AI has gone from a futuristic vision to economic reality faster than anyone could have predicted, and it’s set to revolutionize almost every aspect of business.
While some economists predict that AI will add trillions of dollars in value to the world economy, others are concerned about its potential impact on employment and energy consumption. Nonetheless, many industries have already embraced this new technology, with many more set to follow suit.
In this article, we take a look at five industries that are aggressively implementing artificial intelligence in their operations for enhanced efficiency and – ultimately – profitability.
1. Financial Services
It’s hard to imagine an industry more data-intensive than finance, with 687 billion credit card transactions taking place worldwide in 2023.
Each of these needs to be verified and monitored to ensure the smooth running of the global financial system. And some prominent banking and financial providers are turning to AI for assistance in this regard.
Several banks and credit card companies, including giants like MasterCard, have recently implemented AI in the field of transaction validation.
After implementing artificial intelligence in its validation process, the card company reported a 20% reduction in fraudulent transactions. Statistics like this serve as strong motivation for proponents of AI in the financial industry. Though some critics have pointed out the risks associated with entrusting financial processes to automated systems.
2. The Tech Industry
Having developed artificial intelligence in the first place, the tech industry is a natural choice for implementing this cutting-edge technology.
- As large language models merge with the mathematical processing capabilities of computation, many tech companies are keen to train their chatbots to perform basic programming functions.
- So far, the results are promising, with AI being able to carry out basic coding at a similar level to junior programmers.
- In terms of replacing software developers entirely, however, the technology still has a long way to go before it can implement intelligent solutions or handle advanced debugging.
AI has strengths and weaknesses. Quick and efficient execution of routine tasks, but limited capacity to correct or fix erroneous output. It’s more likely that AI will become a tool used by software developers in the future, rather than replacing their functions within tech organizations.
3. Online Gaming
Millions of people enjoy online games as their major source of entertainment, and the digital nature of this highly popular pastime lends itself perfectly to AI applications.
Artificial intelligence is able to process data at speeds previously thought impossible, making it ideal for game engines. In the future, the decision-making capabilities of online games may go beyond algorithms and be controlled by AI.
The popularity of online video poker games in recent years has drawn millions of new players to these websites. Video poker combines the elements of traditional poker with the simplicity of slot machines – a convergence that AI could make gambling online even more entertaining. When it comes to video poker, AI could provide advanced player analytics and personalized game recommendations.
Above all, while human dealers aren’t likely to go anywhere soon, AI could feature in video poker games and online casino customer service to a very large extent this decade. From creating more engaging and interactive video poker game variants to providing real-time support and troubleshooting for players, AI’s influence will further enhance the overall gaming experience.
Random number generators marked the beginning of online gambling, allowing games of chance to be simulated by computers. In the future, we may expect to encounter AI entities that players can interact with as they enjoy wagering at their favorite online casinos.
4. Medicine and Healthcare
As early as 2013, it was announced that IBM’s Watson, one of the first major breakthroughs in AI data strategy, was able to diagnose patients more accurately than a team of doctors.
The AI achieved this by reading scores of papers from medical journals and using the knowledge it gained to rapidly diagnose illnesses based on symptoms.
Over the past few years, AI has made great strides in the medical field, both as a diagnostic tool and in medical administration.
With hospitals under increased pressure during the COVID era and the prospect of healthcare systems collapsing in the event of another pandemic, hospital managers are considering expanding the role of AI to secure the healthcare system in the future.
5. Marketing and Advertising
Marketing, with its emphasis on visual and text assets and a constant need to analyze customer engagement data, is a natural fit for artificial intelligence.
Despite criticisms that it is still in its early stages and unable to replace human talent and judgment, AI is proving valuable.
Using AI to track consumer behavior, especially on social media, has already proved to be highly beneficial for marketing agencies and corporations. Some attempts have been made to expand this capability beyond analytics to content creation. However, the current generation of artificial intelligence seems to lack the human touch and good judgment necessary to build and maintain online communities.
In other industries, AI is emerging as a streamlining tool that can significantly reduce the amount of unnecessary tasks carried out by marketing professionals. In an industry that operates on tight margins and relies on the success of campaigns, the extra assistance provided by AI will be a welcome addition.
To Wrap Up
Artificial intelligence is here to stay. AI is helping to streamline various processes across different industries, from healthcare to online gaming and many others in between. A variety of industries across the economy are benefiting from AI’s rapid computational abilities, which assist in the mammoth task of processing and analyzing the increasing wave of data generated by companies and consumers.
While AI may not yet be in a position to replace human talent and judgment, it can certainly provide much-needed assistance in the field of analytics. This technology is expected to play an even larger role in the economy going forward.
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