Last Updated on November 29, 2022 by
Let me ask you, can you think of an industry where Artificial Intelligence is not present? The answer is no, right? Because everything nowadays is digital and involves data. Where there is data, there is AI and ML. Even if someone is running a site about Spectrum bundles deals, they could be using AI-based bots to offer customer support online. Thanks to the advanced solutions and versatility these two technologies have brought us, they have momentous potential in the future.
Want to know what the future holds? Here is the estimated scope of Artificial Intelligence and Machine Learning in different fields.
More and more organizations and transferring their data to the cloud. Hackers are getting smarter too. One attack can shake an organization to its core. In order to keep their data secure, all organizations are investing in cybersecurity. And speaking of cybersecurity, AI and ML have huge roles to play.
Cognitive AI is worth mentioning here. This technology detects and analyzes threats and offers insights for making improved decisions. Artificial Intelligence gets better and even durable with ML algorithms and deep learning networks. It can hence fight advanced threats.
AI has scope in fraud detecting as well. Imagine no more scams in the future and each organization liberated from this threat. A technology named Recurrent Neural Networks detects fraud in an early stage. It scans transactions and classifies them with respect to their credibility. This could save financial institutions and so many other businesses time and resources. It would also reduce the risk of financial losses.
Policymakers now have to consider AI. Each country has its eyes on the opponents and the tactics they use for modeling negotiations in international affairs. Currently, China and the USA are the powerhouses of AI.
A country’s progress in AI not only changes its military tactics but national security strategies. It is likely to change the geopolitical power balance as well. A time might come that AI weapons would replace nuclear weapons eliminating the will of an enemy nation to fight!
AI has quickly automated manual tasks in a range of industries. In the retail industry, marketers are using AI to collect data to use the most effective marketing tactics for driving sales. In the manufacturing industry, companies are using predictive technology to minimize loss of work hours by calculating machinery breakdown in advance. They are also managing inventory and filling stock using data provided by AI.
In 2020 and beyond, Artificial Intelligence will become a part of the service industry too. Many HR departments are already using AI-driven automation to identify and short-list talent, accelerate the recruitment process, and reduce retention rate. This is just one example. Very soon, more and more companies will start using Ai in their decision-making operations to optimize results.
Not many are aware of the fact that the transport industry has been using AI for decades. It may not be the advanced AI that we know, but airplanes could be set on autopilot using AI since 1912. Apart from aircraft, ships and spacecraft also operate on autopilot mode.
The purpose of autopilot is to handle the steering of the plan. It lets the pilot focus on other areas such as the weather or place trajectory.
Now, AI has penetrated into vehicles too and one very evident example is driverless cars. Companies are working on developing fully autonomous cars that will use ML and AI to operate. Tesla is already on the road. Other companies in the automotive industry are also working on their version of self-driving cars. These cars will reduce road accidents by 90%.
If you are using Siri or Alexa, that’s exactly what a digital assistant means. Microsoft Crotona, Facebook’s M, and Allo by Google are also popular names. Each of these personalized digital assistants is for a particular target market. They use a combination of ML and AI techniques to accept voice inputs.
All these assistants are cloud-based. If you are using Siri, it helps you suggest text messages, set up appointments, auto-complete your messages, and natively interact with other Apple apps like Apple music or calendar. In case you are invested in Apple’s ecosystem, this digital assistant will neatly tie everything together.
Just like personal assistants, smart home assistants also exist. Google Home and Amazon Echo are leading the industry. They use AI to receive voice commands and perform various tasks like switching off the lights, playing music, or ordering groceries.
These two devices use voice recognition technology created by AI and ML together. They are more efficient than you think. There is room for improvement though so we can expect more from AI in smart homes. For now, all you need is Internet availability, the best smart home assistant, and control of everything around you!