Artificial Intelligence (AI) has been a hot topic in the tech world for a couple of years now. The Verge claims that industries need to start looking into AI solutions for their businesses if they want to stay relevant. This is why more fields are using the innovative technology in their operations, making processes more efficient and streamlined.
So what are the five industries where AI is playing the biggest role?
Tech writer Swetketu Trivedi believes that AI investments being made by the retail industry will reach up to more than $8 billion by the year 2024. With the rise of online shopping, AI is helping the retail industry create personalized shopping experiences through highly-structured websites and online chatbots for customer support. Using AI in online customer service, companies are able to reduce their manpower costs while still providing 24/7 assistance to their customers.
AI has been making big waves in the healthcare sector as well. Research presented on BMJ Journals explores how AI is being used to aid stroke-related studies. Movement detecting devices have been created to diagnose cerebral infarction, the leading cause of strokes. Machine learning also helps in predicting and analyzing the performance of treatments aiding stroke victims. With AI so crucial in healthcare, discussions have already begun on whether AI doctors will eventually replace human physicians in the near future.
HR offices spend hundreds of man-hours filtering CVs and online job profiles. AI does the trivial work by using an algorithm that objectively sources candidates that are appropriate for a given position. AI is also able to support candidate screening by collecting information from social media profiles and online job records, which enhance the ranking system of candidates for recruiters. However, AI won’t be taking as many HR jobs as people may fear. Michael Schrage published an article that found that HR systems still relied on human interaction. Instead of replacing HR professionals, AI will make their lives easier.
AI is now helping the music industry produce songs. Just recently, Google launched the Magenta project, which features songs written and produced solely by AI. The project is open-sourced, which gives other developers the opportunity to create their own unique products. Similarly, Sony also uses an AI system called FlowMachine, which is a software that analyzes a database of songs in a particular musical style, and allows it to create similar compositions. 2019 will be the year that we see more music created by computers.
As more companies shift to using AI technology, so does the demand for specialists who understand the technology. And this is having a positive effect on the freelance market. There is a global AI skills shortage, with Forbes reporting that there are less than 100,000 people worldwide who have the knowledge to work on top AI projects. Freelancers with AI expertise can charge much higher rates compared to other skill sets. Online freelancing platform Yoss reveals how this has led to high demand for tech specialists with companies only looking to hire the very best talent. 2019 will see an increase in the number of positions for freelancers, a number that will increase as industries, like those mentioned above, further integrate AI into their business. This is a direct reflection of how AI and its related tech developments are advancing at a rapid rate and changing not just how industries operate but how the job market works.