Artificial Intelligence and machine learning are not surprising to most people nowadays. And yet, many are still unaware of the extent to which the two technologies are currently being used in all kinds of industries.
In fact, AI and machine learning have now firmly established themselves as crucial parts of our lives, but they are still managing to keep changing the world every day. Hence, here’s how AI is disrupting entire industries and why the machine learning future has already arrived.
The Machine Learning Industry Today
AI and machine learning together have created an industry that is estimated to be worth $1.41 billion. This number is expected to grow exponentially and reach $20 billion by 2025. Businesses process large amounts of data, researchers study cancer treatments, and we all use some kind of AI-powered tech in our daily lives – all thanks to AI and machine learning.
But it’s not just the small changes that are so impressive. AI and machine learning technologies have been disrupting the way entire industries operate and leaving a lasting impact on them. From automation to big data analysis, AI and machine learning have changed the way decisions are made, accelerated workflows, and so much more.
Big Data Processing and Analysis
With data playing a crucial role in marketing, it was inevitable that businesses would have to transition to working with much larger amounts of data. Luckily, AI and machine learning enable companies to process and analyze big databases to gain nuanced insights into processes and phenomena, make more accurate predictions, and make better decisions.
Sophie Howells, an expert from the custom writing reviews site Rated by Students, explains, “The best thing about machine learning is that it never stops improving itself. It analyzes data and its analysis becomes more accurate every time it gets more experience. This is particularly important nowadays when we are working with data in quantities that no human can manage on their own.”
Gaming, AR, and VR
While it is definitely not the most important way in which AI is used, it’s still worth mentioning the world of video games and the AR and VR technologies closely associated with it. Of course, AR and VR are used in business and marketing as well, but most people associate them with video games above all else.
In a way, it could be said that AI has impacted our contemporary cultural sphere – more specifically, it has been influential in pop culture. AI used to be an element of science fiction, but now it is being used in real life and especially in the video game world so extensively that it has become a reality. Video game developers can challenge and expand the limits of human imagination to offer users unforgettable experiences in the virtual world.
Business Innovation and Development
Along with big data analysis, AI and machine learning are being used by companies for business innovation and development. As mentioned earlier, the two technologies can help improve decision-making which can, in turn, boost productivity levels in the workplace as there will be fewer mistakes and failures.
In addition to that, AI and machine learning can help businesses save money by streamlining and automating processes. For example, even something as basic as keyword research can be made easier and faster. A marketer should simply enter a phrase like “rewrite my essay” or “gluten-free pasta recipes” into a keyword research tool and then get an extensive list of keywords and information on them in return.
Customer Experience and Support
Another way in which businesses greatly benefit from using AI and machine learning is the ability to provide improved customer experience and support. Through customer behavior analysis, businesses can improve their UX and UI, optimize their pricing models, and so much more to improve shopping experiences.
Likewise, chatbots can offer customer support 24/7 which means customers can always have their questions answered and their requests processed automatically. Small businesses can especially benefit from this as chatbots can substitute human representatives to some extent which reduces the need of having a big team to run the business.
Perhaps one of the most useful and critical uses of AI is the way it is being used in cancer research. AI tech used in the health sector allows doctors to make better treatment outcome predictions thanks to AI’s ability to consider more factors than humans can. Treatment outcomes can now be predicted with exceptional levels of accuracy never seen before.
Donnell Erickson, an expert from the writing services reviews site Best Essays Education, says, “Much like AI, machine learning is used in the health sector quite extensively, especially in drug development. It allows researchers to significantly reduce overall costs and streamline the entire process for better outcomes. Right now, AI is already being used to predict how cancer cells become resistant as well as to get suggestions on how to adjust treatment formulas accordingly.”
Continuous Learning and Improvement
Last but not least, it’s worth noting that AI and machine learning allow for continuous learning and improvement in all kinds of spheres. As explained earlier, machine learning is the kind of tech that learns and improves itself the more it gets used and the more data it processes.
In addition to that, AI is quite broad which is why there are so many different AI-powered tools that are being used in different spheres of our society. Its versatility is what ultimately makes AI so ever-present. More and more people are investing in AI every year which further boosts its development. The industry has reached an international level of acknowledgment and acceptance.
All in all, Artificial Intelligence and machine learning still have a lot of room for development, but they are already powerful enough to be changing the way entire businesses operate. The global Artificial Intelligence and machine learning market is growing rapidly and we can expect more unusual innovations and new technologies appearing in the nearest future.