3 Industries to Boom with AI in 2020

The traditional and outdated processes have been overtaken by the recent developments in the field of AI and have provided advanced data analysis. Based on that, AI and machine learning is likely to influence the following industries in 2020

Fremont, CA: The advanced technological applications for artificial intelligence (AI) and automation are slowly washing out the public perception that these technologies have only to offer something to businesses and impact the jobs and hiring negatively. A number of sectors like Healthcare, social media, financial industries, mass transportation, and many more have witnessed the change from human replacement to human efficiency through AI.

Few computer scientists have referred AI as 'the new electricity,' keeping in view that most industries will witness the value from AI significantly expand over the next decade. The traditional and outdated processes have been overtaken by the recent developments in the field of AI and have provided advanced data analysis. Apart from this, it has also empowered intelligence to support companies, individual employees, and even customers.

After having influenced and impacted several industries in the past few years, AI and machine learning is likely to influence the following sectors in 2020.

Investment and Insurance

It is quite a tedious task to sort out the best life insurance plan out of hundreds of millions of plans available in the market. There are more than 700 insurers in the U.S. only, and the life insurance industry is constantly rising. With the implementation of AI, customers can sort out the best and unbiased option based on their preset parameters, with just a single click. It is now a $615 billion industry, and investors of this industry, more commonly known as insurTech, are expecting to see the returns on their investments by way of technology upgradation.

Healthcare

Patients' options, security, privacy, data access, and data compilation are the areas of conversation in Healthcare. Integrating AI and machine learning in Healthcare helps manage priorities, increase patient safety, and level of care besides securing complete data of patient care, diagnosis, and treatment. Some players in the healthcare sector provide a centralized platform where patients can keep track of their health.

The internet-connected home has so much to offer to this generation that could hardly be imagined a decade ago. The smart home technology is capable of both aligning with and enhancing smart appliances. Starting from fully automated and integrated cooking appliances to interactive entertainment voice technologies to enable games and entertainment, AI has a vast array of features to offer to make a home smart.

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