Global technology has been evolving over the years. We have moved from television to the Internet, and are now looking at Artificial Intelligence Technology. This technology came into existence in the year 1956 and since then, several types of researches have been made in this field that have led to the growth of Artificial Technology. Today, we can see the application of this technology everywhere around the world, from suggesting to people to buy certain products online to helping farmers in yielding more crops in their field.
Artificial Intelligence (AI) can be defined as the branch of computer science concerned with building smart machines which are capable of performing several tasks that require human intelligence.
A report provided by Fortune Business Insights says that the global Artificial Intelligence market size was valued at USD 20.67 billion in 2018 and is projected to reach USD 202.57 billion by 2026, exhibiting a CAGR of 33.1% during the forecast period from 2019 to 2026.
As per the Fortune Business Insights, the growth of AI technology is driven by several factors such as increasing adoption of cloud-based applications and services, the rise in the connected device market, considerable investments in 5G technologies, etc.
Advancements in AI technologies such as Natural Language Processing, Speech recognition, Virtual agents, Machine Learning, etc., have had a huge impact on various sectors of this world. Some of the sectors on which AI has its impact include manufacturing, business services, wholesale and retail trade, education, health and social services and many others.
Image source: Plant Automation Technology
The AI market is segmented into North America, Europe, Asia Pacific, South America, Middle East, and Africa (MEA) geographies. In 2016, North America emerged as the leader in the global AI market. Europe is also expected to have a large market for AI technology. Further, the AI technology market is growing in the Asia Pacific region.
Let us look into some of the case studies that help us to understand real-world applications provided by this technology.
1) AI helps organizations in marketing: a case study
Artificial Intelligence is playing a very important in the marketing department for most of organizations. AI can be helpful to organizations in identifying their potential customers. It is changing the way business functions these days. Many organizations including both startups as well as tech giants have successfully implemented AI technology in their marketing campaigns and have enhanced their business.
How AI can help organizations?
As we are living in this digital world, a vast amount of data is available to organizations from different sources containing some valuable information in them. Sometimes this data is so complex that it becomes very difficult for human beings to read and derive any meaningful information from it.
In such situations, AI can help these organizations to study these vast amounts of data, and then derive a meaningful information from it that can be very useful to them. Organizations can use such information to frame their marketing strategies to enhance their business.
Now AI is using its another feature i.e., image recognition and analysis technique, that helps the organization to boost its marketing campaign. Image recognition technology is helping the customers to find their products with visual search. Visual search means searching for the things that visually similar to one another. Visual search can recommendations relevant products based on how they look, helping the customers to find items of a similar type.
“Players who are ready to adapt to digital are going to win the retail battle” – source
Target and Asos are two retailers which are using visual search as part of their e-commerce business. As per the reports given by MarketandMarket, the image recognition market is estimated to grow from USD 15.9 billion in 2016 to USD 38.9 billion by 2021, at a CAGR of 19.5% during the forecast period.
Image source: Allied Market Research
Image recognition is being adopted by different industries such as IT & telecom, BFSI, healthcare, retail, government, media & entertainment, etc.
Besides these applications given by AI, another important feature such as product recommendation has become very useful for the organization to enhance their business. AI uses Machine Learning algorithms which studies the page views and purchase history of the customers and then recommends them similar kinds of products whenever they visit the website again.
2) AI is helping the Education sector: a case study
Artificial Intelligence is showing a huge impact on the education sector. The technology is providing numerous applications that are changing the way education is being taught and learned over the years. With the latest technologies, now students can take the help of online learning platforms and access various courses that are designed by highly expert trainers.
AI has benefited not just students, but also educational institutions in many ways. As per the reports given by Technavio, the Artificial Intelligence market in the US education sector during 2018-2022 is expected to post a CAGR of close to 48% during the forecast period. As per the eSchool News reports, the AI in the education sector will grow by 47.5% by 2021.
Every student have their own unique style of learning. With the help of AI technology, it is now easier for the teachers to focus on individual students learning work. AI provides a variety of learning programs, software, and games that are adaptive to different levels and learning styles.
AI-driven programs help both students and teachers to receive feedback
AI, apart from providing courses as per the students’ needs, also provides feedback to both teachers and students about the effectiveness and success of the course as a whole. Some schools are now using AI-enabled systems to monitor students’ progress and alert the professors if it found an issue with students’ performance.
You must read: Read this blog 10 Roles For Artificial Intelligence In Education to know more about the impact of AI technology on the education sector.
Such AI systems help the students to get support whenever required and also helps professors to find areas where they can improve instructions for students who may struggle with the subject matter.
3) AI in the manufacturing sector: a case study
The manufacturing sector has always been open to adopting new technologies such as Artificial Intelligence. Upgrading the existing technologies is always a challenging task and doing so will help the industries to increase productivity and efficiency.
Implementing AI technologies helps the manufacturing industries to conquer many internal challenges that they have been around in the industry. This technology enables them to completely transform their proceedings.
Many leading companies including GE, Siemens, Intel, Bosch, NVIDIA and Microsoft are making a significant investment in machine learning-powered approaches to improve all aspects of manufacturing.
You must read: Read this blog Machine Learning in Manufacturing – Present and Future Use-Cases to know more about how AI technology impacts manufacturing technology.
The German conglomerate Siemens has been using neural networks to monitor its steel plants and improve its efficiency for decades. In March 2016, Siemens launched Mindsphere which is described by the company as a smart cloud for the industry that allows machine manufacturers to monitor machine fleets for service purposes throughout the world. At the end of 2016, it also integrated IBM’s Watson Analytics into the tools offered by their service.
A report presented by TrendForce says that smart manufacturing is projected to grow noticeably in the next 3 to 5 years. The firm forecasts that the size of the global market for smart manufacturing solutions will increase to over US $320 billion by 2020. The firm also projects that the size of this smart manufacturing market will grow at a CAGR of 12.5% from 2017 to 2020.
AI helps companies with the following aspects.
- 24*7 production: Robots built with the help of AI technology have the capability to work 24/7 in the production line. Businesses can expand their production capabilities and able to meet the high demand of clients worldwide.
- Reduced operating costs: Implementing AI technologies into the manufacturing sector may require huge investments, but the ROI will be very high. With the help of AI technologies businesses can have a considerably lower operating cost.
Overall, we can see that Artificial Intelligence is playing a major role in revolutionizing the manufacturing sector. Recent advancements in AI technology has helped this sector further in many ways such as to facilitate superior scalability, advance process effectiveness and facilitate product development and so on.
4) How AI technology is helping the Banks and Finance sector: a case study
“Analysts estimates that Artificial Intelligence will save more than $1 trillion to the banking industry.” – source
The Banking and Finance industry continuously keep updating by adopting new technologies. As more and more customers are becoming tech-savvy, their expectations are also changing, demanding the banks and financial service providers to deliver a seamless experience.
Now banks and financial service providers have also started adopting Artificial Intelligence technology into their system to meet their customers demands. With new AI tools, they have now experienced a revolution in their efforts to provide a better customer experience.
Financial service providers rely on AI technology to determine future patterns in the finance market. As trading mainly depends upon the ability to accurately predict the upcoming trend in the finance market, AI-enabled systems can be very useful in such cases. These AI-enabled systems study the past data available to them and hence predict the upcoming trend which is very beneficial to the financial service providing companies.
You must read: Read this blog How Artificial Intelligence is transforming the banking industry to know about the impact of AI technology on the Banking and Finance industry.
Apart from this benefit, AI helps the banks to know their customers better. They track the transactional and other data sources that help the banks to understand customer behavior and preferences to improve their experience. AI helps the banks and finance companies to improve their services and products. It creates insights reports, in which it mentions the details about all the services and products and how customers interact with those services.
Looking at all the benefits provided by AI to this sector, it can be noted that AI is showing a lot of impact on this sector. AI is continuously evolving and coming up with new features in a way to help the banking and finance companies to provide improved service to their customers.
What are the main problems of implementing AI today?
Artificial Intelligence is being praised for having amazing potential to transform business. It is regarded as one of the emerging technologies of the present IT industries. Despite having many features and capabilities to bring a positive change in various sectors of the world, still this technologies faces several challenges that need to be overcome. Many companies still see implementing AI technology as a challenging task and so such challenges need to be addressed.
Let us look into some of the key challenges that arise while implementing AI technologies.
1) Business case:
The challenge that organizations are facing while implementing AI technologies into their business is not being able to understand how this technology exactly benefits them. They are not able to understand and identify the clear problems that can be resolved using AI and ML technologies. Organizations need to think about how they can add AI capabilities to the existing and future processes, products and services.
2) Building trust:
Artificial Intelligence involves several complex tasks, so sometimes people find it difficult to understand this technology. AI involves a huge amount of data, Data Science and algorithms that sometimes will not be understandable by people and they tend to move away from this technology. The only solution to overcome this challenge is to let people know that this technology really works.
3) Lack of skilled employees:
Finding professionals with high-level AI skills who can be part of their AI project team is a tough task for organizations. It is important for organizations to hire professionals who have a good understanding of AI technology who can understand their business goals and help them to prepare AI strategy.
The challenge for many organizations is not having enough employees who can work with machines which think and work for themselves. Very few companies are willing to invest in training their employees so that they can develop these skill sets.
4) Not cost-effective:
Sometimes the cost associated with AI projects becomes so high so that some organizations can’t afford to handle them. For any organization to implement AI projects successfully, it needs to hire very highly skilled professionals. Such skilled professionals are hard to find and they demand higher salary packages.
Besides this fact, the organization needs to scale up its existing infrastructure to a new level in order to handle AI projects. The success factor for the organization while working AI projects depends upon having a more suitable infrastructure environment that supports powerful AI applications and workloads.
5) Data Scarcity:
Artificial Intelligence solutions are built and driven by the data available to them. It is a fact that in the present-day scenario, organizations have access to a vast amount of data than at any time before. But is all the data available to them useful? Not necessarily. Because AI requires the data acquired from the right sources, every data that is given to it acquired from different sources should be useful to it.
The success of the AI project depends on the amount of quality data it receives. So, it is challenging for organizations to collect data from a specific source, as data is spread across various multiple applications in different forms such as text, videos, etc.Organizations need to overcome these challenges
Organizations need to evaluate these challenges while working on any AI projects. They need to find more suitable ways and identify how they can overcome these challenges. For example, if they face a lack of skilled employees to work on their AI technologies then they can think of investing to train their existing manpower using various modern training methodologies and make them efficient to work in their AI projects.
Organizations are also need to think of scaling up their existing infrastructure up to a certain level so that they can handle AI projects. They also should find the right data that can be useful for their AI projects.
Initially, organizations may be required to invest some amount of money, but in the long run, these initiatives will yield a better ROI for them. Overall, organizations need to follow the right approach to overcome these challenges and successfully build their AI projects.
How Facebook uses Artificial Intelligence technology: a small case study
Many of us have been using Facebook – a social media for quite some time now. It is a wonderful platform wherein we can connect with the outside world and grow our network. Facebook continuously keeps updating and offers new features to its users in a way to help them to connect with each other without any hassle.
As per the reports given by ZEPHORIA, Facebook has around 2.45 billion monthly active users worldwide. The report further says that around 300 million photos are being uploaded every day, and every minute, 293,000 statuses are updated. With this data, we can predict that Facebook generates a huge amount of unstructured data which it analyzes using some special AI technologies such as Deep Learning. The Deep algorithms can increasingly be applied to more data that its use share, from texts to images to videos.
Now let us discuss some 2 use cases of how Facebook is revolutionizing its business through the use of Artificial Intelligence.
1) Textual Analyses
Even though users share a lot of images and videos, you need to know that a large amount of data that is being shared on Facebook is through text format. To analyze these huge amounts of text data, Facebook uses a tool called Deeptext, that derives some meaningful information from these data that can be useful to advertisers. At present this tool is being used to direct people towards products that they might purchase based upon the conversation they are having.
2) Targeted advertising:
Facebook uses Deep Neural Networks – the foundation stones for Deep Learning, to find the most relevant customers for a business. Targeted advertising is very important as it helps the business to reach out to more number of unique customers with less investments. It helps to find customers who are looking for similar kinds of products or services that the company is offering.
These are some use cases on how Facebook is its business using this technology. However, you can read here to know many other benefits provided by AI technology to Facebook.
Overall, by looking at the benefits provided by AI technology to Facebook, we can say that this technology still has a lot to offer in the coming days to help Facebook serve its users and advertisers even better.
Artificial Intelligence is evolving and is showing its importance in every possible sector of this world. There is hope that in the coming days, this technology will come with even better features allowing many organizations to serve its customers in a better way than before.
If any professionals are willing to build a career into this technology, then this is the right time for them to learn and become an Artificial Intelligence professional. We hope that this blog has been successful in presenting in some valuable information about Artificial Intelligence technology to our readers.
Along with all the information presented in this blog, we would like to introduce you to some wonderful online courses on Artificial Technology that can be very useful to you.
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In the end, we would like to ask you a question: what do you think about how Artificial Intelligence technology will evolve in the coming days? And how else it is going to impact various sectors of this world? Please send us your thoughts in the comment section.