Potential Impact Of Artificial Intelligence (AI) On Five Major Industries

Potential Impact Of Artificial Intelligence (AI) On Five Major Industries

The potentiality of Artificial Intelligence (AI) technology in simulating human intelligence, accelerating automation, and virtually interacting with the environment in real-time is truly an amazing feature that takes business operations to the next level.

In this digital era, the technology is being used for many purposes. Intelligent Chatbots like ChatGPT, virtual assistants like Siri/Alexa, and autonomous vehicles (self-driving cars) are all a few innovations of AI technology that have been ruling the tech industry.

Assisted intelligence, augmented intelligence, automated intelligence, and autonomous intelligence-like features, AI technology empowering machines, systems, and software applications to deliver transformational results in the maximum possible ways.

A few companies are investing in AI to improve productivity and a few other organizations are deploying intelligent applications for accelerating automation. On the other hand, a few enterprises are using AI to identify market opportunities, make faster decisions, and optimize brand awareness.

Hence, AI technology is anticipated to explode as a game changer in the years ahead. According to the research companies, the global artificial intelligence market size will reach USD 142.3 billion by 2022 and is anticipated to reach $1,847.2 trillion by the end of 2030.

So, the future of AI technology or the implementation of AI use cases is expected to create profit-driven businesses for companies of all sizes. In this article, we would like to talk briefly on significant applications of AI technology top five industries. Let’s get started.

 

1. AI For Software Development (Mobile & Web)

The use of AI for Android/iPhone/web app development is on the rise worldwide. Irrespective of industry, AI-powered features are making apps more robust and assisting organizations in reaching their digital goals seamlessly. Here are significant applications of AI apps by industry and let’s see the impact of AI on different industries.

Impact of AI on 5 Industries 

This section deals with How AI Is Impacting Industries in streamlining their workflows and accelerating automation across processes. Let’s see the impact of AI on various industries:

• Artificial Intelligence In Retail Apps Development

What industries use artificial intelligence? Retail is one of the top industries where the impact of artificial intelligence on business aspects is high.

The role of AI in the retail industry is accelerating a new age of retail business. The impact of AI in the retail sector, especially for automating store management processes and enriching the shopping experience is high. Here are a few top AI use cases in the retail sector:

• Inventory monitoring solutions are the best use cases of AI in retail.
• Facial recognition of in-store customers to better understand their shopping experiences
• AI-based virtual trial rooms to help customers make quick purchase decisions
• Intelligent customer support chatbots are the future of AI in retail sector
• AI helps retailers to analyze customer behavior and provide personalized products recommendations
• AI and RPA (Robotic Process Automation) bots play a significant role in providing in-store navigations or product destinations to the customers
• AI apps that support IoT-powered asset monitoring or security retail solutions help retailers improve security levels across the premises.

• AI For Banking & Finance Apps Development

The use cases of Artificial intelligence in IT sector are incredible. Banking, Finance, and Fintech are other industries that are significantly investing in AI-powered mobile application development. Here are the top use cases of AI in mobile banking app development.

• AI for enabling virtual customer assistance
• AI for identifying fraud and preventing illegal access to accounts and networks.
• The role of AI in banking and finance is process automation and streamlined workflows
• Banking and finance companies are adopting AI for automating regular back-office insurance and other finance procedures. It will save time and increase productivity
• The use of AI for cybersecurity is one of the best applications of AI in banking and finance sector.
• The adoption of AI helps banks to understand their customers’ search patterns and offer personalized banking services. It will enhance the application’s credibility and brand loyalty.

Like these, AI technology is being used for the design and development of AI-based applications for streamlining marketing and sales operations, transforming learning ways, boosting e-commerce or marketplace services, etc.

Recommend To Read: Significance of AI in Today’s Competitive Business Era

2. AI For Optimizing Digital Marketing Functions

Marketing is one of the industries impacted by AI. AI for digital marketing is a trendy concept and of course, become buzz in the world. AI’s intelligent, efficient, and pre-emptive features will help digital marketers streamline their marketing activities and digitize brand promotional activities.

For instance, Artificial Intelligence technology-based solutions like ChatGPT are assisting digital marketing in content creation, email script preparation, grammar verification, and also creating web content aligned with Google’s policies to index and rank faster.

Here are a few applications of AI in digital marketing:

• Using AI applications, marketers can monitor the customer behavior
• AI applications in digital marketing understand audiences’ preferences and increase conversions
• Using AI tools marketers can identify market trends and reach target specific audiences tactically
• AI apps ensure better engages customers
• AI’s predictive analysis feature can foretaste future demand for a product
• AI tools or applications help marketers make accurate predictions of sales and build data-driven strategies for business sustainability.
• AI-powered chatbots ensure quick responses to customers and improve brand loyalty
• CRM management and emails to prospects can be sent automatically
• AI tools help markets in content creation and modification
• The use of AI in digital marketing operations improves productivity, and efficiencies, and offers RoI.

3. AI Streamlines Manufacturing Operations

The impact of AI on business of a manufacturing company couldn’t be measurable. The adoption of AI technology in the manufacturing industry is leaving incredible automation benefits to organizations. From production and warehouse management to supply-chain management and sales tracking, AI manufacturing apps are gaining momentum in the industry. Here are the best use cases of AI in manufacturing software development:

• AI-powered manufacturing apps streamlined production management operations
• AI, ML, and predictive analytics-based apps track device performance and identify performance flaws
• AI applications in the manufacturing industry are being used for quality analysis for achieving production optimization
• Fleet monitoring and logistics tracking is one of the best use cases of AI in manufacturing
• Warehouse management and inventory tracking are increasing AI’s use in smart manufacturing

4. AI For Boosting Marketplace Or E-Commerce Operations

E-commerce is one of the industries impacted by AI. The future of AI & its impact on industry is high. The E-Commerce or marketplace industry is one of the sectors that is reaping the full potential of AI technology. Here are the major Ecommerce applications of AI technology.

Modern Artificial Intelligence (AI) technology, along with ML & deep learning capabilities, is assisting the eCommerce industry to better analyze the customer’s search behavior and offer the most personalized product recommendations. It will ensure personalizing shopping experiences, improve users’ purchasing experiences and increase conversions.

Accordingly, intelligent AI applications for eCommerce play a key role in recognizing fake payments, fake reviews, and feedback given by fraud. It will help vendors or service providers to monitor every action of users and analyze the correctness of the information.

Further, AI-powered eCommerce applications help companies instantly respond to user queries through intelligent chatbots or virtual assistants. Interactive or conversational AI chatbots in eCommerce mobile apps help customers interact with virtual bots (static or dynamic) and get instant accurate responses.

5. Impact Of AI On the Healthcare Industry

How AI is transforming Industry?  The impact of AI on healthcare is unmeasurable. The roles of Artificial Intelligence AI in the Healthcare Industry are brilliant. AI in Healthcare Industry has laid the foundation for the development of eHealth, mHealth, RPA-assistants, and telemedicine-like interactive and collaborative solutions. Here are a few benefits of using AI in mobile application development for healthcare organizations.

• AI and Machine Learning (ML) enabled applications are widely applied in the analysis of medical images for better identifying the diseases
• AI applications in healthcare are increasingly gaining popularity in remote patient data monitoring and analysis of Health reports. It will help physicians deliver accurate diagnoses and instant delivery of care services. Telemedicine is the best instance here.
• The use of AI in healthcare is widely applied for drug research, development, and clinical trials data processing services
• AI technology in healthcare is used for automating front-desk operations
• AI, ML, and predictive analytics-based healthcare apps ensure identifying attacks, prevent data leaks, and offer high-level security to the information systems.

 

Wrapping Up!

The impact of AI on different sectors would be high in the coming years. Many organizations are reaping the power of ChatGPT like AI software solutions and optimizing the operational efficiencies of their businesses.

If you are in plans to develop AI apps, hire Hyena-the best AI app development company. We design and develop futuristic AI mobile apps for businesses across diversified industrial verticals. Our budget-friendly AI-powered mobile app development solutions derive valuable insights from your rustic operations and achieve your business goals.

Get a free quote for AI App Development!