Detailed Guide: AI Use Cases in Various Industries and Business Sectors

Author image By Manish Patel  |  Wednesday, January 3, 2024 06:25 AM  |  9 min read  |   129

AI Use Cases in Various Industries and Business Sectors

Artificial Intelligence (AI) is a rapidly developing sector in business, encompassing speech and facial recognition techniques as well as robotics technical breakthroughs. Artificial Intelligence applications are being utilized to develop computer programs that can make judgments and handle complicated issues with little help from humans. Businesses use Artificial Intelligence in various sectors such as manufacturing, healthcare, sales, education, legal fields, and many more. 

Furthermore, Artificial Intelligence is currently being used with great success in all commercial scenarios, including financial services, fraud detection, retail purchase forecasts, and online customer care interactions. By distributing the workload among the several levels of outsourcing service providers, artificial intelligence (AI) is also anticipated to have a significant impact on robotic process outsourcing, which is also known as business process outsourcing. 

The corporate environment of the future is gradually moving towards automation and artificial intelligence. Although there is a lot of hype surrounding it, there are plenty of chances for large sectors to recognize AI’s true usefulness. To understand how artificial intelligence is enhancing business, this blog will examine a few examples of industries that use AI.

What is Artificial Intelligence?

What is Artificial Intelligence?

 Artificial Intelligence or AI is a multifaceted intricate subject. A “true” artificial intelligence (AI) is fundamentally a machine that mimics human intelligence, actions, and even notations. 

Even if no machine has yet accomplished it, contemporary AIs are capable of doing somewhat difficult jobs like: 

  • Employing data inputs to solve issues and make choices
  • Acquiring and analyzing visual data and reacting to written and spoken language. 

In other words, Artificial Intelligence (AI) is software designed to “think” intelligently. Large volumes of data are typically used to train AI models so they can “learn”. Then, using the supplied data, advanced AIs can digest fresh and generate original, intelligent judgments. 

How AI is used in Boosting Business Growth?

Artificial Intelligence application modifies the business by bringing about action automation, boosting manufacturing productivity, enhancing human resource management, detecting fraud, and encouraging effective supply chain management. In addition, customer service, sales marketing, enhanced decision-making through predictive analysis, and the recommendation of new business models are other important areas where AI in different industries is being used to support business owners. 

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Major Significant AI Use Cases Impacting Major Industries

Major Significant AI Use Cases Impacting Major Industries

Applications of AI are, both in general and particularly for certain industries. The discussion that follows will focus on the various fields in which artificial intelligence finds application. 

1. Healthcare

As per Grand View Research, it is estimated that the global market for artificial intelligence in healthcare is approximately $15.4 billion in 2022 and will rise at a compound annual growth rate (CAGR) of 37.5% from 2024 to 2030. To detect and cure cancer early, one area of research is cancer detection, where AI-powered algorithms examine medical imaging data to search for patterns and abnormalities suggestive of the disease. AI is also contributing to the advancement of robot-assisted surgery, which is changing surgical techniques with greater precision and shorter recovery times. It is also simplifying the maintenance of medical records and enables more precise and efficient tracking of patient data. 

Benefits of AI in Healthcare

  • Better Patient Care 
  • Cost Reduction 
  • Better Prevention Care
  • Error Reduction 
  • Surgery assistance 
  • Training 
  • Early Detection 
  • Telemedicine

2. Retail and E-Commerce

The most obvious and observable areas for the application of Artificial Intelligence are retail and e-commerce, which makes its effects visible to users. Due to intense competition in the market, retailers are constantly searching for methods to identify trends in customer behavior. This allows them to better match their company strategy to the needs of their customers and other competitors. These businesses now can successfully meet and surpass the changing demands and expectations of consumers due to Artificial Intelligence. 

Benefits of AI in Retail and E-Commerce

  • Price Optimization
  • Demand Forecasting 
  • Visual Search 
  • Personalized Shopping Experience
  • Accurate Insights
  • Fraud Detection
  • Accurate Insights

3. Chatbots

The introduction of ChatGPT offered a preview of what chatbots of the future might resemble. ChatGPT engages users in dialogue to respond to inquiries and even pose challenges to preconceived notions. 

However, ChatGPT is a simple and explanatory version of an earlier technology: AI chatbots. Various businesses have embraced AI-driven chatbots to offer round-the-clock customer service and expedite issue resolution. The language processing capabilities of chatbots will probably advance as AI develops. 

Benefits of AI in Chatbots

  • 24*7 availability 
  • Lead Generation
  • Better customer experience
  • Scalability 
  • Boost productivity 
  • Enhances sales
  • Better customer insights
  • Cut Down Costs
  • Improved Lead qualification

4. Navigation

According to MIT research, GPS technology can give consumers precise, timely, and comprehensive information to increase safety. By automatically understanding the number of lanes and kinds of roads behind obstacles on the roadways, the system employs a combination of convolutional Neural Networks and Graph Neural Networks to enhance user experience. Uber and several other logistic companies use AI extensively to enhance operational efficiency, assess traffic, and optimize routes. 

Benefits of AI In Navigation

  • Positioning/Location 
  • Route planning 
  • Vehicle Control 
  • Computer Vision 
  • Language Processing
  • Machine Translation
  • VR/AR technologies

5. Banking and Finance

As per the reports, 80% of the banks are aware of the advantages that artificial Intelligence may offer. AI offers highly evolved technology that can greatly enhance a wide range of financial services, whether they are personal, business, or consumer financial services. 

For example, clients utilizing online chatbots or SMS text messaging equipped with artificial Intelligence (AI) to inquire about wealth management solutions can readily obtain the information they require. Artificial Intelligence can also spot potential red flags such as changes in transaction patterns, that humans may overlook but which could indicate fraud. By applying so, AI can save companies and individuals from incurring large losses. 

AI is capable of better predicting and evaluating loan risks in addition to work automation and fraud detection. 

Benefits of AI in the Banking and Finance Sector

  • Reduced operational cost and risk
  • Enhanced customer experience
  • Enhanced fraud detection
  • Increased loan and credit decisions
  • Automated investment process

6. Social Media

In recent years, social media has seen an increase in the application of AI. AI-generated content is a useful tool. Various music systems use AI to gather social media insights. This helps companies to make data-driven decisions to enhance their social media strategy by analyzing human behavior and sentiment. Businesses can also optimize ad targeting and improve performance behavior by using AI to manage social media marketing. 

Even though these uses are already ground-breaking, AI influencers have to be one of the trendiest new uses of Artificial Intelligence in the social media industry. These influencers are entirely artificial and serve the same purpose as real influencers but at significantly reduced expense. 

Benefits of AI in social media

  • Creating Social content
  • Ad optimization
  • AI influencer marketing
  • Automation
  • Better customer engagement
  • Identifying New Trends
  • Image Recognition
  • Pinterest integrated AI
  • Social Media management automation
  • Analysis tracking

7. Businesses

Artificial Intelligence business applications are radically altering how organizations work. For instance, automating processes like candidate pre-screening and resume screening can assist businesses in streamlining the hiring process. Consequently, candidate selection may become more rapid and precise. AI-powered technologies for cybersecurity identify and stop possible threats instantly. AI is also useful for demand forecasting. Finally, it can automate several operational procedures, increasing their effectiveness and lowering their mistake ratio. 

Benefits of AI in Businesses

  • Enhanced decision making
  • Improves Services
  • Improved business speed
  • Enhanced Monitoring
  • Personalized customer service and experience
  • Productivity and Efficiency gains

8. Logistics and Transportation

The idea behind AI-powered autonomous vehicles is to combat ineffective traffic control, rise in accidents, lower sustainability, and raise transportation expenses. The transportation system will be safer and more effective with the use of predictive maintenance and AI-based customer support that can understand human language. 

Self-driving car companies like Tesla and Uber, are already developing the concept while teaching real-time traffic patterns, routes, and traffic signals for efficient transportation. Transportation at up to 700 miles per hour will be possible with Hyperloop technology in its early stages of development. 

Benefits of AI in Logistics and Transportation

  • Inventory Management
  • Demand Forecasting 
  • Back office
  • Smart roads
  • Enhanced safety 
  • Driver Monitoring
  • Improved transportation forecasting
  • Capacity planning 
  • Route optimization

9. Travel

The extensive usage of chatbots with AI capabilities benefits the travel sector greatly. The 24/7 availability and prompt query resolution of chatbots make them a tried-and-true method of enhancing customer service and engagement. More sophisticated AI algorithms are giving chatbots greater efficiency and the ability to respond to client inquiries with extreme accuracy. 

To enhance the consumer experience, a lot of major travel agencies are looking to AI businesses to develop their chatbots and mobile apps powered by AI. Furthermore, by recognizing consumer behavior and purchase trends, machine learning and predictive analytics travel agencies raise their conversion rates.  

Benefits of AI in the Travel Industry

  • Automation
  • Customer data analysis 
  • Dynamic pricing 
  • Fraud prevention
  • Personalized travel
  • Customer support
  • Revenue management
  • Better customer experience
  • Booking management 

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10. Real Estate

Artificial Intelligence’s use in the real estate sector is creating new opportunities for brokers, clients, and agents alike. Consumers feel more empowered than ever, brokers are adopting a more strategic approach, and agents are growing more productive and efficient. Agents and brokers may more efficiently serve the needs of those wishing to purchase, rent, or sell real estate due to AI-powered bots.

Benefits of AI in the Real Estate Industry

  • Property website
  • Property valuation
  • Data Enrichment
  • Lead generation
  • Image recognition
  • Real estate AI chat
  • Agent recruiting
  • Better house reach
  • Market Analysis

11. Entertainment and Gaming

AI gives the entertainment industry intelligence capabilities to power everything from video games that enhance players’ experience and visuals to OTT platforms that offer personalized content to viewers. Artificial Intelligence (AI) is utilized in the film business to improve digital effects and carry out a variety of other duties that reduce costs and expedite the pre- and post-production processes. The creation of movie scripts, for instance, is possible with Natural Language Processing (NLP).

One of the first sectors to embrace AI was the gaming and entertainment business, and it has had a significant impact on user experience. This indicates that AI is used in the gaming industry to control the actions and behaviors of NPCs, or non-player characters, who help to advance the story of the game in a preset path. Such AI-driven behavior modeling substantially improves the player’s experience with the plot as a whole. 

Benefits of AI in Entertainment and Gaming

  • AI in gambling
  • Filmmaking
  • Content personalization
  • AR and VR
  • Gameplay
  • Streaming quality
  • Sports Broadcast
  • Automated subtitles
  • Search Engine Optimization
  • AI and game balancing

12. Manufacturing

AI reduces downtime and optimizes maintenance plans by analyzing sensor data from machines and equipment to forecast when repair is required. Real-time defect and anomaly detection enabled by AI-powered computer vision systems guarantee constant product quality throughout the manufacturing process. 

By evaluating data to find bottlenecks, inefficiencies, and areas for improvement, it optimizes industrial processes. By anticipating possible disruptions, optimizing inventory levels, and projecting demand, it improves supply chain visibility. AI-powered collaborative robots assist human workers by carrying out activities that call for accuracy and dexterity, increasing output and security. 

Benefits of AI in Manufacturing

  • Quality control 
  • AI consultant
  • Reduced cost
  • Product development
  • Faster decision-making
  • Production
  • Logistics optimization
  • Forecast product demand
  • Generative designs
  • Better customer experience

13. Fashion

AI has a significant impact on the fashion business, influencing several parts of the value chain. Trend analysis and forecasting is one important field. Through the analysis of massive volumes of data from social media, fashion blogs, and online platforms, AI algorithms can discover upcoming trends, consumer preferences, and fashion influencers. 

Recommendation engines driven by AI can examine client information, such as browsing habits, past purchases, and preferred styles, to offer tailored product recommendations. This boosts sales and customer loyalty while improving the consumer experience. 

Artificial Intelligence (AI) systems can automatically classify, tag, and catalog products by analyzing photos and recognizing particular patterns, colors, or designs. This facilitates inventory control and enhances e-commerce platform searchability. By analyzing photos and spotting differences, AI can also help with the detection of fake products. 

Benefits of AI in the Fashion Industry

  • Visual search
  • Manage inventory
  • Trend forecasting
  • Buying and merchandising
  • Effective supply chains
  • Enhanced production
  • Personalization
  • Virtual Merchandising
  • Content creation

15. Information Technology

With various artificial intelligence applications and use cases, artificial intelligence (AI) has had a significant impact on the information technology (IT) sector. Infrastructure management and IT operations are two common use cases. AI-powered systems can detect anomalies, anticipate possible problems before they arise, and monitor and analyze the enormous value of data from IT infrastructure. This strategy lowers downtime, enhances system performance, and facilitates effective troubleshooting. 

Through network traffic analysis, malicious activity identification, and proactive security measures implementation, AI algorithms can detect and react to security risks in real-time. AI-powered cybersecurity solutions offer a strong defense against cyberattacks by continuously learning from and adapting to changing threats. 

Benefits of AI in IT Sector

  • Reducing human mistakes
  • Solving complex problems
  • Repetitive jobs
  • Cost savings
  • Handles big data easily 
  • Enhanced workflows
  • Disaster management 
  • Faster decisions

Why is Artificial Intelligence Used?

People use artificial intelligence to their advantage because the amount of hard work will decrease. Therefore, automating routine tasks makes sense. This increases productivity without adding to the organization’s workforce. Additionally, by utilizing artificial intelligence, the corporation can find qualified workers for its expansion. 

Moreover, companies these days think they want to automate every routine and commonplace work. And they think that with straightforward AI applications for businesses, they can automate such mandated work tasks. Because, as data science develops, AI and ML development comapny consider automation to the commonplace. Certainly, when you visit the websites, you will see the welcome message after which a genuine conversation will take place. 

What is the Future of Artificial Intelligence in Various Industries?

Big Data applications, Machine learning, and various other things have significant effects on several industries, as the variety and complexity of new AI applications show. Even while some of the uses are still in their infancy, as this technology advances, they are probably just the beginning. As a result, businesses smartly move to increase internal resources for AI research and artificial opportunities. 

Conclusion

We have discussed a variety of Artificial Intelligence use cases in our daily life. AI integration in business is beneficial to all industries and businesses. Artificial intelligence for enterprise applications offers various benefits in the workplace. It can assist in streamlining company procedures, automating tedious tasks, and providing time savings for individuals who find it difficult to meet deadlines. 

Additionally, it can assist businesses in enhancing customer service, fostering stronger client relationships, and producing better goods and services. It can produce data, identify fraud, and even identify false data. To use real-life examples of AI in your own unique manner and maximize its potential, all you need is a little bit of creativity and imagination. 

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Manish Patel

Manish Patel is a Co-Founder of Concetto Labs, a leading mobile app development company specialized in android and iOS app development. We provide a one-stop solution for all IT related services.

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