Emerging technologies have been popping up like wildfire since the start of the Industrial Revolution (IR) 4.0, and unexpectedly, the majority of them are linked and complement one another. Similar to how ML (machine learning) and IoT (internet of things) work in tandem with big data to enable deeper analysis that advances the organisation’s long-term objectives.
Since AI is still in its infancy, we may expect a wave of disruption and substantial growth opportunities for new, creative entrepreneurs in a variety of industries in the years to come. To help you envision what a company like yours may eventually accomplish, we’ve compiled ideas from five industries that were early adopters of AI technology. Let’s get started.
Industries With A Tonne Of AI Opportunities For Startups
Let’s look at the six big industries that are harnessing the power of AI.
1. HealthCare
In the healthcare business, AI is utilised to improve clinical judgement and patient access. Many companies, for example, provide machine learning-based systems to assess medical pictures and provide assistance for illness diagnosis.
- Electronic Health Record (EHR): AI also enhances the use of electronic health record (EHR) data for trend detection and tailored healthcare. This makes it possible for hospitals and doctors to ensure quick care and reduce patient risks.
- AI-based intelligent process automation (IPA) Hospitals use IPA to automate manual tasks like scheduling patient visits and transcribing medical records. AI-enabled medical devices also increase the effectiveness of remote patient monitoring and telehealth services, resulting in faster medical care.
2. Retail And Ecommerce
The online retail industry is skilled at using machine learning to collect data on consumer behaviour and enhance the purchasing experience as part of the digital revolution. Online businesses have discovered that AI solutions are advantageous in the following areas:
- Customising online shopping: recommendation engines use AI algorithms to provide items according to user preferences and browsing history, improving the user experience and increasing engagement. AI capabilities may watch and analyse use trends to combat credit card fraud and ensure safe transactions.
- Authenticity: Online marketplaces can employ artificial intelligence (AI) methods to authenticate information and preserve the authenticity of consumer evaluations and goods, therefore detecting fraudulent activity.
- Customer engagement: pervasive chatbots and virtual assistants driven by AI offer real-time assistance, respond to questions and help clients at every step of the sales funnel 5. Internet advertising.
- ChatGPT: Teams are using ChatGPT to create social media posts, blog entries, sales pitches, and scripts for video advertisements, thanks to AI-based apps that have simplified content production. Grammarly and other editing programs include AI algorithms that improve these drafts even further.
3. Finance
Startups have a tonne of opportunities in the banking business, which was among the first to embrace AI. Banks and insurance businesses anticipate an 86% rise in AI-related technology expenditures by 2025, per a Business Wire article. Here’s how entrepreneurs are taking use of the financial AI opportunities:
- Algorithmic trading: With the use of artificial intelligence (AI), algorithms can evaluate market movements and place trades very quickly. AI is being used by startups such as Sentient Technologies to optimise trading methods and increase profitability.
- Fraud detection: AI has the ability to instantly identify and stop fraudulent activity at the moment. Machine learning is used by businesses like FeedZai to safeguard financial transactions against criminals.
- Credit scoring: More precise risk evaluations for loans are offered by AI-driven credit scoring algorithms. By using AI to assist lenders in assessing creditworthiness, startups such as Zestfinance are able to lower default rates.
4. Trading
AI trading is analysing enormous volumes of data to find patterns and trends in the market using algorithms and machine learning techniques. This technology lowers the possibility of human mistakes and improves transaction accuracy by empowering traders to make well-informed decisions based on market data.
- AI Trading Bots: AI trading bots have the potential to increase earnings by assisting traders in spotting chances that conventional trading methods would have overlooked. Bots like Immediate Matrix provide the traders with profitable opportunities and reduce the risk of losing money.
- Automated Trading Platforms are an additional category of artificial intelligence trading platforms, designed to automatically execute transactions according to predetermined rules and criteria. These systems evaluate market data and pinpoint trading opportunities using machine learning algorithms. While AI trading platforms and tools might be helpful for investors, it’s vital to remember that they are not infallible and should be utilised with caution. It is crucial for investors to do independent research and analysis before making any financial decisions. To guarantee a well-rounded investing plan, it is also advised to use these platforms in addition to working with a human financial counsellor.
5. Education
Parent-teacher conferences used to happen quickly and often without much insight, but those days are long gone. On the other hand, parents and teachers may meet at a time that works for them both thanks to AI-powered appointment scheduling tools like Doodle, Acuity Scheduling, etc.
The education industry is ready for change, and the companies that are making use of artificial intelligence are leading the way in this regard. Here are some ways that entrepreneurs are using AI to drive innovation in education:
- AI-powered personalised learning modifies course contents to suit each student, increasing participation and results. AI is used by EdTech companies like DreamBox Learning to generate individualised learning programs.
- Support for teachers: AI technologies assist teachers with administrative duties and offer guidance for more effective instruction. Teachers can get AI-powered grading and feedback solutions from startups like Scribe Sense.
- Learning a language: AI-powered applications provide evolving, dynamic learning. AI is used by businesses like Duolingo to improve language learning outcomes for users.
6. Farming
Artificial intelligence (AI) is a key factor in the digital revolution that the agriculture sector is experiencing in terms of updating farming methods. By 2027, the worldwide market for AI in agriculture is anticipated to grow to USD 4 billion, as reported by Globe News Wire. Here’s how AI is being used by companies to drive innovation in agriculture:
- Data Collection: Precision farming involves data collection via AI-powered drones and sensors to maximise planting, irrigation, and harvesting. Blue River Technology and other startups provide precision agriculture solutions.
- Crop monitoring: AI uses data analysis to find pests, illnesses, and nutritional shortages in crops. Businesses with AI-driven insights for improved crop management include Taranis.
Conclusion
The aforementioned list makes clear how quickly many industries are using AI and ML. The list doesn’t end up in these industries. AI has a broader scope and it has undoubtedly facilitated many industries with its remarkable capabilities. With automation, many industries will find advantages in performing extensive laborious tasks automatically in a matter of minutes.