In today’s data-driven era, most companies operate with an aim to become smarter, by taking advantage of market opportunities. With the help of advanced technologies, companies are making improvements in their processes.
One of the most talked-about advancements in technology is Artificial Intelligence (AI) and its two sub-segments; Machine Learning, and Deep Learning.
Using this astonishing technology, companies can achieve new levels of efficiency in data analysis that impact their whole business. The rapidly growing implementation of AI across numerous industries will drive momentous growth in the coming years, with AI software revenue set to reach approximately $90 billion by 2025.
Though AI is greatly impacting several industries and businesses. We can expect AI (artificial intelligence) to bring out more radical changes in various aspects. There are various key AI trends that we can expect in 2020.
In this blog, I'll look at the impact of AI mainly on two rapidly progressing industries: the Healthcare Industry, and the Automotive Industry.
Impact of AI on the Healthcare Industry
The impact of Artificial Intelligence on healthcare is truly mind-blowing.
In recent years, AI has forced a paradigm shift in the healthcare industry.
This outstanding technology is revolutionizing the health sectors in numerous ways. Whether it’s about drug development or clinical research,
AI is playing a key role in improving patient’s outcomes in terms of better treatment methods, speed of care, and more at reduced costs. Additionally, it allows doctors and hospitals to access huge data sets of potentially life-saving information. The latest computing power helps in discovering and analyzing various large and small trends from data and even makes predictions by means of machine learning, which is designed to identify potential health outcomes.
AI’s promising factors like easy accessibility, cost-effectiveness and high-efficiency are attracting huge investments from both private and public sectors in the healthcare industry. As per a study, the investment rate will touch $6.6 billion by 2021. Another report by Accenture shows that AI applications can create annual savings of $150 billion by 2026 for US healthcare.
Examples of AI Tech Innovations in the Health Care Industry
Some of the key examples of AI tech innovations in the health care industry include:
- Visually Expressive Robot: As per a 2017 University of Bristol study, it was found that the children with autism usually face difficulty in distinguishing facial expressions. In that same year, Milo, a 2 foot tall, visually expressive robot was launched by Dell Technologies. This robot was used to teach autistic kids between 5 to 17 years regarding how to identify signs of emotion. In the present time, this robot is used in educational facilities in 27 U.S. states.
- Connecting ALS patients: ALS, also known as Lou Gehrig's disease, is a deadly neurodegenerative disease that leads to the death of motor neurons that are responsible for controlling voluntary muscles. It further leads to difficulty in speaking, swallowing and breathing issues, weakness, and paralysis. With the help of eye-tracking glasses that use AI technology known as a brain-computer interface (BCI) facilitates people who have lost their ability to speak or move, to communicate again. This technology helps patients to type with their eyes onto a monitor that vocalizes their thoughts through computerized decoding. It also allows patients to read books, emails and stay connected to the world.
- Identifying Atrial Fibrillation: There are few types of cardiac arrhythmias, especially atrial fibrillation that can lead to heart attacks or strokes. With the help of AI-enabled electrocardiograph (ECG) that utilize a convolutional neural network, the electrocardiographic signature of atrial fibrillation can be identified more accurately during normal sinus rhythm.
How Will Artificial Intelligence Revolutionize The Healthcare Industry?
Some of the key ways in which artificial intelligence will revolutionize the healthcare industry include:
- Unified mind and machine through Brain-computer interfaces (BCIs)
- Development in the next generation of radiology tools
- Growing access to care in underserved or developing regions
- Reduced burdens of electronic health record use
- More accurate analytics for pathology images
- Bringing intelligence to medical devices and machines
- Advancement in the use of immunotherapy for cancer treatment
- Health monitoring through wearable and personal devices
- Revolutionized clinical decision making with artificial intelligence
The potential for AI in the healthcare industry is quite vast. It is being used and will continue to be utilized for the health and well-being of people, early detection of diseases, diagnosis, clinical decision making, treatment programs, research, training and much more.
Impact of AI on Automotive Industry
The AI applications in the automotive industry are not only about self-driving cars but also about keeping ourselves safe, on schedule and connected while driving. Due to the growing use of AI applications in the automotive industry, it is estimated that the value of AI in automotive manufacturing and cloud services will exceed $10.73 billion by 2024.
Key Applications of AI in the Automotive Industry
Now let’s look at the various applications of AI in the automotive industry that is impacting automakers, vehicle owners, and service providers:
The AI Driving Features
There are basically two kinds of functionalities when talking about driving cars with AI. These functionalities can be categorized as: a) Driver assistant and b) Driverless automobiles.
- Driver Assistant: AI has completely transformed the in-vehicle experience for automobiles. It is redefining every aspect of the vehicle including personalization, in-car virtual assistants, driver behavior monitoring, and intelligent driver assistance systems. AI offers advanced safety features like emergency braking, cross-traffic detectors, blind spot monitoring, and driver-assist steering for connected vehicles to help avoid accidents. By monitoring various sensors, AI can identify dangerous situations and alert the driver about the same or even take emergency control of the vehicle to avoid an accident.
- Driverless Automobiles: Driverless cars that were part of science fiction movies in the past have become a reality today with the help of artificial intelligence. Also known as a self-driving car, autonomous vehicle (AV), robotic car, or connected and autonomous vehicle (CAV), the driverless car is a vehicle that is designed to sense its environment and move safely with little or no human participation. Some of the automotive leaders such as Google and Tesla are spending millions of dollars on research and development to bring out better technology and to make autonomous cars hit the road.
AI Cloud Services
It is important to note that connected vehicles need a lot of data to do their job perfectly. The application of AI cloud platforms ensures that data is available as and when required. Cloud services provide an ideal platform for staging and deploying AI technology in the automotive field, which includes analytics, big data access, and centralized connectivity. AI cloud services can help in:
- Predicting Maintenance: AI cloud services helps in predicting maintenance by monitoring hundreds of sensors and detecting any potential issues before they affect vehicle operation.
- Individualized Marketing: In the advertising field, AI-based cloud platforms provide an ideal solution to precisely target a captive audience of qualified prospects.
AI Automotive Insurance
AI automotive insurance is all about providing a real-time risk assessment of automobiles. AI helps to make the whole process of filing claims in case of accidents, fast and reliable. With the help of deep learning technology, AI automotive insurance helps in:
- AI-Powered Driver Risk Assessment: AI helps in performing driver risk assessment by creating risk profiles based on drivers’ individual risk factors available in big data. With the help of AI, any required details about a driver can be found easily that may affect his/her ability to drive safely.
- DIY Auto Claims: AI-powered video apps like Dingsunbao 2.0, allow drivers to perform their own auto damage assessment for their insurance companies. Moreover, AI provides all the essential information to the drivers regarding repairing their vehicle and what all will be covered under insurance.
AI in Automobile Manufacturing
AI also plays a key role in building automobiles. Smart robots are being used in the manufacturing process along with their human counterparts to bring out the best designs and output. Additionally, various Automated Guided Vehicles (AVGs) are being used in automobile manufacturing sites to move materials around automotive plants without human intervention. AI also empowers robots to identify defects or irregularities in materials and alert quality control personnel.
AI-Enabled Driver Monitoring
Other than watching the road, AI also enables cars to keep an eye on the driver. By utilizing advanced cameras and IR sensors, AI software detects driver behavior in various key areas including: Driver identification (It detects whether the driver is in the vehicle or not), Driver recognition (It detects which driver is operating the vehicle), Driver monitoring (It detects distracted driving and alerts the driver to drive safely on the road), Infotainment control (with simple hand gestures, drivers can control the infotainment system of the vehicle without the need to take their eyes off the road).
Conclusion:
AI technology is growing persistently and the adoption of this leveraging technology is also rising day by day. There is no doubt that AI has been transforming numerous industries. As AI technologies support assorted environments and scale to meet the changing needs of various industries, choosing the best AI software development services can help businesses in their digital transformation.