AI is no longer just for companies like Amazon, Microsoft, Netflix, etc. Take, for example, Siri; the AI-powered virtual assistant is one of Apple’s most popular AI applications. Cortana is another famous virtual assistant from Microsoft.
These apps are among the best AI apps, with millions of users worldwide. But, AI in business and mobile applications have much more functionality than just virtual assistants and chatbots.
Today, AI is available in the products and processes of most industries. Here, in this blog, let’s look at how AI applications enable innovative user experience in mobile apps. And how mobile app development with AI is particularly empowering different industries.
How has AI transformed the mobile app industry?
Artificial Intelligence or AI has evolved and gained popularity in the past decades. In the 1950s, experts performed scientific and academic research around AI. It was termed ‘thinking machines’ by Alan Turing in his famous research paper.
However, there was not much progress in integrating Artificial Intelligence into mobile apps. Because of the lack of data for machines to learn about the real world. Also, the lack of funds and processing power contributed to the slow development of AI technology.
Today, Artificial Intelligence can definitely yield immense business value certainly by integrating it into your enterprise application development. AI applications have revolutionized the user experience in mobile apps.
According to Gartner, the business value of AI will reach over 3 billion dollars within the next couple of years.
With the surge of rapid innovation, research as well as investment, Artificial Intelligence has become a viable business tool disrupting industries. An essential tool in mobile app development to empower enterprises.
If you’re wondering:
- What is AI?
- How is AI integrated into applications across industries?
- In which method does AI deliver outstanding and innovative user experiences in applications across different sectors?
- How is AI utilized in various mobile applications?
We have answered all of these questions in this article.
What is AI, and how does it work in mobile applications?
What is AI?
Artificial Intelligence (AI) refers to the ability of a computer system or computer-controlled robot to display intelligence and stimulate human behavior or thinking. In simple words, it is the ability of a system or program to think and learn from experience.
John McCarthy defined Artificial Intelligence as “the science and engineering of making intelligent machines.”
An AI integrated app is trained using volumes of data and used to solve specific problems and perform complex tasks. It is, basically, a combination of Deep Learning and Machine learning.
Consequently, AI models have the capability to make intelligent decisions.
The Science Daily journal defines Artificial Intelligence as “the study and design of intelligent agents where an intelligent agent is a system that perceives its environment and takes actions which maximize its chances of success.”
How does AI work in mobile applications?
Have you used automatic switching of lights at your home or office? Or the smart TV that identifies your voice and performs actions. These are some day-to-day examples of AI.
Similarly, mobile applications for various industries utilize AI in data visualization, speech recognition, real-time analytics, and more functionalities.
Most enterprises today are using AI in some way or the other. AI mobile apps are taking over in different industries.
A report suggests that artificial intelligence (AI) applications’ revenue will reach 126 billion dollars by 2025 worldwide. (Statista)
AI applications across industries
Most industries have utilized the predictive technology and intelligence of AI. Hence, the growing interest in Artificial Intelligence has shifted to being more industry-specific. For example, “AI in Manufacturing” is the most searched on Google.
Implementing and scaling AI in mobile app development has become an effective practice for generating business value. How can you incorporate AI in your enterprise app development, UX design, and user interface of your app?
Especially, it depends on your industry-specific needs and trends. Let’s look at how AI applications are being utilized and their impact in different industries.
AI applications in healthcare
- AI in Healthcare is markedly estimated to reach USD 95.65 by 2028, increasing from USD 6.60 billion in 2021 with 46% of CAGR(Compound Annual Growth Rate). (Source: GlobeNewswire)
- Integration of AI in the Healthcare industry enabled an array of Healthcare services. Like personalized Healthcare, personal data analysis for more accurate diagnosis, using patients’ data sets, early and assisted diagnosis, drug discovery, etc.
- Investments in AI in Healthcare are estimated to grow at an annual 48% rate between 2017 and 2023 (Source: Business Insider Intelligence’s Digital Health Ecosystem Report).
This implies more and more integration of AI in Healthcare apps in the coming years.
- Through the Internet of Medical Things (IoMT), AI connects endpoint devices and applications to Healthcare IT systems.
It has enabled real-time monitoring, drug management, better chronic care management, and improved patient engagement.
- The potential of AI has also been utilized to power surgical robots, which decrease surgeons’ fluctuations in complex surgery.
Surgical robots help in delivering critical insights and accurate medical practices using millions of datasets.
- Additionally, senior care became complex to manage with the onset of the Covid-19 pandemic. AI has been able to provide solutions with health assistants especially to cope with the situation.
- One such innovative example is ‘Elliq,’ a robot health assistant for those in need designed by Intuition Robotics. Many such AI solutions have satisfied the need for daily care.
AI applications in finance
- The use of AI in banks is chiefly for securing customer identities, mimicking live employees, and deepening digital interactions.
- Banks that use AI can enable 24/7 customer interactions across channels. Along with custom communication and solutions to individual clients.
- According to Forbes, 70% of financial firms are utilizing machine learning to detect fraud, predict cash flow events, and adjust credit scores.
- From Robo-financial advisors who analyze volumes of data in a short span of time to fraud detection. AI has been utilized in Finance to significantly improve banking and financial services.
- Risk management tools for banks use a wide range of data sets available and provide accurate insights.
- Also, intelligent Robo financial advisors have replaced human agents. And AI-based chatbots for customer service and an improved customer experience.
- By detecting fraudulent financial behavior, AI has leveraged security in banking by utilizing various data points.
- Fraud detection and prevention use cases are popular in the payment industry to optimize the security of payment platforms.
AI applications in e-commerce & retail
- According to Mordor Intelligence, the global artificial intelligence in the retail market is expected to take a leap with a CAGR of 35% in the forecast period of 2021 to 2026.
- AI in e-commerce and Retail has improved the overall functioning of the industry like customer experience, inventory management, forecasting, etc.
- With the help of machine learning and deep learning, AI has been instrumental in delivering real-time insights from data.
- Do you know how the Amazon application recommends products to you? Amazon uses an AI algorithm to identify which products you are likely to add to the cart.
- An advanced type of AI in Retail is “Computer vision,” which basically brings near-real-time-intelligence to your brick-and-mortar stores.
- You can say that there is a lot in store for the retail industry in the future for Retail AI application development.
AI applications in manufacturing
- The Manufacturing industry is at the forefront of utilizing as well as incorporating AI. A Mckinsey report suggests AI in Manufacturing can improve the forecasting accuracy by 10-20% which implies a 5% reduction in inventory costs and a 2-3% increase in revenues.
- AI has empowered a lot of operations when it comes to the Manufacturing industry. Industrial robots with AI are an integral part of the manufacturing process. Programmable collaborative bots work with employees to perform repetitive tasks.
- Along with advanced robotics, AI applications have enabled improved efficacy, product quality, app design, and manufacturing analytics.
- AI applications in Manufacturing enable automated quality control, defect detection to predictive maintenance.
AI applications in real-estate
- The real estate industry is similarly using AI for selling, buying, home financing, home renovations, and more.
- Real-estate AI apps learn user behavior and provide a more efficient as well as effective customer or user experience. From accurate assessments to market forecasts, AI has transformed buying, selling, and home financing.
- AI algorithms can surely process millions of real estate documents in seconds. By utilizing the volumes of data available for property values, debt levels, and personal information, custom solutions are being delivered for users in the real estate industry.
- The AI technology enables brokers as well as agents to predict the future value of a property in a specific market.
- One can utilize AI in real estate apps in more innovative ways to serve the changing and varying needs of users/customers.
- Airbnb uses AI in smart pricing algorithms and AI-enabled guest background checks. Read about the app development of Airbnb here.
The Future of AI
The advancements in AI research and creative thinking to utilize AI in mobile apps will create successful apps across industries in particular. Most industries are tapping into the power of AI with the help of tech companies.
Big tech companies like Apple, Google, and Amazon have facilitated such advancements. AI in different industries has addressed issues like data security, privacy, compliances, and regulations.
Although the benefits of AI have been utilized in the mobile app industry, there are certain challenges too. Like the high costs of integrating AI into apps, the knowledge of technology, and finding expert developers for the app deployment.
However, the adoption of AI in mobile apps is certainly the future in most industries.
Learn more about the latest mobile app trends here.
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