Original article was published by AI Ventures on Artificial Intelligence on Medium
The Future of AI: What to Watch Out For
Although Artificial Intelligence (AI) has been around for over half a century, in the last decade or so it has seen tremendous growth. AI is making its way into all aspects of our lives. Just ask Siri or Alexa and they’ll tell you.
From healthcare, education and retail, to finance and marketing — AI use cases have grown by leaps and bounds. It is estimated that revenues from AI will reach nearly $100 billion by 2025. Given the pace at which it is being implemented across industries, this is not at all surprising. AI is versatile and full of potential, which means innovative start-ups and businesses still have much to explore.
Nearly everyone out there is talking about AI today. It’s everybody’s favourite buzzword. But if you’re a start-up looking to venture into AI, here are the industries worth paying close attention to:
The scope for data collection, analysis and visualisation is vast in the energy sector where needs are dynamic and complex. Coupled with data collection sensors, AI can be used to set up smart grids, help with anomaly detection and improve forecasts, which can further speed up the adoption of renewables. This is definitely an industry worth looking into — especially for founders who value sustainability.
AI can look at data to determine suitable candidates for specific jobs, manage employee development and predict performance. While it certainly cannot replace the human aspect of the job, AI can work alongside people to enhance the hiring process and employee productivity. This is particularly true for situations where human error, bias, or data volume can be a concern. AI can speed up candidate screening while gathering valuable data (through chatbots, for example). It can also streamline the process of engaging with candidates throughout the hiring process, facilitate onboarding and customise employee training.
Marketing requires overseeing multiple facets of a brand, product or service while continuously monitoring metrics and making changes to strategy. Time is quite literally money. Consequently, many marketing firms are implementing AI to analyse campaigns. They are making changes within minutes and using AI to explore digital media to ascertain the ads people are more likely to pay attention to. AI is also capable of developing predictive models to anticipate customer attrition and determine which marketing efforts need to be prioritized. Not to mention it can enable faster A/B testing and allow for more efficient marketing research.
The adoption of smart home technology is on the rise and can be expected to grow much more in the coming years. For instance, innovative start-ups are making use of AI to help you manage kitchen supplies and offer recipes based on your inventory. Of course, there are also smart meters for various things from electricity usage to thermostats and more recently there has been a rise in domestic robots for cooking and cleaning. With that said, we are still a while away from having Terminator-esque robots in our kitchens.
Healthcare has rapidly embraced AI and everything it has to offer but the trend is still in its infancy. Think of faster and more accurate diagnostics, record management and personalised healthcare. McKinsey predicts that the use cases for AI in healthcare are varied and range from symptom checkers and self-care apps to schedule optimization and pharmacovigilance, but many of these have yet to be applied on a large scale. Start-ups in this space can also expect generous venture capital funding.
While these industries offer promising applications of AI, the list is certainly not exhaustive. As organisations grow more comfortable with the technology, we should see AI confidently make its way into gaming, films, education and the food and beverage industry to name a few. Start-up founders should keep an eye out for opportunities because there are plenty.
What industries are you most excited to see AI in?