Artificial intelligence could change life as we know it and make the world more equitable, giving those who don't need a boost to better their lives. The future is already here; all we need to do is harness it. This blog looks at some facts about artificial intelligence, what potential applications are available, and how they could affect you.
What Is Artificial Intelligence?
AI is for sifting through massive amounts of data, making sense of that information, and making an informed decision. Artificial Intelligence (AI) is known as "machine learning," similar to how people think; this technology quickly solves complex problems. Below is a quick snapshot of some recent AI statistics and facts:
Statista has found that revenue generated from the AI software global market will reach $126 billion in 2025.
A study by Gartner found that 37% of all businesses implementing AI in their business models have grown over 270% in the last four years.
Based on findings from Servion Global Solutions, by 2025, over 95% of customer interactions will be based on AI software.
A 2020 study from Statista found that the global AI software market is set to expand 54% year over year and will reach $22.6 billion.
It seems that AI is here to stay, and the changes we see in our daily lives are just beginning. AI software will ripple effect in numerous industries and forever change what life looks like.
Potential Applications for Artificial Intelligence
Below I look at a couple of these sectors and briefly discuss what to expect for the future. Below is part one of my in-depth look into potential applications for artificial intelligence.
The Future of E-Commerce
As the pandemic has continued, so has the practice of buying more and more of what we all need online. Although e-Commerce shopping is super convenient, this process can be even more streamlined with the help of artificial intelligence.
Chatbots and Shopping Assistants
Thanks to artificial intelligence, virtual shopping chatbots will likely take the online shopping experience we all have to a new level. By answering specific questions or helping customers right when needed, AI will help increase brand engagement and make for a more enjoyable experience.
Credit card fraud and fake reviews are two worst things any online store can handle. With the help of artificial intelligence, buying patterns can be monitored to watch out for potentially fraudulent purchases. Also, fake reviews will be found and deleted, ensuring customers get an accurate view of where they shop.
The Future of Education
Education can be the slowest sector to embrace new technological advancements and use them. AI could change education forever, from not handling so much paperwork to having lesson plans designed to suit students' specific needs.
Artificial intelligence can take away tedious tasks like grading tests, completing report cards, and answering emails. Teachers could n focus more on the needs of their students and help those struggling with specific topics, making for a better learning environment.
AI will allow teachers to create lesson plans unique to each student, giving them the tools to excel in the classroom and overcome their unique challenges. Everything like flashcards, notes, assignments, and quizzes will suit a specific student.
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