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Mysteries of artificial intelligence technology have moved science fiction into reality orbit that was never imagined before. In fact, AI’s impact stretching in different industry verticals with various use cases are interacted with by people without even realizing them. With technology advancements, AI is continuously reshaping the world with hyper-personalized experience delivery, peeling back the complexity layers and surpassing human capabilities.
AI is keep growing and advancing, Artificial intelligence is on a rocket ship to the future, and by 2030, it’s set to reach a staggering $826.70 billion. Picture a growth rate of 28.46% every year from 2024 to 2030.
Tech geeks harness AI potential to make the lives of people easier with high-end AI applications. However, beginners should have a basic understanding of AI, types of AI, and its use cases to cross the threshold that we have explained in the blog. Let’s dive in!
Table of Contents
AI definition states that technology simulates human intelligence and performs tasks using machines at an accelerated pace, which is beyond human capability. AI can execute tasks with the ability to think and improve like humans, including pattern recognition, analysis, decision-making, and experiential learning using ML, DL, NLP, computer vision, and others.
Initially, when someone asks you- what is AI? The answer will be narrow AI, that’s designed and trained to perform specific tasks. This type of AI focuses on specific cognitive abilities such as speech recognition, language translation, or product recommendation. A large number of applications across different industry verticals integration narrow AI capability to integrate machine intelligence. A few examples in everyday life are-
Unlike narrow AI, general AI can understand, learn, and apply machine intelligence to a wide range of tasks. With cognitive abilities, general AI can solve problems related to emotional intelligence, abstract thinking, and consciousness. It provides rich insights at speed that are beyond human capabilities to generate. General artificial intelligence solutions are powered using quantum hardware, generative AI, and supercomputers.
Super AI is turning Sci-Fi into a reality with its capability to understand, learn, and make decisions at lightning-fast speed. The most capable form of AI can mimic human intelligence 100% and even do things better than human minds. However, such individual robots are speculation, but soon, we will expect to see them around us.
There are many use cases of AI in various industries that proves how AI is helping transforming all these major industries like entertainment, fashion, retail, farming etc. and world around us. Lets take a look AI use cases in some of the famous and continuous growing industries.
Streamlining merchandising tasks: AI integration in online merchandising helps stores promote products with high-end images. With image recognition technology, Ecommerce store products are automatically tagged and categorized based on images, which leads to better merchandising.
Inventory management and sales forecasting: Inventory level optimization is ensured with AI-driven sales historical data, market trends, and external factors analysis. It helps make the right decision regarding sufficient stock to maintain for future sales and eliminates the stockout nightmare.
AI in financial modeling and fraud detection: AI helps collate data from multiple sources and categorize to create large datasets, thus, the financial models. With predictive analytics, suspicious activities are detected and resolved proactively, ensuring data security.
Case studies of AI in finance: AI is adopted by financial institutions at scale and experienced major differences. For example, MOGO, FFAM360, PPS, Indecomm, and consult venture partners found AI implementation helped them to detect and reject high-risk applications, reduce loan processing time, and improve customer experience.
Automated management of property tasks: AI algorithms are used for automated property management tasks, including seamless accounting process, timely rental payment, and tenant dispute elimination. It ensures error-free property management and relieves the property manager from management burden.
Successful AI implementations in real estate: Leading real estate businesses such as Zillow, Entera, REX, and Redfin have experienced an increase in lead generation, faster transactions, improved property management, enhanced security, and ROI with AI implementation.
From essential aspects of what artificial intelligence is along with its types to AI, use cases are well-explained. It determines the enormous potential of AI for businesses and individuals. The successful implementation and long-term outcomes ensure AI’s bright future. Let’s make the most out of the opportunities that AI is creating for excellent results ahead.
As the tech-savvy Project Manager at Prismetric, his admiration for app technology is boundless though!He writes widely researched articles about the AI development, app development methodologies, codes, technical project management skills, app trends, and technical events. Inventive mobile applications and Android app trends that inspire the maximum app users magnetize him deeply to offer his readers some remarkable articles.
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