Quick Summary: Artificial Intelligence (AI) is a buzzword that everyone, from a layman to an expert, talks about. You may also have heard the term AI, but many of you might still be exploring “what it is, ‘how it works, what role it plays in business, how it improves lives. Or, if you are simply exploring Artificial Intelligence development services, the article is the answer.
When we watch Sofia saying, “Okay I will destroy humans,” see the Tech Mastermind Elon Musk quoting “AI is the fundamental risk of the existence of human civilization” or live with perceptions created by many hypothetical movies like “The Terminator,” “Blade Runner,” “Star Wars” and others, many of us feel intimidated, don’t we?
Let us begin with a positive note. At present, AI does not bring any harm to humans, nor are we at risk of being destroyed, even in the future (we suppose). However, whether it’s a threat or not is debatable. You can let us know your thoughts in the comment section.
Everything man-made will remain in human control, and AI is no different. Undoubtedly, Artificial Intelligence is the future, but it’s the future of business, improving our lives, bestowing opportunities, and more. This is visible with the demand for Artificial Intelligence app development services. From personalized music and video recommendations to connected cameras and autonomous cars, AI is transforming lives and livelihoods.
We, in this blog, shall demonstrate everything about Artificial Intelligence and everything that directly or indirectly impacts your business.
Table of Contents
- What is Artificial Intelligence?
- Artificial Intelligence at Glance
- Is Artificial Intelligence Necessary?
- Artificial Intelligence in Simple Words
- Artificial Intelligence From Market Perspective
- How Does Artificial Intelligence Work?
- What are the types of Artificial Intelligence?
- Understanding the Types of AI
- What is the purpose of Artificial Intelligence?
- What is fueling the resurgence in AI?
- Top Use Cases of Artificial Intelligence
- Top Industries Using Artificial Intelligence
What is Artificial Intelligence?
Did you know 77% of the devices we use feature AI in one form or another?
Artificial Intelligence is a science that empowers machines to mimic human intelligence. In simple terms, a branch of computer science that simulates human intelligence in machines is known as Artificial Intelligence. AI can help businesses carry out plenty of tasks in seconds that humans can take hours or even months to accomplish. AI can help;
- In making decisions accurately
- In invention
- Faster discovery of drug and medicine production
- Chronic diseases diagnosis
- Diseases prevention and more
Artificial Intelligence at Glance
Artificial Intelligence may be a buzzword now, but it’s not a new term. It was coined in 1956 by Minsky and McCarthy. Even though their effort to bring AI into the world’s attention failed, scientists and innovators started researching and developing machines that would mimic humans. In a nutshell;
AI finds its root in the book, Ars generalis ultima (The Ultimate General Art), published by Ramon Llull in the 14th century.
- The book talks about creating new knowledge, implementing paper-based mechanical means.
- In 1956, McCarthy and Marvin Minsky specifically coined the term Artificial Intelligence.
- In the 1960s, Artificial Intelligence gained the attention of Govt. authorities.
- After a decade-long struggle in the late 1990s, its reputation was gradually restored.
- Since 2000, AI has been widely used by businesses, and many small companies are using AI models while others are exploring how to develop AI systems.
Is Artificial Intelligence Necessary?
No, it’s a necessity, but businesses need to implement AI models to survive in the coming years. After a prolonged lockdown, companies need to cover the loss they had to bear due to the coronavirus pandemic. They are exploring innovative solutions, specifically AI development services, to build smart applications and technological development within their organization.
Tech advent, the only solution that can directly impact the growth of their business. AI, in this scenario, is the need of the day because;
- Repetitive task automation is in trend.
- Working with smart Intelligence is the need of the hour.
- Data research and analysis with accuracy is the main driving force for today’s business.
- Data is supreme, and AI gets the most out of the data.
Artificial Intelligence in Simple Words
Artificial Intelligence is going to be a boon for today’s business, if not now. AI, with its subset Machine Learning and Deep Learning, is setting new trends every day. While AI is a simulation of human intelligence machines, Machine Learning is the subset that empowers machines to think, learn and act by feeding machines millions of data.
Artificial Intelligence from Market Perspective
With the advancement in deep learning and the requirement for data-based AI models driving the AI market globally.
- The Artificial Intelligence market size is valued at USD 93.53 billion in 2021 from USD 62.35 billion in 2020.
- The AI market is projected to grow at a compound annual growth rate of 40.2% (CAGR 2021-2028).
- AI is expected to generate USD 997.77 billion in 2028.
- Revenue from the AI software market is projected to reach around 126 billion U.S. dollars by 2025.
How Does Artificial Intelligence Work?
“It would take off its own, and re-design itself at an ever-increasing rate.” —Stephen Hawking.
Indeed, Artificial Intelligence is working beyond human imagination. It’s helping;
- Doctors diagnose patients.
- Pilots fly aircrafts.
- City planners predict traffic.
- Manager brings out more productivity.
- The construction manager fastened construction work.
- The smooth functioning of the manufacturing process.
When you see these happening beyond human capacity, the one thing that comes into our mind is even the computer scientists who designed them likely don’t know what they are doing. The concept is to allow machines to work the same way a human brain works.
Artificial Intelligence is self-taught, working on a simple set of instructions, patterns of data, and more. It involves a large amount of data, theories, methods and technologies, and subfields.
They together help AI models analyze, predict and make decisions. Here are the major subfields or subset of AI that makes it more innovative, even better than humans.
Machine Learning: Machine Learning (ML) is the subset of AI that feeds data to AI machines, enabling machines or software to learn from the pattern of data and make decisions without any human intervention. Machine Learning involves plenty of things, but all revolve around data which you can explore more by digging everything about Machine Learning.
Deep Learning: Just like ML is the subset of AI; Deep Learning is the subset of Machine Learning. It is based on deep neural networks, deep reinforcement, recurrent neural, and convolutional neural networks that turn equipment. It empowers Machine Learning by incorporating certain types of knowledge just like human gains. For example, NLP (natural language processing), drug design, medical image analysis, computer vision, speech recognition, etc. are part of it.
What are the types of Artificial Intelligence?
Even though Artificial Intelligence is believed to be the most incredible creation of innovation, many experts believe that much of its field has remained unexplored. That means the AI applications we see today are merely the representation of the tip of the AI iceberg, just like it was in the past. We have heard about the advent, and the facts may have been repeatedly put on public platforms, but you cannot deny the fact that the potential impact of AI in the future remains a mystery.
In other words, what we see today around AI is;
- Early stage in its evolution.
- They are being explored and continuing to be studied for decades or even longer.
- The revolutionary transformation brought by AI in modern businesses and industries has made people believe that AI’s potential is explored.
However, the fact is it’s nothing more than one’s perception. It’s vast and vivid; understanding the types of AI and its current capability will clear the picture to some extent.
Understanding the Types of AI
There are many types of AI, though they have been categorized into two main types:
More Evolved Type: Artificial Intelligence models that can carry out or perform complex functions, just like a human. Such models can be put together into the More Evolved Type category.
Simpler or Less Evolved Type: Artificial Intelligence models having limited functionalities that can perform a limited task is known as type 2 or less evolved AI. They are known as;
Let’s briefly explore all these types of AI.
Narrow AI or Artificial Narrow Intelligence is when a machine performs dedicated tasks or only performs the specific task autonomously, just like a human does. That means the Narrow AI will perform the functions as programmed to do. Alexa, Siri, Google Assistant, Google Translate, etc., are some of the examples of Narrow AI.
Did you know a study conducted by Vincent C Müller and Nick Bostrom in 2012/13 said there is a 50% chance that the actual Artificial General Intelligence will be developed between 2040 and 2050?
Yes, what we see today in the field of AI all comes under the category of Narrow or Weak AI. The experts were even not sure if the mission for General AI would be accomplished in the given time frame.
When an AI agent has the ability to learn, predict, understand, make decisions just like a human does is known as General AI. Artificial General Intelligence is capable of performing intellectual tasks as efficiently as a human does. It will enable machines with multi-functional capabilities.
The prediction is: Strong or superintelligence model will possibly be developed 30 years after the achievement of AGI.
When the machine can surpass human Intelligence and perform any task that even humans can’t, it is known as superintelligence, Super AI, or Strong AI. Superintelligence is believed to be a hypothetical or just a theoretical (so far) concept and has only been seen in movies.
In a nutshell,
- Narrow AI is dedicated to performing specific tasks
- General AI is when a machine performs duties just like humans
- Super AI is when a machine surpasses human Intelligence
The most basic type of artificial intelligence stores anything, such as memories or past experiences, and only deals with current scenarios. IBM’s Deep Blue and Google’s AlphaGo are the ex\ample of it.
When a machine or AI models are capable of storing data and letting machines react or learn from past experiences is known as Limited Memory. However, they cannot store data for more extended periods of time. Based on the recently stored data, machines can learn and make decisions. For example, self-driving cars make decisions based on the recently collected data and image recognition that take decsio0n based on the data fed by Machine learning.
While Reactive Machine and Limited Memory types of AI models exist today, the Theory of Mind type of AI either exists as a concept or work in progress. Many researchers have expressed their opinion about it and confirmed their engagement with the innovation.
The Theory of Mind level AI technology is said to understand human behavior and react accordingly. It will interact with people socially and based on their beliefs, emotions, and thoughts.
It’s the future of Artificial Intelligence that we usually witness more in hypothetical movies nowadays. As we have discussed the superintelligence AI, the Self Awareness level of AI will surpass human Intelligence. Such machines will not just understand human emotions but also will have the same capability. That means it will have feelings, needs, beliefs, etc., just like a human has.
What is the purpose of Artificial Intelligence?
Much of its part is still being explored, though the primary purpose of AI today is to help the industry gain more over their businesses.
- Insurance sectors can utilize the advent to deliver better customer support.
- The healthcare sector can provide better care and treatment to patients, save more lives, and deliver healthcare facilities to the rural regions that lack medical facilities.
- The banking sector can utilize the technology to provide customers with faster, smoother, and safer banking facilities.
- The construction sector can get more out of business and save costs by implementing AI models into the process.
- The manufacturing sector can fasten production, get market forecasts, and have control over the manufacturing process.
What is fueling the resurgence in AI?
As the data-driven decision is ruling across all industries and businesses, the resurgence of AI is imperative. AI helps companies to analyze, predict, and make accurate decisions based on data. Machine Learning and Deep Learning are the biggest driving force of Artificial Intelligence today. The current resurgence in the AI field is like déjà vu for some seasoned professionals who have been working around AI for more than 4 decades.
AI has undergone a significant transformation, from an injection into the AI industry costing nearly half a billion to nearly affordable by even startups today.
Advancement to Transformation: The advancement in infrastructure speed, availability, and other development into AI has prepared bolder algorithms that help solve complex problems. Today’s most business processes, software, and even motherboards in computers and chips in mobile are powered by Artificial Intelligence.
Innovation at Its Core: Google’s Tensor Processing Unit (TPU) is the latest example, and the latest version is powered by a machine learning model built using the TensorFlow software library. Even the latest Google Pixel 6 series smartphone is powered by a TensorFlow smart chip.
Apart from all these, today’s market needs some exceptional fast and smart solutions to accelerate today’s lethargic business (due to COVID-19 restriction and prolonged lockdown) to get on track. AI is the solution for all and the reason behind the surging popularity of AI.
Top Use Cases of Artificial Intelligence
When it comes to Artificial Intelligence, each generation has formed its fantasy of a world ruled, or at least served by robots, drive flying cars, robotic maids, and more. When we think over all these things, we find our lives look like Jetson. However, for startups, it’s not more than just a cartoon.
However, if you have browsed Netflix movie suggestions, ordered Pizza using Alexa, you are actually using Artificial Intelligence. What AI is and what it isn’t —a little complicated.
Did you know 90% of the world’s data has been generated in the last 2 years?
AI experts and thinkers are unaware of the capacity of Artificial Intelligence.
You can find hundreds or even thousands of AI use cases, even though the AI is at its first stage and only weak or general AI is in function. Let’s explore some of the top use cases of Artificial Intelligence.
Driving an autonomous car is a dream-turned-into-reality. Tech giant Elon Musk’s Tesla will soon be visible on the road without any manual staring and human drivers. The desire for having a robot working round the clock autonomously is no more a guess; it’s a reality now —thanks to the advent of Artificial Intelligence. Even though AI is not just one of the technologies used in modern robots, it has turned many long-awaited dreams into reality.
We have robots that drive our cars, deliver goods to customers, and serve us by learning new skills. Tesla is not the only brand working on the driverless vehicle; Honda and General Motors have also developed an electric-powered driverless car called Cruise Origin and Waymo that covered the 50-square mile area of the city. It’s functional in Phoenix and Arizona.
Computers today can recognize speech with 95% accuracy. That means to understand what people are saying is to just click away and even respond to the query with a valuable suggestion. Businesses in the vast customer-facing industry can get the benefit and AI by integrating it into chatbots. Alexa, Siri, Cortana, Google Voice Assistants, etc. are the top examples of it.
Building AI models for speech and voice recognition requires being expertly programmed. IT Firms with AI app development expertise can do it. Many businesses, especially fintech and banking sectors, are utilizing the AI models to empower chatbots to help customers perform their banking needs without waiting for their turn while standing in a long queue.
As AI is still a mystery, even for its researchers (we have mentioned that even researchers don’t know the full capability of AI), they are trying to enable artificial intelligence machines to recognize voice and speech with 99% accuracy. A recently developed language prediction model named GPT-3 based on OpenAI is part of it.
In recent years, facial recognition and surveillance technologies have witnessed a significant boom. If you are a smartphone user, you must be aware of it. Even on Facebook, you may have seen an automatic tagging feature. That works with the help of face recognition technologies powered AI. Similarly, AI is a widely used CCTV face lock/unlock that protects homes, offices and devices.
Virtual assistants nowadays are also getting AI boosts. For example, Amazon Echo, Google Home, and Apple HomePod, etc., are able to help owners control almost everything, such as lights, cameras, screens, AC, fans, Television and more. Even though they help you with the basic daily activities only, they are getting smarter day-in-day-out.
In fact, in the coming years, these AI virtual assistants are going to be the best companion of civilized society, business, and more. Today, we have systems developed for operating rooms powered by artificial Intelligence that not just support healthcare provide good treatment but also enable the facilities to take expert support virtually. We have built such a system for our clients; you can check this from here.
Artificial Intelligence has transformed many business sectors, healthcare and finance sectors are the prime beneficiaries. One of the examples is AI in OR (Artificial Intelligence for modern operating rooms), which enables healthcare to provide the best treatment to patients. For example, suing AI-powered equipment;
Doctors in OR can take help from a senior surgeon even if they are present in the hospital.
Senior doctors can guide and direct their assistants or junior doctors to carry out the surgery using the device.
- The patient’s family members can see live operations from the waiting room
- Doctors can take instructions from the device for the surgery process
- Doctors can remain connected with their staffs
Similarly, there are various things that AI enables the business to carry out without delay. AI in finance is another advent that is going to make the sector boom.
Business enterprises are integrating AI features into their CRM and taking the benefits of the advent. You may have heard about IBM’s Watson application that enables businesses to initiate comprehensive research, compare yourself among competitors, bring an incisive report, and predict market trends. Similarly, we help businesses build plenty of such applications to help them with their ever-growing business challenges.
Prediction-based marketing is going to be a successful tool for businesses in the coming days, and all credit goes to AI models. The success of products and services will be entirely based on 99% accurate predictions.
Artificial Intelligence is not just going to predict the market for products and services; instead, it will help businesses improve every step of the sales process. For example, AI can be a potential tool for generating leads, segregating leads based on their potentials, enabling businesses to offer customized and personalized offer marketing messages, and more. Nowadays, CRM providers offer AI-equipped systems to help enterprises accurately predict customers’ predictions based on their buying or purchasing history.
Everything, from brick and mortar businesses and small vendors to startups and enterprises, is going digital. Even the digital is going to transform, and with the correct use of AI, the marketing activity can be done accurately and efficiently. In the coming days, generating content will be possible with AI tools.
- For example, content creation along with audio and video content there in your hand with just a click of a button is possible now.
- Creating content seems the most creative task, involving a considerable amount of time and resources, but integrating AI can save time, money, and resources.
- It has a few drawbacks: First, it can be used to manipulate voters during elections and eat away jobs in large numbers. But, these drawbacks are assumption-based.
The email marketing campaign is one of the most established marketing strategies that every business wants to excel in. However, getting desired success is still the dream of millions of startups and enterprises worldwide.
As Artificial Intelligence continues to evolve, the dream of making a successful email campaign is a step away. Many companies are now using incorporated AI functions to get the most out of the email marketing strategy. AI modules developed for email marketing can help businesses take an analytical approach by bringing them the following reports;
- Recognize the subject line that achieved the highest open rate.
- Understanding the length and characteristics that contributed the most engagement.
- Keywords that generated more leads or successful results.
AI email marketing tools can do more than what we have explained here. Building such tools requires connecting with an expert AI software development company, having experienced AI engineers with this expertise.
10. AI and Customer service
AI in banking and finance is ruling the roost, though it’s not the only sector where AI tools can be used for handling customer services. Every customer-facing business can take the benefits of AI innovation.
In business, keeping customers satisfied is the primary goal, and companies take various different measures to achieve that goal. AI software helps small, medium, to large-scale businesses provide enhanced customer services. With an automated customer support system powered by AI, achieving customer satisfaction is getting easier day in day out.
AI for chatbot and already in the market while the voice-enabled customer support tool is grabbing the marketer’s attention today. Undoubtedly, the adoption of AI in customer service is still at its lowest level, but it’s going to be widespread. You can get the solution by connecting with your service providers or simply hiring Dash to do AI solution project development. To provide you with updated AI-supported software for your CRM system, or you can have your AI project developed by connecting with us.
Did you know Alice by Alibaba group is the most valued chatbot today that reported to have contributed around $31 billion sales on Singles’ Day in 2018?
The success of the chatbot lies behind the kind of technologies used. For example, Alice uses voice recognition, semantic understanding, personalized recommendations, etc., incorporated into the bot. You can have your own built using the same method, and we have expertise in building such chatbots for your customer support system. Keep the advanced chatbot aside for a moment; even a basic rule-based bot can help you provide better customer satisfaction.
11. AI and Accounting
As we have already discussed, the banning and finance sectors are the largest beneficiaries of Artificial Intelligence. The financial sector is the most disrupted sector by the AI advent, especially by AI and robotic software.
The IT firms with AI expertise have plenty of AI projects for development, especially the post-COVID regime. Robotic process automation is helping the industry not just to keep the customers satisfied but also to handle the daily business process efficiently.
Some researchers online claim 94% of the possibility that AI can automate the accountants’ and auditors’ tasks.
According to a 2016 report, this can be intimidating as around 1.2 billion people are working as accountants and auditors in the United States alone.
Today’s AI modules are smart enough to handle the most complex tasks that are almost impossible or require excessive human resources to manage. However, the leading financial activities, such as meeting with clients, explaining things to them, will continue to take place by human resources.
12. AI & ML in MedTech
AI & ML in MedTech is our own project that we built for a leading medical device company. The software we made for the company was all meant to automate the manual process and support doctors in diagnosing. For example, in the smart OR, the tool will help with real-time images, assisting in surgery, and more. You can explore more about it by going through this case study, “AI and ML in MedTech.”
13. AI/ML in Healthcare
You can find plenty of examples of AI use cases in healthcare. We have also delivered plenty of used AI software for healthcare. For instance, AI integrated Operating Room System that allows doctors with computer-assisted operations. For example, doctors in OR can connect with senior doctors remotely; patients’ families can see live options from the waiting room and others.
These are some of the use cases of AI in different sectors, though there are plenty of others that you can explore online or by visiting our “Insights” sections.
As every business today is data-centric, no industry is immune to the advent of Artificial Intelligence. However, some sectors are the most beneficial of Artificial Intelligence. They include;
- Medical Devices
Let’s explore these sectors and find how AI can contribute to their exponential growth.
We have discussed the use cases of AI in the insurance sector. Today’s insurance sector is in need of increased access to data insights. Gathering data and preparing insights may take a considerable amount of time and resources, while AI modules can do it in a second of time. Apart from this, there are plenty of things, such as underwriting, customer service, claims, marketing, and fraud detection that are the need of the hour for this sector.
In the tech-savvy world, the insurance sector needs to adopt modern technologies and get the benefits that AI has to offer. “Robo-advisors” and other AI-supported applications can help the industry do day-to-day tasks that were previously dependent on human resources.
Did you know only 7% of Americans are satisfied with the current healthcare system?
Even though AI-supported diagnosis is much improved, in the coming years, most chronic diseases, such as skin cancer, imaging, etc., will be accurately detected and diagnosed with the help of AI software. Robot-assisted surgery is already in place while virtual nursing assistants are getting attention; AI is going to be the perfect companion for healthcare and medicine. Apart from diagnosis aid, AI can help healthcare with plenty of other things, such as;
- Administration Workflow Automation
- Patients Monitoring
- Telehealth, etc.
In the coming years, Ai will be part of every department of healthcare. If you are running a medical care or healthcare organization, you need to consider these technologies and make the best use of artificial intelligence in the process. Remote patient treatment is possible today with the help of a telehealth system. The distribution of health-related services via electronic information is possible today —with Telehealth. And with AI integration, it can be even smoother and more accurate.
The banking sector struggles with day-to-day task management. They need human resources to transfer files from one place to another, answer queries to customers, help them with their banking needs, keep staff productive, and make things easily accessible by staff and customers. They have a system in place, but it can be faster, accurate, and smoother with AI. Chatbot, as we have discussed earlier, can help the sector solve plenty of banking needs of customers. Similarly, various AI modules can be built to:
- Manage data,
- Fetch data
- Create clear finance insights
- Help in the decision-making process and more.
All medical devices, whether it is surgery equipment, health monitoring devices, or others, are going to be smart. You may have heard about the OR playbook that provides voice-enabled services to doctors in OR. Smart Operating Room is possible today with the help of Artificial Intelligence. All medical devices, whether it is medical equipment, or health monitoring, or others, can perform better and save lives.
With Artificial Intelligence applications, the rental can improve demand forecasting, make price decisions, provide customized services and products, optimize product placement, and more. With the right AI based retail software can create experiences that create engagement and help shoppers learn more and buy more. Apart from this, the retailer can integrate AI into inventory and manage it efficiently. Similarly, supply chain management gets smoother with the integration of Artificial Intelligence.
AI in Agriculture is not much developed due to a lack of awareness. Agricultural drones, autonomous tractors, and vertical agriculture are all set to transform the sector with AI innovation. There are plenty of applications of Artificial Intelligence that can help farmers grow more crops without spending more. For example, they can save on production costs, water, and natural resources.
Artificial Intelligence is going to be omnipresent, and in the coming years, much of our lives and livelihood are going to be AI-oriented.
So, if you are running businesses, whether it is manufacturing, retail, healthcare, entertainment, construction, or real estate, we can help you make business smart with the advent of AI, ML, and Big Data.
We are the top-rated ISO 5000 certified IT company that offers a wide range of development services based on trending technologies, including artificial intelligence, machine learning, Big Data, AR/VR, and more. We at Dash Technologies help you build smart solutions and support you until they get deployed and operational.
We’re technology experts with a passion for bringing concepts to life. By leveraging a unique, consultative process and an agile development approach, we translate business challenges into technology solutions.
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