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Top 8 AI Use Cases And Applications: In-Depth Guide for 2023
Dive into the future of artificial intelligence with our comprehensive guide, spotlighting the top 8 AI use cases and applications that will dominate the landscape in 2023
Artificial Intelligence is driving a substantial part of automation and it’s explicitly developed to reshape the way of how business operates in different niches. Its potential can disrupt almost all industries ranging from sales & marketing, logistics, finance, pharmacy, telecommunication, defense and military, education, films, media, entertainment, automobile, space explorations, and so on!
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Must Know: Undeniable Statistics and Facts Of Artificial Intelligence In 2023
- Global Artificial intelligence (AI) market size is estimated to be valued at $136.55 billion in 2022
- The market size of artificial intelligence is projected to expand at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030
- Forecast and prediction says, AI is predicted to hit $1,811.8 billion by 2030
- AI’s contribution to the global economy will be a whopping dollar of $15.7 trillion by 2030.
- As per the insights from Forbes Advisor, an overwhelming 97% of business proprietors are optimistic about the potential benefits that ChatGPT can bring to their enterprises.
So, the above statistic clearly indicates the undeniable growth of AI adoption across the globe. Most importantly AI technology is invading mobile applications and in the near future, we can expect 10x growth of AI in Mobile Apps. Check out the top 10 AI-powered mobile apps of 2023.
In this guide, we are rolling out the profitable use case cases of AI exclusively picked for the year 2023.
Top 8 AI Use Cases & Applications For 2023
#1 AI In E-Commerce
AI is implanted into our lives in all aspects, one such sector is AI in the E-commerce and retail industry. With the support of AI applications in this industry, online retailers can deliver an outstanding user experience to the customers and make them to take better decisions by using user customer data.
Below listed astonishing statistics about AI in E-Commerce that will blow your mind,
- AI-powered E-Commerce market size will reach $16.8 billion by 2030
- 78% of E-Commerce brands will have already integrated and implemented AI in their retail stores
- The recommendation engine market of E-Commerce will hit an astonishing value of $15.13 billion by the end of 2026
Applications Of AI In E-Commerce
- Creates customer-centric search
- Identify exceptional target prospects
- Creates efficient sales and turns them into lead
- Provides personal touch with AI chatbots and virtual assistants
- Offers personalized recommendations to buy relevant products
Probably AI can take over online shopping to the next level in this decade. Its impact is quite vital as it saves precious time and effort by offering scrutinized personal recommendations for each and every customer based on their personal interests and choices.
#2 AI In Education
AI in Education holds the biggest potential to address some bigger challenges in the education sector. It cuts off the complexities faced by the students and scholars by offering them an interesting learning experience for both schools and colleges. Innovative learning sessions, enhanced feedback loops, AI listening sessions, etc., offer an unforgettable learning experience to the kids and adults and keep them engaged and alive during the session.
Have a glance at the live stats and proofs of AI disrupting the Education sector,
- The market size of AI in education reached 4 Billion USD in 2022, and it’s projected to expand at 10% CAGR from 2023 to 2032.
- Approximately 67%, of secondary school students in the United Kingdom are incorporating AI technology into their academic projects and homework assignments.
- AI-enhanced chatbots gave students and scholars individualized support with a 91% accuracy rate.
Applications Of AI In Education
- Analyzes and tracks a large amount of bulk data using algorithms and creates innovative learning approaches that make each and every session interesting.
- Delivers timely feedback and just-in-time learning modules and suggestions
- Convenient preaching methodologies adopted by AI not only supports students in improvising their skill but also supports teachers and researchers with smart content creation.
- Task automation is another crucial application offered by AI in education. It can easily handle complex tasks in evaluation, maintaining records and reports, organizing research papers, making notes, creating presentations, proposals, and videos, and much more.
- Creates a positive environment in remote learning and enhances the virtual learning experience that encourages individuals to learn from any remote location of the world.
Many research papers and experts say AI will soon replace the human touch in learning within the next 5 years. On a positive note, our next generation will be more innovative and creative with the knowledge acquired from Artificial intelligence.
#3 AI In Robotics
AI in robotics offers better automation that makes robots function properly based on their commands acquired after machine learning algorithms. It takes computer vision techniques into account, and intellectual programming codes, to execute tasks perfectly in a dynamic and critical condition.
Live statistics and proofs promise AI has a better role in transforming the robotics sector.
- Market size in the AI Robotics industry is projected to reach US $15.04 billion in 2023.
- AI’s market size in robotics is predicted to show an annual growth rate of (CAGR 2023-2030) of 13.63%, resulting in a market volume of US $36.78 Billion by 2030
- Anticipated surge in industrial robot shipments, possibly surpassing the 2018 peak of 422,000 units.
Applications Of AI in Robotics
- AI in robotics improves the efficiency rate of robots by making them function better than the commands advised by humans.
- Ai-integrated chatbots can efficiently handle user queries in online e-commerce platforms by offering better customer service.
- AI is used effectively in the packing industry and has a proven efficiency rate in handling multiple packages one after the other with a 98% accuracy rate.
- AI in robotics is exclusively developed to solve our day-to-day problems and it has even reflected in developing market-friendly AI vacuum cleaners for homes.
- Robots in manufacturing industries and factories are more helpful in handling complex tasks and become more intelligent in adapting to their tasks in a repeat mode.
With the integration of AI and robotics, we can expect a wide range of advancements in our future in industries like manufacturing, healthcare, etc.
#4 AI In Healthcare
AI in healthcare and pharmacy is proven to offer crucial data of patients by collecting data like medical history, detecting diseases that infect them, and coping up with a diagnosis and treatment plans. AI can also support doctors and surgeons with a proactive treatment plan for a peculiar disease and even offers alternative plan B options. The accuracy rate of AI in healthcare is comparatively superior to the other industries as it is literally to be a matter of life and death.
Evident stats that proves the betterment of AI in healthcare are as follows,
- The forecast says artificial intelligence will be active in 90% of hospitals and replace the 80% work of doctors that they do.
- Global AI in the healthcare industry was valued at $11 billion in 2021 and it is estimated to be worth of nearly $188 billion by the end of the decade.
- Robots-assisted surgery and treatments could be valued at $40 billion by 2026.
Roles Of AI in Healthcare
- Data handling and management is one of the crucial applications adopted by AI in handling user’s medical records and past history.
- Handles complex tasks like analyzing the reports of the tests, scans, X-rays, and other tasks in a more efficient way.
- Offers personalized solutions for each and every patient based on how their body is reacting to a particular treatment.
- Voice assistants are ready to support the patients by suggesting a drug based on their symptoms via mobile applications.
- Wearable health trackers like watches can efficiently monitor the heart rate and activity levels of a person.
- Digital nurses by AI support people to keep track of their medical condition and follow up with effective treatments.
The above-listed applications are just a glimpse of how AI is transforming our healthcare industry. In fact, the benefits of AI are pushing the boundaries between automation and digital workforces in the pharmacy.
#5 AI In Gaming
The world of gaming is reinventing itself with the inclusion of artificial intelligence. It is becoming more responsible and intellect in developing a challenging game with impeccable features. The gaming entities developed with AI is more realistic and makes a player think that they are breathing in the world of adventure.
Catch the proven stats and records about how AI is reinventing the gaming industry in 2023.
- AI has a key role in the growth of the gaming industry, a forecast says by the end of 2024 the global video gaming market is projected to be worth $180 billion.
- 61% of the game developers confirmed that they use AI to create the elements of players in the game.
- Surveys and reports say with AI-powered gaming solutions there will be a hike in player engagement by 29%
Applications Of AI In Gaming
- Gameplay options are getting better day by day as AI creates interesting opponents that are difficult to handle.
- Fraudulent activities and hacks can be prevented to the core as AI is prone to prevent malicious attacks and cheating to create fair gameplay options.
- Future innovations in gaming are wide open with AI, as it opens a gateway for Augmented reality, virtual reality, and immersion the the gaming world.
- Voice interactions offered by conversational AI, are one of the undeniable applications that is loved by users across the worldwide. They can freely communicate with other players while gaming.
- AI will replace some of the tasks performed by game developers and designers by assuring you to cut off the labor cost to a greater potential.
AI brings an enormous transformation in the field of gaming. It creates new exciting opportunities for gamers and addresses the challenges faced by the game developers on the other hand, creates ethical gameplay options and it addresses security concerns on the other hand.
#6 AI In Agriculture
AI in agriculture plays a crucial role in farming, the reason behind its popularity and fame is due to the increased population of our world. Foods and pulses yield from the traditional farming method are insufficient for us in this 21st century. That’s why automation is introduced in this field that produces yields using different methodologies.
Let’s have a look at some of the proven facts about AI’s impact on agriculture,
- The market size of artificial intelligence in agriculture will be worth of $4.7 Bn by 2028
- The market reach of AI in agriculture is expected to grow at a CAGR of 23.1%
- Market sales will account for more than 30% of total sales by 2028
Source: Markets and Markets
Applications Of AI In Agriculture
- AI plays a crucial role in predicting the weather and by doing so it keeps the farmers informed about making the right decision for harvesting, sowing seeds, etc.
- Efficiently monitors and tracks the growth rate of the crops.
- Detects malnutritions of the crops at earlier stages and functions better than humans.
- AI robots are exclusively developed for the agriculture field that help them to handle complex tasks like quality checking of the crops during bad weather.
- The precision farming technique adopted by AI is more productive in offering great predictions like when to yield crops at the right place.
As traditional farming methods are becoming outdated we can get adopted to automation for sowing crops and yielding profits.
#7 AI In Automobiles
The adoption of automation in automobiles is gradually increasing to improve the performance of the vehicle. As a reflection, it resulted in the development of self-driving cars like Tesla, Mercedes, Audi, & more. From autonomous vehicles, AI is also self-upgrading and working to improve safety systems. Each and every part of the vehicle is becoming innovative with the support of AI technology.
You will be impressed to watch out the live stats and proofs of how AI is transforming the automobile industry.
- The market cap of AI in the automotive industry exceeded USD 6 Billion in 2022 and it is projected to grow at 55% CAGR from the year 2023.
- Predictions and forecast reports say that the anticipated growth of AI in the automobile industry is projected to hit USD 200 Billion at the end of 2032.
- The AI-powered automotive industry is expected to get bigger gains of up to 55% by 2032.
Applications Of AI In Automobiles
- Sensors enabled with AI technology prevent drivers from accidents by giving alarms in prior.
- It also gives an indication to the drivers to wear seat belts.
- AI cloud services perform with IOT-enabled sensors to perfectly detect any component failures of the vehicle even before it gets damaged.
- Artificial intelligence plays a vital role in predicting the traffic and copes up with an impeccable solution for the drivers to take alternative routes.
- Customers can take huge advantage of AI on taking insurance schemes rather than the traditional process.
The future of this automotive industry will be flourishing with artificial intelligence. Even we can witness its innovation at a maximum potential in our lifespan.
#8 AI In Banking and Finance
Banking apps and services are getting better and better with artificial intelligence. AI’s role in automation in the banking sector helps banks to reduce operational costs by increasing productivity on the other scale. Some of the AI applications in banking apps are already in practice like loan and credit decisions, predictive analysis, customer experience, chatbots, etc.
Impressive stats act as a live example of the banking sector's transformation with artificial intelligence.
- The global AI in banking market size was valued at $3.88 billion in 2020 and is projected to reach $64.03 billion by 2030, growing at a CAGR of 32.6% from 2021 to 2030.
- 32% of the banks across the world are already using AI for taking tasks like voice recognition, predictive analysis, and more.
- As AI manages massive volumes of tasks in bulk it creates meaningful insights from the acquired information to offer better informed decisions.
Applications Of AI In Banking and Finance
- As banking apps deal with transactions of millions and billions, the artificial intelligence plays a humongous role in cybersecurity and fraudulent activity detection in those applications.
- Once deployed, AI works for 24*7 and answers to user’s queries instantly even after late hours.
- AI looks for behavioral patterns and comes up with better decisions in taking credit card loans personalized for every customer.
- They are experts in predicting current market trends in banking as it has acquired knowledge by studying large amounts of data.
- Takes a serious account of how currency fluctuations occur in the global world of finance and banking sector.
Investors and common people welcome AI’s adoption in the banking world, as it is prone to solve customer queries by improving customer experience, better in making decisions, risk management, and more.
The landscape of artificial intelligence is poised for profound transformation in 2023. Our exploration of the top 8 AI use cases and applications has illuminated the remarkable potential of this technology. From revolutionizing healthcare diagnoses to enhancing financial decision-making, AI is in an era of unprecedented efficiency and innovation across various industries. As businesses and individuals embrace these advancements, we anticipate a future where AI-driven solutions redefine the way we work, interact, and experience the world. The key lies in harnessing these capabilities responsibly and ethically to unlock the full spectrum of benefits AI has to offer in the years to come.
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