Artificial Intelligence

The industries set to benefit from the AI boom

Market Trends

Artificial intelligence (AI) was once one of those things that was reserved for geeks or sci-fi fans. Things have certainly changed and the whole concept of AI has become mainstream. No matter where you turn there is talk about the most recent developments and where people see the future heading.

In part, we have the likes of ChatGPT to thank for the rise of AI. Not for the technology itself but more for the increased awareness of what it can offer. There are certain industries that are already benefiting from what AI has to offer, and they're likely to benefit hugely in the future. Let's take a look at just some of these industries now.

Gambling industry 

The gambling industry has long been at the forefront when it comes to technological developments. The rise of online casinos alone goes to demonstrate this, but we also have the integration of virtual reality too. This means that this industry is primed to tap into what AI has to offer.

To some extent, casinos are already doing this with the likes of chatbots and know-your-customer checks. However, there is so much more to come. AI has the potential to massively benefit the speed of fast withdrawal processes at online casinos, as well as improving overall security. 

Healthcare 

Developing AI lends itself perfectly to the healthcare industry. When you consider one of the major roles of healthcare providers, it becomes clear why. Any provider has the need to collect masses of data that are both accurate and relevant. AI can ensure that this process happens with ease.

It is also more than possible that AI will go on so that it can assist with predictive healthcare. The power of AI means that it will be able to carry out predictive analyses that are highly accurate and this will assist doctors when it comes to managing patient needs. 

Another significant area where AI will be useful in healthcare is that of scans. With the ability to analyse images, AI will make it much easier, and faster, for diagnoses to be given.

Banking and financial services

AI and the financial sector just naturally go hand in hand. Just like the healthcare industry, this is one that deals with an abundance of data. This needs collating and organising. Something that AI can do with ease. AI is already being used in the banking industry to some extent. Primarily, it serves to identify potentially fraudulent transactions. 

AI can also be used in the lending process. By analysing credit history, AI will be able to report to banks and tell them the probability of someone meeting repayments. This will lead to the process being streamlined, which is good for the customer, and will reduce the chances of bad debt, which is great for the banks.

Logistics

This is an industry where AI is set to have a seriously dramatic impact. This is down to how it is able to carry out predictive analysis with ease. In terms of logistics, this helps by predicting the need for inventory, as well as minimising routes to keep overhead costs down.

Shipping companies are another area of logistics that is set to reap the benefits of AI. As things stand, there are a host of delays caused by document checks and this leads to frustration for all parties. It can take days to get through the process. By using AI, these processes could all be automated, saving time and money. 

Retail

In the retail sector, the use of AI is nothing new. It is already being used to optimise supply chains as well as effectively manage stock levels. It even allows retailers to understand more about how customers enter and shop a store so that the layout can be optimised to encourage a bigger spend.

Beyond this, we also have self-shop stores to come. The likes of Amazon have already proven that this can work and, as the technology develops, you can be sure that other retailers will be on board with this too. 

AI is also extremely useful when it comes to online retail. It allows companies to suggest other products and maximise sales.

Cybersecurity

The majority of cybersecurity companies operate by referring to large databases that are able to check for virus attacks. AI can work alongside such databases with ease. As the tech is being developed, the hope is that it will offer a proactive approach to security by dealing with potential issues before they take off.

The way in which AI works means that it can be used as a set-and-forget solution. It will have the ability to continually update itself so that it knows the type of attacks that are possible. It will then be able to automatically create solutions that will block these.

Marketing

AI is a marketer's dream. It has the potential to assist in this industry in two major ways. The first of these is that it will allow for messages that are more personalised. Secondly, it will assist with more accurate targeting. 

When you look at the likes of Facebook and Google ads, these are already using AI to some extent. The targeting possible now is already effective but this is something that will continue to develop and improve. This will mean that, rather than just displaying an ad to the right person, the ad will have a higher level of personalisation and this will lead to higher conversion rates.

Transportation 

One of the biggest developments in the world of AI is that of autonomous vehicles. Self-driving cars are already a reality and their mainstream adoption is only a matter of time. Companies such as Uber are already exploring how this tech can be used within its business.

Autonomous vehicles aren't just set to benefit passengers. They will also be hugely significant when it comes to the transportation of goods. AI-driven vehicles won't require drivers who need breaks and who get ill. Overall, this could save companies significant sums of money by improving their business operations. 

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