Technology

Best 5 Real-World Applications of Artificial Intelligence!

September 23, 2022

AI application development services have been a buzzword for the past decade or even more. AI has been a blessing and a gift to humans by humans. Speaking of healthcare, education, or even space exploration, AI is present everywhere. Today we’ll tell you about the 5 best real-world applications of AI.

Whenever it comes to Artificial Intelligence, the brain automatically invokes pictures of humanoid robots taking over the whole world. But fortunately, the reality and the present pictures are way more positive than our imaginations. The development of AI has resulted to be so fruitful that almost every industry is benefited through AI application development services in some or another way.

In this blog, we will be discussing the real-world applications of Artificial Intelligence that have made great impacts.

  • Banking

The banking sector has been growing faster than ever before! Banks have started to adopt AI-based systems to detect anomalies and frauds in the system and to provide improved customer support and service. 

For instance, let’s talk about the HDFC Bank’s AI-based chatbot named EVA(Electronic Virtual Assistant) that was developed by the Bengaluru-based team of Sensforth AI Research. 

To date, EVA has interacted with over half a million customers, addressed over 3M user inquiries, and held around a million conversations. EVA is designed in such a way that it can collect and store knowledge from thousands of sources and can provide answers to your questions in less than 0.4 seconds.

AI and Machine Learning development services are also being used by the banking sector to enhance security. By card usage tracking and access to the endpoint, the security experts can now prevent fraud more effectively. The ability of AI - to detect fraudulent transaction patterns has saved millions of dollars.

  • Finance

Today trading depends on the ability of accurate market prediction. Ventures are relying on data scientists and computers to determine the future trends and patterns of the market. Machines have turned out to be great at this as they can crunch a huge amount of data in a very short span. The machine learning algorithms have also allowed them to analyze and observe patterns in past data and make predictions about how these patterns will follow in the future.

Nomura Securities, a leading brokerage house of Japan has reluctantly been pursuing a single goal i.e., analyzing the insights of the experienced stock traders using AI and computers. And after years of R&D, Nomura is all set for introducing a new system for stock trading. 

Nomura’s latest system is believed to store a huge amount of trading data and prices in its computer. It will make all its assessments using this large data reservoir. No doubt, Nomura will be a great help for companies to make better stock trading decisions based on the market predicted by the system.

  • Marketing

Marketing has always been determined as a way to sugar coat your products to attract your target customers. So what if an algorithm is built solely for sugar coating and marketing a brand or a company? 

In the early 20’s it was next to impossible to search an online store to find a product without knowing its exact name. But now, just search for a product and you get all the results related to that search. You get a well-defined list of relevant items. 

For instance, finding a movie on Netflix. Today we are all obsessed with the ‘Netflix and chill’ trend, just because it provides highly accurate suggestions using its predictive technology based on the user’s past reactions to the films. After analyzing and observing millions of data and your previous actions and choices, it suggests you with those movies and series that you might like.  

  • Healthcare

Nowadays, when it comes to saving lives, a lot of medical institutions and healthcare centers are dependent on AI. Today there exist many real-life examples where AI has helped patients across the globe. 

For example, an organization named Cambio Healthcare developed a support system that uses patient data to identify those at a higher risk of having a stroke, gives warning alerts to the physicians to take precautionary measures and the system also recommends pre-emptive prescriptions on the screen, saving a life.

  • Automated Vehicles

Self-driving cars have been a buzzword in the AI world. The development of such cars will undoubtedly revolutionaries the automobile industry. Advanced and deep learning algorithms can make accurate predictions on what objects in the vehicle’s surroundings are likely to do. 

A very famous example of self-driving and automated vehicles is Tesla's self-driven cars. Here, AI implements image detection, computer vision, and deep learning algorithms so that the cars can self-detect objects and drive around without any human involvement or commands.

  • Gaming

The past few years have been very transforming for the gaming industry, as AI has been an integral part of the gaming world. The gaming industry has turned out to be AI’s biggest accomplishment.

For example- DeepMind’s AI-powered AlphaGo software is known for defeating Lee Sedol, the world-level champion in the game GO. The software is considered one of the most significant accomplishments in AI-based software. 

Just after its victory over the world champion, DeepMind created the advanced version of the previous software, naming it as AlphaGo Zero, which defeated its older version, AlphaGo in an Artificial Intelligence face-off round. Unlike AlphaGo, which was trained over time using a vast database and supervision, AlphaGo Zero taught and trained itself to master the game. 

Apart from the above-mentioned real-life applications of Artificial Intelligence, there also exist other applications like social media, space exploration, education, chatbots, agriculture, etc. where AI is being used to make life easy and efficient. 

AI and Machine Learning development services are a very vast concept in themselves and need very highly experienced professionals to work on. If you are looking for AI & Machine Learning service providers, Consagous Technologies is the only appropriate answer to all your questions related to AI Application Development Services. We are the best AI application development company in USA. 

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AI For Mobile App: New Solutions To Speed-Up Performance

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