Impact of Artificial Intelligence in 2020

Wednesday 9th October 2019 | Twinkle

The term Artificial Intelligence is no longer associated with just science fiction dystopias, but this emerging technology has now made its way into our daily lives. Yes, that's right, Artificial Intelligence is now a household name and that too on a global level, a great example of this is Alexa.


Artificial Intelligence has a lot to offer us, from virtual medical professionals to advance driverless vehicles. PwC even estimated that the artificial intelligence industry could add as much as $15.7 trillion to the global economy by the end of 2030, which speaks for itself. 


Today, there are various AI companies that hold expertise in delivering phenomenal artificial intelligence integrated software and digital products that are contributing immensely to the increase in global economic growth as well as overall productivity in different industry verticals. This is one of the main reasons why even mobile app development companies have started to integrate AI technology.


Let’s take a look at some of the industries that are being revolutionized by Artificial Intelligence:


1. Education

AI technology is proving out to be a boon across the educational landscape and is being used to develop new tactics for helping people belonging to different age groups learn in a simple yet effective way. 

For instance, there are online platforms that are providing students with the option to create as well as share multiple-choice quizzes (MCQs) to help each other study in a better way. 


2. Finance

Another industry that is integrating Artificial Intelligence in the finance sector. Nowadays, financial institutions are making use of AI to create better recommendations for the end-users that are more thoughtful and customized as per the preferences and requirements of the customers. 


Let's take an example of chatbot companies that are primarily focusing on banking and financial services agencies, and are integrating AI technology into their services as an effort to mimic human logical reasoning skills. Artificial Intelligence also allows financial and banking agencies to deliver more personalized advice to their customers, which further helps them in discovering informative insights.


3. Healthcare

AI technology is also revolutionizing the healthcare sector by empowering medical professionals like doctors, nurses, and surgeons to deliver better care to their patients. The main motive to use advanced technologies in this industry vertical is to provide services to as many people as possible in a short amount of time. 

There are many artificial intelligence-based chat apps available in the market that can be used by people as the first point of contact in case they don't feel well and need to consult someone. These mobile apps can answer patients’ queries based on their symptoms, offering free consultation sessions and instant medical advice on what to do next and are available 24/7. 

In some advanced applications, there is also an option to book a video consultation session and get in touch with a physician or medical professional, if required. Also, if the diagnosis of the patient requires only an over-the-counter medication, then the app is even able to save the patient from an unnecessary trip to the physician. At present, such healthcare chat apps are high in demand as people want to avoid making unnecessary trips to the doctor even for a small health query.


So these are some of the major industries that are being transformed with the Artificial Intelligence technology. Apart from that, you can also stay updated with all the current happenings in the AI sector by subscribing to a few leading tech news and media portals that keep you abreast of all the latest updates.