If you’re considering investing in AI this year, you’re not alone. Narrative Science found that 62 percent of enterprise companies plan to begin using some form of AI in 2018. Even the International Gymnastics Federation said that they plan to use AI to help with judging the 2020 Olympics.
Artificial Intelligence presents an exciting opportunity for growth and innovation across a number of different industries. Startups developing AI systems have increased 14x since 2000, and AI jobs have grown by 4.5x since 2013.
Although many individuals think that AI will take people’s jobs, research firms like McKinsey estimate that widespread adoption of AI could actually create between 80-200 million jobs in industries from healthcare to IT. In fact, there are few professions that won’t be lifted by the rising tide of AI.
Let’s take a closer look at how some of these verticals are leveraging AI to create growth.
Internet of Things (IoT)
The Internet of Things is a major trend benefiting from the maturation of AI. Everyday examples of the IoT include wearables like the Apple Watch or Fitbit. The Amazon Echo and Google Home are racing to be the top choice for the Thing connecting all the devices powering your smart home, from Philips smart bulbs to Neato Botvacs.
However, IoT isn’t just serving homeowners who don’t want to move to turn off their lights. Stephen Gold, Honeywell’s VP and GM of Connected Enterprises, cut his teeth working on IBM’s well-known AI, Watson. Here is Gold discussing the benefits that IoT can bring to the industrial sector:
“The ability to connect, for example, a factory on the shop floor, and understand the dependencies of the machinery and the people and the process allows you to be much more effective and to keep things up and operational, to do predictive maintenance, to start to apply prescriptive analytics so that you don’t have to have unforeseen circumstances compromise the integrity of the operation.”
When a factory or plant shuts down because of mechanical failure or unplanned maintenance, millions of dollars are lost. For example, if an oil plant stops operating for a single day, it can cost upwards of $1 million. Infusing IoT with artificial intelligence can help to decrease the likelihood of a shutdown, and thus save industrial companies millions of dollars every year.
Whether it’s Waymo, Uber, Tesla, or traditional car manufacturers like GM, everyone has big plans for deploying driverless cars at scale. Morgan Stanley recently predicted Waymo could be worth $70 billion by 2030. However, you can’t have a driverless car without a robust artificial intelligence to take the wheel.
Proponents of AI are quick to point out its benefits when applied to vehicles. Everything from less traffic and reduced emissions to lower blood pressure and more free time is touted as a potential value-add of driverless cars. Safety should also be a consideration—self-driving cars could eliminate 90 percent of car accidents.
Additionally, as with IoT, it’s not just consumers that stand to benefit from AI aligning with vehicles. Rio Tinto, a global mining company, has been using self-driving trucks at some of its mines to the tune of a 12 percent increase in performance. Researchers at MIT have also shown that “platooning,” a method for connecting driverless vehicles and aligning them in such a way that they move in one another’s slipstream, could reduce fuel consumption by 20 percent, while others say it could be closer to 35 percent.
According to CB Insights, the AI healthcare space is setting a new record for growth every quarter. Some of the problems AI healthcare companies aim to solve are:
- A shortage in new drug discovery
- Difficulty tracking the taking of medicine (especially during clinical trials)
- Human error in diagnosing
A team at John Radcliffe Hospital is working with Optellum to design an AI solution that can catch heart disease and lung cancer earlier than a human doctor could. Scientists in Singapore have built an AI that can detect eye disease—also earlier than a human doctor.
Another company, Arterys, has created an AI that can accurately examine an MRI in 15 seconds, versus the 45 minutes required by a human. If these results are any indication, healthcare may be the first place we regularly see humans augmented by AI.
No Shortage of Opportunities in AI
We’ve covered a lot of ground in this post, but there are yet more verticals that are investing in artificial intelligence. At Conversica, we believe AI is the key differentiator for businesses hoping to compete.
In part two of this post, we’ll take a look at additional verticals, including Marketing and Sales, Robotics, and Legal and Compliance. Stay tuned!