Artificial intelligence has become a crucial part of daily human lives today and it assists in almost every scenario — whether you realize it or not.
Every time you do a Google search, book a trip online, receive a product recommendation from Amazon, or open your Facebook newsfeed, which are just a few everyday instances — AI is lurking in the background. Artificial Intelligence has various applications in today’s society. It is becoming essential for today’s time because it can solve complex problems with an efficient way in multiple industries, such as Healthcare, entertainment, finance, education, etc. AI is making our daily life more comfortable and fast.
( some sectors which have the application of Artificial Intelligence Source: https://www.javatpoint.com/application-of-ai)
AI is important because it can help solve immensely difficult issues in various industries, such as entertainment, education, health, commerce, transport, and utilities. AI applications can be grouped into five categories:
Reasoning: The ability to solve problems through logical deduction. e.g. financial asset management, legal assessment, financial application processing, autonomous weapons systems, games
Knowledge: The ability to present knowledge about the world. e.g. financial market trading, purchase prediction, fraud prevention, drug creation, medical diagnosis, media recommendation
Planning: The ability to set and achieve goals. e.g. inventory management, demand forecasting, predictive maintenance, physical and digital network optimization, navigation, scheduling, logistics
Communication: The ability to understand spoken and written language. e.g. real-time translation of spoken and written languages, real-time transcription, intelligent assistants, voice control
Perception: The ability to infer things about the world via sounds, images, and other sensory inputs. e.g. medical diagnosis, autonomous vehicles, surveillance
AI trends in various sectors are
• AI and ML technology has been particularly useful in the healthcare industry because it generates massive amounts of data to train with and enables algorithms to spot patterns faster than human analysts.
• Medecision developed an algorithm that detects 8 variables in diabetes patients to determine if hospitalization is required.
• An app called BiliScreen utilizes a smartphone camera, ML tools, and computer vision algorithms to detect increased levels of bilirubin in the sclera (white portion) of a person’s eye, which is used to screen people for pancreatic cancer. This cancer has no telltale symptoms, hence it has one of the worst prognoses of all cancers.
• Financial services companies use AI-based natural language processing tools to analyze brand sentiment from social media platforms and provide actionable advice.
• Investment companies like Aidya and Nomura Securities use AI algorithms to conduct trading autonomously and robo-traders to conduct high-frequency trading for greater profits, respectively.
• Chatbots, powered by natural language processing, can serve banking customers quickly and efficiently by answering common queries and providing information promptly.
Cyber-attacks are becoming a growing reality with the move to a digital world. There are also concerns about AI programs themselves turning against systems. Automatic exploit generation (AEG) is a bot that can determine whether a software bug, which may cause security issues, is exploitable. If vulnerability is found, the bot automatically secures it. AEG systems help develop automated signature generation algorithms that can predict the likelihood of cyberattacks.
Jack Ma, the founder of Alibaba, warned the audience at the World Economic Forum 2018 at Davos that AI and big data were a threat to humans and would disable people instead of empowering them. However, given the sweeping real-world applications of AI and ML and the constant advancements in the field, it is more likely that the technology will transform the way we work—enabling faster, more informed decisions, increasing operational efficiency, and innovating new products and services.