Five Sectors Primed for Flourishing Growth through AI Investments

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1. BANKING, FINANCIAL SERVICES, AND INSURANCE (BFSI)

The banking industry is characterized by the constant presence of paperwork and documentation. However, the introduction of AI has made it possible to automate tasks that were previously performed manually, including paperwork and documentation. This advancement not only reduces the time needed to address problems but also empowers banks to enhance their customer service capabilities.

Moreover, predictive analysis has achieved significant success in the BFSI industry. By employing predictive analytics to scan web text and perform data mining, banks can identify high-value clients. They can also offer additional services based on customers’ financial and spending habits, leading to increased customer retention. AI can also accurately forecast the likelihood of a person defaulting on a loan by analyzing the customer’s credit history. This speeds up onboarding new clients while mitigating the risk of unpaid invoices.

By implementing AI applications, banks are projected to save $447 billion by the end of 2023.² This figure demonstrates the revolutionary impact of AI in the banking industry.

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2. HEALTHCARE

AI has the potential to revolutionize healthcare by empowering doctors to proactively safeguard their patients’ well-being through the utilization of predictive analytics. This is a significantly better strategy as compared to the current reactive approach to healthcare. Furthermore, with the proliferation of IoT-enabled embedded devices, doctors may now remotely check their patients’ health and be alerted in an emergency.

The market for healthcare artificial intelligence tools is expected to grow to $102.7 billion by 2028, driven by the desire to automate key tasks and provide deeper insights.³

Additionally, AI can also enable an easier analysis of scan results through image recognition. This has already been used to help doctors diagnose symptoms at a much higher rate, as AI can comb through multiple scans much faster than humans.

Health chatbots are also being developed. These bots will allow doctors to collect preliminary data regarding the symptoms of the patient.

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3. DEFENSE

Despite stringent regulations surrounding the development of autonomous weapons, the significant investments being made guarantee the growth of the defense industry. While ethical concerns regarding the development of autonomous weapons have been acknowledged, there is a belief that AI-powered weapons will contribute to the initiation of the next arms race.

In addition to the realm of autonomous weapons, image recognition and video recognition technologies have the potential to be utilized for population surveillance. By leveraging existing databases that contain biometric and facial scans, facial recognition algorithms can be employed within surveillance networks to identify individuals, thereby enhancing national security measures, and minimizing the need for human intervention.

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4. LOGISTICS

The application of AI in logistics has the capacity to bring about significant transformations in operations. Using predictive analytics, it becomes possible to accurately forecast the inventory needs of vendors and optimize routes to minimize overhead costs.

By 2035, AI is projected to boost logistics productivity by more than 40%.⁴

The potential benefits of AI adoption in shipping companies are substantial. Typically, the shipping process is slowed down by document inspections at customs checkpoints. Currently, it takes multiple working days for a ship to obtain clearance for all its goods. However, the implementation of image recognition algorithms and intelligent automation can enhance the efficiency of customs checks by scanning relevant documents and converting them into a digital format.

Ab InBev, a global distributor of beverages such as Budweiser and Corona, has leveraged AI to achieve significant optimization in logistics. By utilizing predictive analytics, the company not only managed to produce the optimal quantity of each beverage but also accurately forecasted product demand. This enabled them to reduce warehousing expenses and overhead costs to a considerable extent.

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5. CYBERSECURITY

AI plays a crucial role in cybersecurity by leveraging the extensive databases maintained by cybersecurity companies to detect virus attacks. Antivirus companies are also adopting AI technology to proactively combat cyber threats.

With access to vast amounts of data on various cyber-attacks, malware, and attack vectors, AI can be trained to exhibit reasoning capabilities. This enables companies to implement AI solutions that continuously monitor networks for any signs of suspicious activity, creating a set-it-and-forget-it approach. In the event of detecting unusual activity, the algorithm can promptly address security vulnerabilities or alert human operators about the issue. This significantly reduces response time, thereby minimizing the risks and potential loss of information.

In this era of AI-driven advancements, being at the forefront of AI adoption and exploration is crucial. As AI continues to advance, new and emerging use cases are expected to transform nearly every industry in the coming years and decades. Embracing AI-driven solutions empowers companies and business leaders to gain a competitive edge and unlock significant advantages.

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