Five industries where machine learning is already bearing fruit

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Five industries where machine learning is already bearing fruit

As we gather more and more data, artificial intelligence is becoming ever more effective. Many developers are on the verge of creating effective algorithms for all sorts of domains and changing their fields in the very near future.

The primary driver of development in any industry and any tech sector is money. And more and more funds are being invested in artificial intelligence. For example, analysts at Gartner are predicting growth in the global AI market. According to their study, companies around the world will spend about 1.2 trillion US dollars on artificial intelligence as early as 2018, which is 70% more than 2017. The industry will grow even faster in the medium term: spending on AI is expected to exceed 4 trillion US dollars by 2022. And today I would like to tell you about five industries that can already boast of interesting AI-based solutions.

The Medicine of the Future

It would be difficult to overestimate the amount of medical data that has been accumulated so far. Any medical institution now has access to tens of thousands of X-rays from various patients, along with results from MRIs and other tests. When paired with diagnoses, these test results could become the basis for machine learning and training an artificial intelligence that would discover various pathologies on its own.

For example, even now American researchers are developing an automated early-stage cancer detection system, which will help oncologists with examining patients and analyzing results. This new solutions is expected to lead to a several-fold increase in the likelihood of detecting early-stage cancer, which would save millions of lives.

Marketing and Advertising

We are already seeing advertising become personalized, and after just one or two search engine queries on a given topic, the system starts offering us similar goods and services. The moment you show interest in lawns, you will be inundated with suggestions on how to grow lawns, where to buy seeds, what mower to buy, and so on. But that is just one side of it, and just the beginning of the process. Artificial intelligence is capable of being selective and accurate if machine learning is used in thoroughly tested algorithms and on the basis of huge volumes of existing data.

Companies that use smart loyalty programs have even more unique opportunities. For example, some retailers can already predict which goods will be most in demand the following week or evaluate the chances that a given buyer will come into the store within the next 2-3 days, based on big data and machine learning.

Transportation

You have probably heard plenty about self-driving cars, and that is a wonderful example of how artificial intelligence is already changing how transportation systems operate. While the media writes about how Google’s car can stop at the right signals, stay within the speed limit, react to various distractors, and even drive within specially prepared zones in American cities, the most important thing is happening: the artificial mind is starting to operate a form of transportation!

Two processes take place at once: lots of telemetric data is gathered, and complex algorithms to best react to new data are being developed. As these solutions are perfected, we will see more and more connected and smart vehicles, first in the US, and then in all the other countries, including India.

Data Security

Another interesting example of AI development is in securing computer systems. The danger of hacking tools is ever growing, while hacking experts become extremely skilled, applying both technical and social engineering methods at the same time. Interestingly, artificial intelligence technology is also used to protect from attacks on personal data and other important information. The developers are training special algorithms to discover signs of attack and using ready-made products to protect individual computers and entire networks.

Smart Investing

Data on prices and values of securities and other assets is constantly being updated, and humans are incapable of analyzing huge volumes of data, especially when it comes to trading on several exchanges at once or managing different types of assets. Specialized AI products help automate the analysis of incoming data in real time and 24/7, offering users ready-made solutions and helping ordinary people work with financial instruments on a professional level.

Leading developers are using cutting-edge technology to store information and a transparent mechanism for conducting transactions between participants. For example, on the AITrading platform, this approach is implemented using blockchain architecture using the popular Ethereum format.

The Future Is In Smart Solutions

Machine learning is undoubtedly already changing the world around us, and experts can already see which industries will have the most interesting results from implementing machine learning. The five examples discussed above show that artificial intelligence is “doomed to succeed” where the amount of accumulated data is already exorbitant and people know how to analyze it. Properly developed algorithms can create fundamentally new solutions, ensuring constantly increasing accuracy and efficiency, complementing human expertise in finance, medicine, service, advertising, data security, entertainment, and so on. And based on analyst forecasts, in the coming years, we will already see lots of interesting news about machine learning being implemented in unexpected areas.

(Author is CEO of AITrading, and experienced finance professional)

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