Although Artificial Intelligence (AI) has long been here primarily as an academic and scientific discipline, this technology has attracted a lot of attention from various industries over the last few years. And AI use will only grow in 2023 thanks to the experience and convenience it has to offer.
According to a report provided by Grand View Research, the global AI market size is suggested to reach $1,811.8 billion by 2030, growing from $136.6 billion in 2022 at a 38.1% CAGR.
AI can help businesses automate many processes and deliver better user experience, help in education, promote convenience in many industries and improve the human experience as a whole. This article will showcase key industries that either have already benefited from AI use or are going to in 2023.
It isn’t surprising that the healthcare industry is one of those domains that can benefit from AI the most. Thanks to restrictions caused by COVID-19, the healthcare industry has applied lots of technologies to make the process less human and more efficient. As a result, Artificial Intelligence in healthcare is now used in data mining to identify patterns and then make a more accurate diagnosis. It also helps reduce the load on medical staff by offering chatbots for patients. It is used for medical imaging, medication management, and robotic surgeries.
Retail and E-commerce
Retail and E-commerce are considered to be two domains where the application of AI is the most observable to the majority of end-users. Being an incredibly competitive space in 2023, retail organisations are looking for technologies to find patterns in consumer behaviour and thereby offer better user experience.
The use of artificial Intelligence in ecommerce is revolutionising this industry with its many applications in ecommerce, including customer experience, fulfilment services, shipping, etc. For example, it helps businesses to increase personalization by learning user behaviour and providing more relevant recommendations for efficient cross-selling. In addition, many tools, like Bezos, are powered by AI and specially designed for the ecommerce market.
Ai has also found its place in the food industry. If you haven’t ever thought about a robot making your cup of coffee, you should now think about it. Some FoodTech companies have already built a robotic tea maker based on AI capabilities combined with IoT technology. This smart robot now allows users to create their own recipes using a web interface, mobile app, as well as the machine itself.
Banking and Financial Services
The financial and banking industries are undergoing a significant transformation that will remain in 2023. Users are looking for more modern and convenient ways to interact with banks, and the appearance of decentralised banking is forcing them to bring a better user experience to stay relevant.
In many cases, human agents have been replaced by intelligent software robots that can process loan applications within a second. In addition, well-known robo-financial advisors are growing in popularity today since they have been shown to provide valuable investment recommendations based on collected data.