinary as regular ones now.
And by 2030 autonomous cars will enter the mass production stage.
The image recognition system allows the self-driving car not only to recognize other cars but also to regulate the speed and brakes when turning or parking.
There are multiple benefits that self-driving cars can bring. From making roads a safer place and reducing traffic to cutting domestic air travel. The last point has the potential to cut the carbon footprint associated with travel.
In the world of finances, time is money. However, a rush and a lack of proper attention can cause great losses.
AI has given financial institutions a great opportunity to address the demands of the industry with a smarter service.
Artificial Intelligence operates exclusively on the primary analysis of the previous and current situation on the market. Hence, the decision making process became quicker and more efficient. Machine learning can help financial experts not only in collecting data but also in making strategic decisions by identifying trends and possible risks.
When it comes to creativity, we tend to perceive it as an inherited talent rather than a skill.
Although, creativity might be something that people either have or have not, it is also an algorithm.
To produce an art piece, Machine Learning is scanning thousands of artworks to evaluate the pattern/ aesthetics. The next step is to create a new pattern within the data it learned. Yes, creativity can be compared to coding. We have a limited set of separate digits but each code is unique.
Here is a famous artwork that was fully drawn by AI and was sold for $432,500:
The most popular and the most applicable B2C AI product is the smart home. The concept of its application is close and understandable to everyone.
The modern intelligent systems are already being introduced into our lives. Some devices, such as fitness bracelets or smartwatches are no longer seen as elements of a futuristic movie.
In the nearest future, more and more homes will turn to the AI-powered smart home. The face recognition will allow the AI system to control the safety of the house. Also, smart home responsibilities include monitoring the consumption of water and light, supervise the entrance gates, ensuring the cleanliness of the space and maintaining the overall climate at the house.
While AI can make the decision making process easier, it is not made to take over from humans. It is meant to replace monotonous jobs and help industries reach their goals smarter.
As it was said by Sabine Hauert, a co-founder of Robohub.org:
“Robots are not going to replace humans, they are going to make their jobs much more humane. Difficult, demeaning, demanding, dangerous, dull — these are the jobs robots will be taking.”