Thirty years from now, we don’t know how different the world will be. We don’t know whether there would be wars, peace, prosperity, or destruction, but we can say there would be many technological advancements.
With the advent of technology, machine learning and AI have been introduced, and they look like the future of industries. Before discussing the scope of AI, we should first understand the concept of machine learning and AI and their relationship.
Machine learning studies trends and historical data regarding patterns using algorithms and data similar to human cognition. AI aims to read into human behavior and improve its intelligence algorithm. AI uses machine learning to analyze users’ habits and reasoning to create its own deductive and empirical reasoning paradigm.
In other words, machine learning allows AI to learn human behavior and improves itself without external help. This was ground-breaking when introduced in the tech world. Christopher Strachey wrote the first version of an AI program in 1951.
Artificial intelligence has gained traction in the market in the past few years, and we all wonder how machine learning can help AI perform tasks. So, let’s take a look at how AI can aid humans in everyday tasks with the help of machine learning.
Marketing
Thanks to its sophisticated algorithms and codes, AI helps marketing in various ways. With machine learning, AI collects certain information, for example, interests, hobbies, movie preferences, or even types of content a user posts, and sends them relevant content in the form of advertisements. This information is then categorized into sets, such as the user profile. However, privacy and information are protected by many laws, such as General Data Protection Regulation (GDPR).
In marketing, we all know that ad copies play a significant role in generating leads. Well, thanks to AI and machine learning, long text summarization has become a piece of cake for copywriters as they can make more impactful content that matches Google’s SEO Guidelines. This ultimately helps businesses reach out to the right audience based on search intent while significantly reducing website bounce rate.
Many websites prompt users to allow the use of cookies, as it enhances the search experience. According to Logidots, Netflix saved over a billion dollars by using AI to create a user profile and display data accordingly. With a partial role right now, we can predict securely that marketing will be completely handed over to AI in the future.
Health care
We can confidently say that AI has a significant role in health care, specifically in training, research, early disease detection, treatment, diagnosis, and keeping well. An example of AI and machine learning applications can be seen in smartwatches in harmony with machine learning to monitor the user’s heart rate and other vital information.
It is safe to say that AI is changing healthcare in virtually every area, from robot-assisted surgeries to safeguarding private records. The medical industry has significantly improved its workflow processes to decrease patient turnaround time. Additionally, AI-enabled virtual assistants can finally give nurses the much-needed breaks they deserve.
As per the National Library of Medicine, AI outperformed humans in COVID-19 screening, diagnostics, and prediction. Supercomputers with machine learning have learned the behavior of different molecules under different conditions. So they can be used in manufacturing medicines. With continuous research and development, we can say for sure that AI will have a major role in health care in the future.
Financial services
There’s no better match than AI and the finance industry. Making good financial decisions requires real-time reporting, accuracy, and the ability to process large amounts of quantitative data, all of which intelligent machines excel at. Thanks to this, AI has already been serving in the financial sector for the past few decades. Moreover, AI uses algorithms to monitor and prevent fraud in the banking sector. AI has saved millions of dollars in fraud prevention in the banking industry. AI is being used to forecast stock rises and falls.
Machine learning has a 62 percent accuracy rate in predicting the stock market. They are being used readily by stock brokers and companies. With the current development, we can say that the future of financial services is AI and machine learning.
Retail sector
AI is currently being used in the retail sector to solve supply-chain problems. It is used to optimize the supply chain and eliminate other issues. It is also used to predict the demand for a product in the market by analyzing different user profiles to predict whether a product would be in high demand in the market or not.
With the current high automation rate in the retail sector, AI has a place in the retail sector in the future. In the future, we can see that AI will be used in loss prevention in retail to prevent losses.
Automotive industry
Self-driving has been a dream of many, but it is becoming a reality thanks to AI and machine learning. Big automotive companies have already invested much in self-driving technology, with Tesla being the pioneer in bringing this technology to the masses. Machine learning uses sensors and cameras to learn about the environment, and AI keeps improving. Just like humans, AI can react to sudden environmental changes in milliseconds. By 2040, there are expected to be more than 33 million autonomous vehicles on the road.
The majority cause of road accidents is human error; AI can eliminate this problem. Unlike humans, AI cannot be distracted and can’t focus indefinitely. In the future, AI will be safer than human driving. In some cases, an AI response is faster than a human response. Right now, self-driving cars need human supervision for their proper working.
However, we expect to see complete self-driving cars in the next few years. The self-driving market is expected to grow to $26.6 billion by 2030. AI is also used for theft protection in the automotive industry. Features such as retinal, voice, and fingerprint recognition are used to identify users. The retinal monitoring features will also be used for safety purposes to monitor the driver and prevent them from sleeping.
Final Words!
We can conclude from above that although AI has been used for the past decades in nearly all sectors of commercial activities, it still has a lot of potentials. The future is AI and machine learning, and those individuals and companies that choose to go with AI right now will profit immensely from it in the future.