AI Tools That Are Reshaping The Modern World Industries

Introduction

How many times have you heard the word "AI" in 2023? There is a probability that you must have heard it too many times, especially with the popularity of ChatGPT.

AI, which is an acronym for Artificial Intelligence, is a fast-growing phenomenon in today's world. According to statistics, the global AI market is valued at over $136 billion and is projected to increase by over 13x over the next seven years. From education and health to entertainment and business, AI is reshaping our environment and our way of life.

At the same time, it is opening up new possibilities and posing new risks to the continued growth, welfare, and survival of mankind.

In the modern world, AI is a rapidly expanding phenomenon. Statistics show that the global AI market is already worth over $136 billion and is expected to grow by more than 13 times over the following seven years.

AI’s Basic Working Principle…

Artificial intelligence is basically the capacity of a digital computer or computer-controlled robot to carry out actions frequently performed by intelligent individuals. Systems and tools that are built with AI can recognize, combine, and deduce information from a variety of data sources, including audio, photos, videos, text, and more, and they can also learn from this information. They can learn from prior experiences, generalize, use reasoning, find meaning, and adapt to new circumstances, which helps them become more intelligent.

AI Tools Across 11 Different Sectors in the Modern World

Most industries throughout the world—if not all—use AI tools and technology in some capacity. Although it mostly has some beneficial effects, there is concern that given how quickly AI is expanding and improving, and it may have the ability to eliminate many occupations.

How accurate is that?

But first, let's examine some of the well-known industries that have begun making major use of AI to make this determination.

1. Finance

There are powerful AI tools that are used by a variety of financial organizations and even individuals in the areas of financial planning and analysis, assessing credit risk, fraud detection, trading, and investments, optimizing insurance claims processing, sales, and customer services, and digitizing historical files and documents, amongst other applications in the field of finance.

Some of the tools include:

• Erica: A virtual assistant tool in the Bank of America mobile app that assists users with a variety of banking operations like checking balances, paying bills, and sending money, as well as balance reconciliation. Capital One also has a similar virtual assistant called  Eno, which notifies users of suspected fraud, price increases, or payment reminders.
• Enova: Enova uses AI technology to aid users have access to credit facilities and helps financial institutions to solve the challenges surrounding borrowers’ assessment through the provision of sound financial analytics.
• Zest: An AI-powered platform using data points to provide financial institutions with the data to conduct assessments on borrowers with little or no credit information
• Ocrolus: A technology that makes use of artificial intelligence to accurately process financial records like pay stubs, tax returns, and other related ones at a faster speed.
• DataRobot: provides a predictive model that helps financial institutions solve issues surrounding marketing, wealth management, fraudulent credit card transactions, underwriting, and business growth.
• Socure: an identity verification system that uses ML and AI to analyze and verify applicants’ data to ensure that the KYC details are accurate.

2. Blockchain

Several techniques, including strengthening data security and privacy, improving data quality and trust, optimizing data processing and storage, creating data insights and value, integrating data across platforms and domains, etc., are employed by AI to reinvent and optimize the blockchain sector.

Some instances include:

• CertiK - using AI and formal verification to authenticate the security of a blockchain, smart contracts, and web3 dApps.
• Verisart - which certifies and verifies valuable pieces of art and NFTs on the blockchain using AI.
• Matrix AI - which leverages AI to allow quicker transactions, more scalability, and less energy use.
• Token Metrics - employing artificial intelligence to examine cryptocurrency market movements and offer market insights for individual investors.
• SingularityNET - which employs AI to build a decentralized network of AI services that can communicate with one another and trade value on the blockchain.

3. Transport

AI is revolutionizing transportation and supplying driving assistance. Some of the tools include:

• Waymo: This company uses AI to power its autonomous vehicles and taxis for urban transportation.
• Rapid Flow Technologies: Rapid Flow Technologies uses traffic management to deliver adaptive traffic signal control systems that lower congestion and pollution. This is done by analyzing traffic patterns, predicting traffic flow, and optimizing traffic lights using data and algorithms.
• Uber: Using AI, Uber apps are designed to find compatible drivers and passengers, calculate prices and arrival times, and offer safety features. These enhance passenger transportation services by personalizing travel options, streamlining pricing and scheduling, and enhancing customer satisfaction.
• Clear: Clear uses AI to build biometric identification verification services that let users use their faces or eyes as boarding credentials in airports.  This expedites airport security and boarding procedures in the aviation industry.
• Volocopter: With AI, Volocopter has been able to build its drone Taxis which will safely traverse the airspace, avoid obstructions, and land at designated places within a busy urban city. It offers a faster transportation system through congested streets by flying in the lower airspace with zero-emission.

4. Data Analysis

One of the key industries using AI and machine learning is data analysis, which does so in a variety of ways, such as by analyzing unstructured data, producing data insights, streamlining data processing, integrating data across platforms and domains, and others.

A few of the numerous AI tools that are used in data analysis include:

• Tableau: A software program that forecasts data performance using artificial intelligence and suggests subjects based on prediction scores.
• Power BI: An AI tool designed by Microsoft for Data Analytics, Data Visualization, and Business Intelligence
• Research AI: A platform to analyze user data and offer insights and recommendations
• KNIME: An open-source tool to build customized data pipelines, workflow, and solutions for a range of data analysis task
• Splunk: An AI tool for analyzing and indexing a huge volume of data in real-time

5. Software Engineering

The coding and design industry is being reinvented and optimized by AI in several ways. Currently,

programmers can generate, edit, optimize, check, and transform codes with the use of artificial intelligence (AI). Some of the AI tools available at their disposal include:

• A tool called GitHub Copilot, which can create code in common development environments, is powered by the OpenAI Codex model, which is based on the GPT-3 standard.

• A program called **Embold **utilizes artificial intelligence to examine code and identify flaws that would prevent it from running.

• The integrated development environment (IDE): This tool is an app that provides programmers with comprehensive facilities to build, edit, and test codes and applications. Examples of popular IDEs include VS code, Eclipse, IntelliJ IDEA, PyCharm, Xcode, Android studio, NetBeans, Atom, Sublime Text, and Vim.

• Deep TabNine: An auto-completion tool that can be integrated into IDEs to improve productivity. This tool employs deep learning algorithms to predict the rest of the code a programmer is typing.

• CodeT5: This AI-powered coding assistant using natural language, can generate codes, complete the function of the codes, and generate the summary of a function.

  
  

Other AI tools that aid programmers include Google Bard, ChatGPT, AskCodi, Mutable, IBM Watson Code Assistant, Code-LMS, WPCode, and Amazon CrowdWhisperer.

6. Entertainment

Although technically speaking, humans make up the majority of the characters, artists, and actors in the entertainment industry, artificial intelligence (AI) has begun to play crucial roles in the sector and is used in significant areas like generating, analyzing, optimizing, moderating, and personalizing realistic content for their audiences by using data and algorithms.

Some platforms for entertainment that use AI are:

• Lyrical Labs aids artists in writing the lyrics of a song. It can write songs in over 100 languages.

• Tubular Labs offers video analytics and insights across a variety of platforms, including YouTube, Facebook, Instagram, and TikTok.

• SyncFloor is an AI-powered platform using machine learning algorithms to match licensed music with visual content.

• Lumen5: This is an AI video creation tool that can convert text data to video content.

  
  

Other global organizations that inculcated AI into their products are Netflix__,__ which uses AI to adapt its streaming quality and bandwidth use to the customers' devices and networks; YouTube, which employs AI to search and eliminate content that breaks its community standards; and Spotify which utilizes AI for curating customized podcasts and playlists for its subscribers depending on their listening patterns.

7. Manufacturing

This industry makes use of AI in several areas, including boosting predictive maintenance, streamlining manufacturing procedures, automating production duties, fostering production innovation, and more.

The following are some instances of production platforms using AI in their operations:

• Landing AI offers AI-based visual inspection solutions for a range of industries, including textiles, electronics, and the automobile.

• Uptake for a variety of industries, including energy, mining, and transportation. Uptake leverages AI to offer predictive maintenance solutions.

• __Petuum ____c__an give solutions for the optimization of processes in a variety of industries, including the chemical, steel, and cement industries, by utilizing AI.

• Covariant offers robotic picking solutions for a range of industries, including e-commerce, shipping, and the food industry.

  
  

For generative design solutions across a range of industries, including architecture, engineering, and construction, Autodesk leverages artificial intelligence (AI).

8. Gaming

AI may be used to create intelligent, human-like NPCs that communicate with players, forecast player behavior to improve game design and testing, provide lifelike images and audio, improve gameplay, and increase immersion, among other things.

By using data and algorithms, it is also utilized to create, analyze, optimize, moderate, and personalize realistic material for their games.

Several instances include:

• AI is used by Unity to deliver statistics and insights for games across a range of platforms, including PC, mobile, and console.
• AI is used by Google Play to recommend the best times to release mobile games as well as their prices and marketing techniques.

In multiplayer games, Steam employs AI to detect cheaters and block them.

9. Healthcare

AI activities in the healthcare industry are increasing by the day. Using systems like Natural Language Processing, Machine Learning, and deep learning algorithms, its impact is greatly felt, especially in domains such as; illness detection and patient care improvement, forecasting and epidemic prevention, medication discovery and development, personalizing and optimizing therapies, and much more. Some notable instances of AI in healthcare  include:

• The use of AI by IBM Watson Health to help oncologists diagnose and treat cancer.
• BlueDot  AI-powered tool to track and predict infectious disease outbreaks globally.
• Atomwise tool used to organize searches across billions of chemicals for possible drugs to speed up drug development.
• Provision of individualized treatment plans by Wellframe to provide patients with chronic diseases.

The Future

In the years and decades to come, AI will become the centrepiece of innovation in the world, ushering in growth and influencing the world in ways that pave the way for enormous possibilities as well as threats to humanity's progress, prosperity, and the very existence. Possible outcomes may include:

• More individuals and businesses making use of AI's capabilities and applications as it becomes more widely available and democratized. It is expected that its interaction and synergy with other technologies like cloud computing, 5G, IoT, blockchain, and quantum computing will birth new realities.

• Advancement to the point where it can generate its content, goods, and services without human intervention. This advancement may accelerate to the level where it will be able to learn from its own experiences and those of other AIs, leading to novel kinds of intelligence and cooperation.

• A greater influence, transformation, and disruption across many fields and businesses.

  
  

In conclusion, the development of AI has an inevitable future. It all comes down to how researchers plan, build, implement, and regulate AI systems. How well we adjust to the new opportunities and threats that AI presents will tell how deeply AI will twist our realities. To create the kind of future we want for artificial intelligence, we must be proactive, collaborative, and inclusive.