Big data, Artificial intelligence (AI) and machine learning, are on the tip of everyone’s tongue. AI is already fully embedded in many solutions of tech companies such as Google, IBM, Apple, and Facebook. But outside of the tech world, where else can we expect to see a rush towards AI adoption? Which industries are likely to be influenced by AI in the future?
We believe that the answer is – all of them.
The easier it becomes to implement AI solutions and unlock big data insights, the quicker the barriers to tapping into these technologies for businesses will diminish. In the start-up scene, many entrepreneurs are placing great emphasis on generating ground breaking AI-based products that would “disrupt the status quo”. In turn, investors are jumping on this opportunity and pouring funding in innovative players that are bringing AI to previously untapped industries.
Artificial intelligence and machine learning is by no means something new, nor it’s a mere science fiction fantasy – but it’s a part of our new reality. Let’s examine a few industries that could anticipate a major disruption through the adoption of AI, big data, and machine learning.
The financial services sector may change substantially because of AI. AI technology is capable of analysing massive volumes of data, optimising portfolios, improving risk assessments and as such creating a much more efficient asset management process.
AI powered tools could quickly and efficiently sort through emails, social media posts, and customer preferences and help companies better service their clients by giving them a fully customised experience in managing their investments.
In the stock market, AI is already being used for executing transactions in nanoseconds.
There are also many advantages for commercial lenders and banks. For instance, AI already helps many financial players to access whether an applicant has a high or low risk profile in terms of loan repayments. Soon, financial institutions will be able “read” clients just by knowing where they prefer to shop, which may provide insights into their repayment potential.
And this is just the tip of the iceberg. AI-driven transformations that are coming to the financial sector are very likely to reshape every niche of this industry.
Many people believe that the healthcare system overall could and should be better. A growing number of entrepreneurs think that the solution to improving the health sector involves giving the patient more power.
Currently, on the forefront, many new self-diagnostic applications are integrating AI and big data into smartphones and iOS devices. Babylon, a British online medical and health service just released a new app which provides a medical consultation based on a user’s medical history and common medical knowledge powered by AI. In real time, Babylon users can describe the symptoms that they are experiencing (fever, congestion, allergy, etc.), and the app checks and compares this information in its running database of medical conditions.
Medical practitioners will also reap benefits from AI bots and machine learning. These bots will be able to help design patient treatment plans, assist in administrative duties and medical record management.
Companies such as Apple, Google, and Samsung are pouring billions into designing new biometric sensors. These types of sensors paired with big data could be the answer for preventive medicine and longevity.
AI powered medical diagnosis will eventually be accessible for free. Insurance companies in particular have a gleaming eye on this technology as it can help keep their customers healthy for longer, prevent the onset of disease and improve their quality of life. In the future, AI medical bots will act as personal doctors/trainers, monitoring what we eat, what we drink and whether we exercise enough. They will also monitor our mental state, alerting us when to take a break, when to meditate and when to sleep.
It’s work in progress, but AI, big data, and machine learning are becoming major catalysts in the health sector.
# Real Estate
The real estate sector is another industry that will experience a tremendous change from AI and machine learning.
At ProvidensAI, for example, we use AI to help accurately value properties and predict future market movements in real time, giving buyers, sellers and agents transparency and insights that were not previously accessible.
Others, like Everyhome, use AI to examine more than 180 property features for every listing to help agents find the perfect property for their clients. Based on the desired buyer’s characteristics, Everyhome is able to assist in providing ideal property matches directly to the agent, saving them lots of valuable time in the process.
RealScout, another US based AI powered technology company uses computer vision and machine learning to run comparison of properties at individual room level in order to help identify properties that are most closely matching client preferences.
A start-up from the UK, The Outside View, which was acquired by Rightmove in May 2016 uses AI to predict which homes are most likely to sell in the next 180 days.
In the US, we see big strides in the real estate space in terms of technology adoption with companies such as Housecanary and Compass advocating the use of AI for data processing, predicting future market movements, client service, etc.
We anticipate that the real estate industry will undergo considerable change in the next 5-10 years, helped by the onset of new technologies and new opportunities it creates. Whether the broker/buyer/seller relationship will stay unchanged remains to be seen. At least we anticipate that the adoption of technology will enable agents to become more efficient and result in ability to provide better and deeper levels of client service.
#4 And Every Other Industry Around
Education, media, law, IT, travel, security…All industries are likely to undergo some form of change as AI becomes more mainstream. The core objective of AI and machine learning technology is to enhance, not to replace human talent. Technology just boosts efficiency and speed with which we can act upon valuable information and insights.
So far, we have only just scratched the surface of AI adoption in various industries. As it becomes more accessible, the cost to integrating AI-products will be reduced, giving way to real technological change in each and every sector and industry.
Get ready for an exciting ride ahead – the question of AI adoption is likely to change from “if” to simply “when”.