The idea that both computers or software programs can learn and make decisions is very important and is important for us to know as their processes grow exponentially over time. Because of these two skills, AI systems can now accomplish many tasks that were once assigned to humans.
Over the past few years, AI technology has been booming. AI-based systems can now help humans benefit from significant improvements and increased efficiency in every area of life.
As the development of AI continues to grow, it will change our way of life and work more and more.
Now, let’s look at which areas of AI will have a huge impact in 2020.
Also Read: Top 46 Artificial Intelligence Companies You Must Know in 2020
AI in Retail
In recent years, technology has played a key role in the retail business, as e-commerce solutions have been developed and small, local stores that lack effective online strategies have been forced out of business.
In fact, the U.S. In 2015, the bankruptcy of retail stores increased significantly from 2015 to 2019, 81 large retail companies filed for bankruptcy.
Amazon is a strong player in the online retail market, but it has begun to enter physical retail stores using new models that incorporate artificial intelligence technologies.
Over the next few years, we will see grocery stores offering a blend of automated technology, and a few human helpers to make sure everything runs smoothly for shoppers.
Along with automated payment systems and robots, biometrics is another way that AI can change the retail store management process. Currently, biometric technologies are mainly used to scan fingerprints on mobile phones and airports.
However, facial recognition tools are gaining momentum in the market and will be implemented in stores in the future, when you examine different products you will analyze your facial expressions and create personalized promotions based on sensor observations.
Also Read: What Artificial Intelligence Can Do For Retail Industry?
Robotic Process Automation
Automation, Employment, and Productivity Report, based on some expert's study, predicts that by 2055 half of our work will be done by a robot. AI bots automate any type of routine or repetitive job.
When discussing automated or repetitive tasks, many people think of low-income jobs first. However, robots and AI technologies can replace most white-collar workers.
According to many experts in this field, jobs that need to analyze data and trends are among the first to be given to robots. This includes jobs in the health care and financial industries, both of which rely on analytics and trends.
In finance, the American investment bank Goldman Sachs Group, which once hired 600 merchants in its New York office, now performs the same tasks with only two human traders and a range of AI tools.
Also Read: Do You Know The Difference Between Data Analytics & Machine Learning?
AI will make healthcare more accurate
The contributions that artificial intelligence brings to the health care industry will change how the medical profession works in groundbreaking ways, enabling people around the world to find safe and effective care and make it easier to prevent and cure diseases.
Traditionally, the analysis of health records, medical literature, and historical trends is very time consuming, but these types of tasks are perfectly suited to AI tools.
In 2014, Google acquired DeepMind, an AI lab based in the UK, another AI-based assistant used in health care. This AI assistant is trained to analyze and detect over 1 million anonymous eye scans. Signs of eye disease.
There are many other examples of implementing AI-based technology to aid in the practice of medicine. Because AI tools can review health records and medical data with greater speed and accuracy than humans, their use improves accuracy and reduces the likelihood of human error in diagnosis, treatment plans, and overall patient care.
Another trend that has developed due to the availability of AI-powered healthcare tools is home-tested and personalized health care. Using the features on their smartphones, people can now perform some diagnostic tests from the comfort of their own homes, reduce health care costs and reduce the workload on doctors and medical staff, while helping to improve the health of those who use the tools.
Also Read: Five Powerful Use Cases That Show The Significance Of Artificial Intelligence In Healthcare
AI-powered chatbots
Chatbots are computer programs that handle conversations via text or audio. Chatbots can be used in various ways such as processing, payments, and marketing. However, customer service is where they excel.
When a company develops and operates a chatbot, it usually tries to automate some of the communication with its clients or customers. For example, up to 80 percent of customer inquiries related to specific products are recurring questions rather than specialized communications.
For this reason, it makes sense to create a chatbot that can share basic product information, because users can receive instant and effective responses at any time of the day or night.
Some chatbots commonly used today are built on the logic of a decision tree, work with information from a large database, and provide great resources when you choose from the options presented.
However, if you enter a more complex request or question, these chatbots may not understand some of the phrases you use or may not return the correct information.
In 2020, chatbots will become better at comparing human communication, resulting in the majority of customer interactions via chatbots. When chatbots use AI and machine learning, they can remember what the user asked in previous communications and personalize the current conversation based on information from previous conversations.
It offers much better customer experience and higher customer satisfaction while offering more effective communication models than human operators can provide.
Privacy concerns about AI technologies
One of the many challenges society faces due to the rapid growth of artificial intelligence is how to protect information privacy.
In the next few years, AI will become the dominant facet of many areas of our lives. We will be able to experience incredible improvements in health care, education, public safety and more, thanks to artificial intelligence.
The ability of AI tools to collect and analyze large amounts of data quickly and accurately makes this possible.
However, with so much data available, questions arise about how we can ensure that our private information is not used inappropriately or for commercial purposes.
Smart digital assistants such as Apple’s Siri, Amazon’s Alexa and Google Assistant are very useful tools but have a large-scale understanding of where we go and what we do.
Because of this, many people are already hesitant to use this type of device, fearing that the companies behind them may use their personal information for advertising or worse.
For that reason, many argue that people should always have access to the data that technology companies have about them. The concept of privacy also varies from country to country.
Artificial intelligence is the hottest and most promising development in the tech landscape for years.
According to the market, global Artificial Intelligence revenues increased from $ 643.7 million in 2016 to $ 36.8 billion in 2025.Almost all market segments, industries, and business domains are actively interested in AI and are looking to use technology for business purposes.It empowers AI companies to reduce costs and make the shopping experience more enjoyable and efficient for end-users.
Obviously, how does the retail sector getaway with good technology?Also read: Top Use Cases of Artificial Intelligence in Retail IndustryThe Retail-AI SyndicateAccording to the Global Market, investments in Artificial Intelligence in retail markets will exceed USD 8 billion by 2024.
In the coming year, retail will see a greater infusion of AI-based solutions in day-to-day operations.
AI can draw meaningful conclusions from massive amounts of data and help companies create personalized shopping experiences through highly-structured websites, intelligent in-store bots, and online chatbots.
Also, stores can gather in-depth insights into consumer behavior, optimizing their product portfolio for better retail experience delivery.Virtual Trial Rooms for Swift Decision MakingWhile shopping for a new dress or apparel, trying out different options can get quite frustrating and time-consuming.
Artificial intelligence is the hottest and most promising development in the tech landscape for years.
According to the market firm, global AI revenues increased from $ 643.7 million in 2016 to $ 36.8 billion in 2025.Practically all market shares, industries, and business domains are actively interested in AI and are looking to use technology for business purposes.
It authorizes AI companies to reduce costs and make the shopping experience more enjoyable and efficient for end-users.
Obviously, how can the retail sector get away with good technology?Retail-AI SyndicateAccording to Global firm Insights, investments in AI by the retail sector will exceed $ 8 billion by 2024.
As more and more applications for machine learning, predictive analytics, and deep learning technologies have experimented with success, the digital disruption in the retail sector is happening at a rapid pace.To read about: Artificial Intelligence In Retail Sales and CRMGlobally, AI experts believe that technology provides a wide range of applications to the retail sector.
In the coming year, retail will see a greater infusion of AI-based solutions into daily operations.
No doubt, that retail industry is climbing new ladders of success as the time is surpassing because the customer base of retail business is tremendous.
In retail stores, you will find the basic products that are related to our daily life including grocery, food, fruits, kitchen appliances, electronics, apparel, vegetables, jewelry etc.
If we talk about India, then it is the 5th fastest growing retail hub in the world.
Retail industry contributes almost 10 % in the GDP of the country, which means that it has a vital role in the economic growth of India.
The retail e-commerce business will touch the mark of 700 billion by 2020.
You can tell your customer to send SMS to with promo code and get the appropriate discount, in this way; you will get their contact number.
Today everyone is busy in their own life and if we try to find the schedule of a doctor they also are stuck in their busy lives too.
But Synarion IT Solutions offers you an Online Doctor Appointment App.
Now the health industry is also switching itself technically so this is a step towards it.
This app provides satisfaction to both doctor and patient by online consultation.
Online prescription, filters searching, detailed profiling of all health service providers are the key features of this app.
ShopTalk is one of the most exciting events of the year that gather retailers from various industries.The event attracts established retailers and brands, tech startups, large tech and internet companies, venture capital investors, real estate developers, equity analysts, media, and others.This is an event to learn and network to create a fruitful future of the retail industry.If you are planning to be a part of the ShopTalk 2020, then here is a list of things you must remember.Understand What the Event has to OfferShopTalk is known to have attracted more than 8500 individuals from across various industries, and more than 3000 retail professionals.
The event spans across 4 days which is filled with curated meetings, productive networking opportunities, and numerous social engagement opportunities.
Engage with Decision MakersShopTalk speakers are industry experts, innovators, and retail professionals.
With these kinds of experts being present at the event, you must be interacting with them as much as possible.There are mostly CEOs and founders of established brands, who have plenty of insights to share.
Hence, you must not miss out on any opportunity in interacting with some of the bright minds of the industry.Plan the VisitShopTalk 2020 will host around 600 companies’ exhibits and curate nearly 10,000 onsite meetings.
This is a lot to cover in just 4 days.Hence, plan to visit well.
Coronavirus (nCovid) is one of the trending and quotidian topics these days because this deadly virus has claimed more than 33,000 lives all over the world and has infiltrated almost 202 countries.
After evaluating its outbreak and tragedies, on March 12, WHO (World Health Organization) has declared this as pandemic and is spreading awareness so that every nation can come together to combat this lethal virus.
This virus has not only claimed a chunk of lives but also made a great impact on the global economy.
Almost all public and private sectors are forced to shut down in order to slow down the pace of the infections and illness.
This virus has affected every business sector, but in this article, we are going to mention those sectors which have affected it the most.
