In 2021, artificial intelligence will create $2.9 trillion worth of value with 6 billion hours dedicated globally by 2030, according to Gartner Inc.’s report published this year!

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Besides, according to a new survey from Stripe, nearly three-quarters of financial technology companies see artificial intelligence as the most remarkable change agent over the next five years.

Its latest industry report used data gathered through interviews with more than 120 executives in the global FinTech community, San Francisco. Stripe claims that AI will be “the next big platform” that every financial services company will need to integrate into its products and services.

The survey also found that two-thirds of the respondents believe AI has the potential to “greatly improve” or even “revolutionize” all areas of banking, from fraud prevention and automated investment advice to customer service and claims processing.

That means that the next five years will see a surge in AI-driven technology that promises to penetrate deeply into finance. So, let us go ahead by taking a look at some basic things.

AI in Fintech: Why It Is Important?

AI is all about leveraging machine learning, deep learning, and natural language processing algorithms for building smart applications that can accomplish tasks with less human intervention. It has already demonstrated its potential in many industries, including fintech. While the benefits of AI are being highlighted, banks have also started to deploy this technology for tasks like face recognition in bank accounts, chatbots on financial websites, etc.

• It also allows banks to reduce their operating costs, which is especially important in struggling after years of non-stop investments.
• It can be used to transfer or invest your money across various financial products or services. For instance, you may not be required to visit banks every once in a while if your bank can place your savings and investments across other products and services via its chatbots.
• Besides, it can also be used to provide up-to-gigabyte solutions for your credit history or profile. Banks are now using machine learning algorithms based on social media activities to assess individuals’ creditworthiness.
• AI can even be used as a business growth strategy for banks, as they tend to give more weight to the relationships with their customers since that is what makes or breaks them. This is where AI comes into the picture to provide personalized experiences and targeted offers to customers based on their predicted needs and preferences.

These were few examples of how AI can be used for financial benefit. Now, let us see how AI will impact the Fintech Industry for the next five years?

10 Ways AI Is Going To Change Things For The Fintech Industry!

AI will likely change the way we do things forever, though it will take at least five years to feel its full impact. There are many predictions about AI’s role in the upcoming years, but some things are already evident. Tech companies are rushing to acquire AI startups and tech specialists as they try to figure out how best they can use this new technology to their advantage.

Here are some ways AI is expected to impact fintech in the next five years:

1) Reduce Fraud

Though fintech has multiplied in recent years, it’s still very much in its infancy. That means innovators and entrepreneurs have plenty of opportunities to introduce new ideas and services, especially around fraud reduction.

As one example, AI-driven tools are currently being developed that could one day be used to predict whether credit card repayment is based on behavioral patterns or a customer will default on a loan. The potential applications are pretty significant — and worth watching over the next five years.

2) Increase Customer Satisfaction

Improving customer satisfaction starts with understanding your customers’ pain points. With AI, financial institutions can understand their customers better than ever before, identifying common problems and working to solve them proactively.

By using AI, banks can offer targeted services that address specific pain points within each customer’s life — and keep them happy in return.

3) Enhance Security

Financial services are some of today’s most sought-after targets for hackers. To prevent data breaches and financial losses, you need to employ technology to maintain maximum security for your customers’ information. That’s where AI comes in. AI can enhance your current security measures by analyzing customer profiles and transactions to detect anomalies, flagging potential threats before they happen.

As an extra layer of defense, AI can even monitor your customer’s devices or locations when possible breaches occur. However, the Digital Banking Report 2020 shows that the adoption rates of fintech services in Canada and the United States are some of the lowest.

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4) Streamline Operations

One of AI’s most exciting and immediate benefits to fintech professionals, like banking and credit, is its ability to enhance decision-making. Thus, an increasing number of banks are looking to incorporate artificial intelligence into their risk assessment processes; others are using it to make lending decisions more efficiently.

One particularly forward-thinking bank already employs an AI Concierge named Maggie that guides new clients through specific processes.

5) Enhance Decision Making

Artificial intelligence has already begun to augment existing fintech tools, like machine learning in fraud detection. Over time, AI will not only help detect fraud more accurately than ever before, but it will also enable fintech companies to tailor their services based on specific user preferences.

Customers who bank with certain institutions might find that they get automatic credit line increases or improved rates for accounts they frequently hold — all because of AI’s adaptive decision-making capabilities.

6) Improve Marketing Efforts

I don’t think it’s any secret that if your core product isn’t working, you need to find new ways to monetize your service. This may include working with other companies on new services or allowing them to piggyback off of your current platform.

Do some research on your niche and expand your product offerings as needed. If you can develop more features for less money, you would spend hiring additional staff.

Zest reports that AI pilots will save banks and other financial institutions money, with the operating expense (OPEX) being some of their most enormous benefits.

7) Expand Product Offerings

One of AI’s most significant impacts on fintech will be helping financial services firms expand their product offerings to customers. Companies are often limited by what they offer based on demand, costs, and regulatory constraints.

Financial services firms that use AI will have greater flexibility in determining how much or how little to produce, allowing them to sell more products at different price points.

8) Automate Data Collection

Artificial intelligence, or AI, is beginning to infiltrate fintech thanks to a new generation of software programs & tools that use machine learning and natural language processing algorithms. By leveraging AI, fintech companies can take advantage of customized processes and repeatable activities.

For example, AI can automatically route transactions based on a customer’s spending habits, or it could automatically generate personalized letters from a financial advisor using the information provided by customers. In either case, processes are being made more efficient thanks to artificial intelligence.

9) Boost Efficiency by Standardizing Processes

Robots and machines will do most of our messy work in years to come, which means we will continue to spend more time working on creative and innovative projects. This could make it possible for us to create new business models; when we don’t have to spend our days doing menial tasks like filling out forms or running reports, we can spare more time thinking about adding value in creative ways.

10) Empower Employees

Artificial intelligence can take business processes previously handled by employees and allow them to handle higher-level tasks. This will empower employees to focus on their strengths and enable AI-driven solutions to take over their daily tasks. This reduces workloads and increases employee satisfaction.

Conclusion

We’ve already begun to see AI in action in financial services. Banks and other financial institutions are using it to improve customer service and streamline their business processes. But we can expect to see many more advances in AI over time, with more giant corporations and governments taking up the challenge of integrating sophisticated algorithms into their services.

Financial institutions need to stay on top of these changes to stay competitive in a rapidly changing marketplace. At the same time, at-home users will benefit from a more effortless user experience through more automated tools.

The post How AI Will Change The Way Financial Institutions Are Doing Business Over Next 5 Years? appeared first on Techieapps.

A human is such a creature that has the power of intelligence. So, if I break Artificial Intelligence: Artificial means human-made, and Intelligence means thinking power. Overall, AI is a study that relates a machine to behave like a human, think like a human, and even decide like a human.

“Nobody phrases it this way, but I think that artificial intelligence is almost a humanities discipline. It’s an attempt to understand human intelligence and human cognition.”

—Sebastian Thrun

We all use a smartphone,  right? There are numerous powerful AI applications out there; one of them is called Google Assistant, and in the iPhone, there is Siri. We don’t type the queries; indeed, we speak up to upload the queries. Here Google, from its huge database, gives us the answer within a second or millisecond with the help of NLP (Natural Language Processing). 

Similarly, artificial intelligence applications influence industrialists and business giants to embrace modern technologies in their work culture. Finding it interesting?.. Let’s excite you more with the market size of AI.

Insightful Facts About The Artificial Intelligence 

1. According to Statista, the Artificial Intelligence software market will reach approx 126 billion U.S. dollars by 2025.
2. As per McKinsey, globally, the data scientists had to exceed supply by more than 50% in 2018. – PWC
3. PWC has stated in the coming year 2030, the global GDP will rise by 14% due to AI-powered activities. That is equal to $15.7 TRILLION.

Although, if you are wondering, what about Machine learning? Because I know you have landed up to this blog to know the various uses and applications of both AI and ML.

Well, I will be dealing with both of them step by step; so I request not to leave the blog in the middle; scroll it down to scratch all the information you have accepted earlier. 

In the early few paragraphs, I have given you a glimpse of AI; now it’s the turn of Machine learning. Machine learning is again a trendy topic over the web that is grabbing business giants and people worldwide. Now, what exactly is what its real-time uses are?

Machine learning is deep learning plus something else; what is that? That plus is the statistical models such as SVM decision, tree k-means,  linear regression, etc. 

These come under a single umbrella called machine learning; supervised learning, unsupervised learning, and clustering in machine learning. These are the three or subdomains.

Machine learning is part of artificial intelligence, so if you are doing machine learning, it means you are doing AI. 

I hope you are clear with these two different terms: AI and ML. Now, let us jump directly to AI and ML  technology applications in the business landscape. 

11 AI or ML  Uses & Application That You Can Implement In Your Business Today

In this section, we will see how AI and Machine learning is empowering particular industries. Let see the various artificial intelligence applications that are already in use and what we can expect in the future. Although all these applications are harnessed by businesses to optimize business processes, uplit ROI, and stand ahead of the competitors.

1. Chatbots:

The chatbots use cases are one of the most exciting features of AI technology. Many companies are leveraging chatbots in all the different ways to automate communication. Additionally, when we communicate, we are communicating because we have a purpose to our contact. 

The purpose is usually task-driven; we want to get something done, we want to get information to know some agenda. When it comes to communicating, chatbots, the best artificial intelligence application, help automate the communication piece. But later on, they can also help to automate the task. There are two different types of use cases, consumer-facing use cases and back-end employee-facing use cases. 

In the consumer-facing, any organization can use it in the best way to offer a better customer’s journey. So anytime someone comes to your website or contacts your company, a chatbot could be a part of that process.

The chatbot is mostly useful for gathering information and personalizing the experience for that user. You will know what that person is looking for, and then you will give it to them. Besides, you can also find out things like:

• What is their price range?
• What is their time frame?
• What are their priorities?

With this piece of information, you can tailor-fit and personalize the package as much as possible to them. The other thing you will be able to do is that you will be able to reduce your ad cost, which is like a second additional benefit. 

2. Artificial Intelligence in eCommerce:

There are numerous uses for AI: to make fast decisions, automate and optimize various activities to drive better business outcomes, such as leverage the traffic, the ways customers engage, etc. 

Many decisions need to be made if you are going to maximize and optimize your business. Companies mostly use AI-based tools to map that all together so that the next customers who come in get the right engagement.  

Everything from how you serve a customer on an individual basis to how you optimize the price, optimize the inventory position to streamline both: your fulfillment and customer service operations.

There are several opportunities to leverage AI to complement the business’s people to drive better business outcomes. Embracing AI and ML in the eCommerce business helps them to offer a better customer experience. The AI-based solution lets merchandisers provide a more relevant experience across all of our channels without grunting work.

3. Cybersecurity Defense:

Today among various uses of artificial intelligence, it is also powering our security process in the workplace. Artificial intelligence helps analyze the network packets to figure out the different traffic we are getting to our website. These both modern technologies: AI and ML, offer overrated, high-end security systems to stay far away from cyber threats. 

AI application in Cybersecurity can support in expanding the scope of existing Cybersecurity solutions. Besides, it is also helpful in aiding the route for developing better and robust solutions.

4. AI to Improve Workplace Communication:

AI solutions are not only empowering external communication channels but also the internal communication processes. AI and ML applications are effectively revolutionizing various activities at the workplace, from IT Help Desk to development to quality checker to all the level staff of an organization. G Suits an excellent example of artificial intelligence if anyone’s used Gmail in their personal lives or professionally. 

AI-based technology is empowering each individual at the workplace. All thanks to the intelligent virtual assistant and automation tool that can resolve various repeatable tasks. The automation tools are lowering the stress level of an individual at the workplace and utilizing the time, hence increasing productivity.

5. Human Resource Management:

There are many different touchpoints recruitment strategies here; we can use technology or AI to improve things.  It could be around selection or assessment or using a chatbot to engage better with the candidate.  

AI’s role in HR transformation has become endless, from accelerating engagement to building personalized development plans. Mining data and identifying the right information AI can do a lot in HR management. HR is also one area that is also getting a lot of benefit out of AI and ML. 

Gartner predicts that by 2020 85% of customer interactions with companies will not involve human representatives; what does it mean? It means that most of these thoughts would be taken away and by artificial intelligence uses.  So that means they will take care of these kinds of interactions and improve the business processes’ efficiency. Companies are investing in machine learning analysis, which has trained and learned the behavior, makes recommendations and enables human experience with natural language processing.

6. AI & ML in Health Care:

There are several uses of AI in healthcare; the first and most important use of AI in medical imaging tools such as CT scans, MRI scans, and X-rays are used to diagnose cancers and tumors. It can easily excel radiologists at finding cancers in one research. AI has led to a reduction in error and an increase in early detection of cancers, saving many lives.

AI in healthcare helps preliminary diagnosis; currently, doctors in the emergency departments and GP clinics are overworked and exhausted. Therefore this leads to more errors in patient diagnosis.  One of the ways to reduce this error is to use an AI assistant.

Suppose when the patient books an appointment, they also submit a list of symptoms they are experiencing.  Using these symptoms, the AI engine behind the scenes can make a couple of pre-diagnosis and send them straight to the doctor, so the doctor knows exactly what to expect before seeing the patient. The AI assistant can successfully reduce the risk of misdiagnosis.

7. Market Prediction:

The AI and machine learning technologies are impacting the trends of marketing in various ways. With the use of neural networks and other existing learning methods, it has become easy to predict its products and services’ upcoming cost. The reason why investors can invest in different trade/stock after analyzing the future of the market. Market prediction is proficient AI applications in business that teach where and how to invest in the market.

8. Streamlined Manufacturing with AI:

Obviously, what numerous manufacturers center around most is their genuine time for production and manufacturing processes. Therefore, artificial intelligence can be utilized from various perspectives to make your manufacturing methods more proficient with quicker yield and less time. 

For example, an assembling manufacturer that utilizes CNC machines to process and assemble parts typically utilizes physically keyed projects to take care of business. 

In the present AI, the interaction is executed through AI calculations that perform assignments with accuracy and examine the cycle to discover regions where it may be smoothed. That implies less material waste, quicker creation, and more dependable outcomes.

9. AI in FINANCE:

Artificial intelligence and the account business are a match made in delight. The monetary area depends on exactness, constant revealing, and preparing high volumes of quantitative information to decide; all area machines are dominating. 

Further, the business observes AI’s proficiency and accuracy; it is quickly actualizing robotization, chatbots, versatile knowledge, algorithmic exchanging, and AI into finance cycles.

10. Artificial Intelligence in Logistics and Supply Chain:

The volumes of data in supply chains and logistics are growing every day.  The need for more sophisticated processing solutions is becoming more urgent; that is why many companies are adopting such AI computing techniques, machine learning, deep learning, and natural language processing. 

The supply chain is drastically tailored with the increase in technology, the access to data, and making that available across your end-to-end network.

In today’s product workforce, industrial assets will be connected. Collaborative robots will support the operator to work in a better and safer way.

The predictive capabilities of artificial intelligence in business are seriously ramping up company efficiencies; in predictive demand and network planning, the tech uses data to its full potential to better anticipate events, avoid risks and create solutions.

11. AI in Retail:

Another important development of AI is seen in the retail industry. We have seen some of the market leaders looking to introduce AI-driven stores. We are also seeing AI being introduced into bricks and mortar in one way or another. They are using the bots to handle invoicing and payment for various transactional activities. 

AI and ML allow retailers to personalize their sites more and more to produce recommendations for our customers. When our customers buy new products, we can personalize the whole site and only show items specifically targeted to them. 

Even rearrange the search results on the page better if the customer keeps on searching for the same items.  AI also produces insights that can be valuable in creating a shopping basket, analysis dashboard to learn which products shoppers most commonly purchased together. 

Conclusion 

In this technology-driven world, AI and ML applications have put us forward to look at robust, faster business decisions, fewer human errors, and more. Moreover, in this article, we have counted numerous uses of AI in the business landscape and more in our life. 

Do you want to extract hidden insight about your valuable client? Do you want to provide them a resourceful solution? If Yes, AI-powered tools are something you need. Not only, it makes your work automated but also makes it more efficient than your manual works.  

Hope you embrace these latest technologies in your business by today to be effortless, countless, and competitively ahead of others. 

FAQs

Q1: What are the different applications of artificial intelligence and examples of AI?

A1: The different examples of AI are:

• Chatbot
• Manufacturing robots
• Proactive healthcare management
• Smart assistants
• Disease mapping
• Virtual travel booking agent
• Automated financial investing
• Social media monitoring

Q2: What are some real-life AI applications?

A2: Some of the real-life AI applications are as follows:

• Google’s AI-Powered Predictions: Google Maps 
• Ridesharing Apps: Uber 
• Spam Filters: Gmail
• Plagiarism Checkers: Turnitin
• Social Networking: Facebook

Q3: How does AI benefit a business?

A3: Some of the fantastic benefits of AI applications in business are:

• Automate repetitive work, thus saving time and money.
• Optimization of tasks
• Increase productivity and operational efficiencies.
• Helpful in making faster business decisions.
• Avoid mistakes and human error.

The post How ML & AI Applications Are Empowering Businesses In 2021: 11 Uses That You Should Know!! appeared first on Techieapps.

AI technology has come a long way from just Google search to now face recognition. The flexible idea of innovation has made an endless opportunity for imaginative outcomes. The technology is not only improving the existing services but also opening the door for different IT projects.

However, the debate is still on: whether it is the end of AI or going to rule out new innovative solutions?

The popularity of artificial intelligence is unimaginable, especially in the mobile app development industry. Moreover, I believe the best is still to come. The Future of AI holds more achievements that will carry us more towards an imaginative future. To reach those achievements, business giants, mobile app developers, and mobile app development companies are playing important roles.

According to Statista, it would surprise you to know that Global spending on AI business is expected to reach nearly $98 billion in 2023.

Image Source: Statista.com

So, before I dig into the future of mobile AI, I would like to discuss more statistical report on powerful technology-AI

Statistics roaming around Artificial Intelligence:

• Today, AI is buzzing all around. The market of Artificial Intelligence has gained a great amount of growth only because of the technologist out there. As per a Gartner Report, Artificial Intelligence will make 2.3 million Jobs by 2020, which means the 1.8 million will wipe out.
• In the year 2016, the market for AI-driven products, equipment, and software arrived at more than 8 billion dollars. Additionally, the New York Times narrated that interest in AI will reach the revolution.
• Overall spending on AI is examined to reach 35.8 billion dollars in 2019, which expands 44% more than in 2018. Also, it has been forecasted that it would increase to 79.2 billion dollars in 2022.

That much interest in this technology is enough to justify it as a great future, or artificial intelligence’s future is broad. We have also observed the implementation of this technology in large numbers. Whether it is the medical field, education, cybersecurity, or finance sectors, it has offered better assistance to all those industries.

Further, from chatbots to network safety applications, I trust AI will be a vital piece of things to come off portable. Beneath, I will elaborate on how AI could revolutionize the mobile industry and how its features will shape the mobile devices or mobile apps that we will use in the future.

Let’s start with.

What AI’s features can revolutionize the future of mobile devices and mobile apps?: Importance of Mobile AI

• Repetitive Learning: It automates Repetitive Learning. Here I do not mean it will automate the tasks done on a repetitive basis like how robotics do. It discovers the data that is repetitively done. Also, it has the power to perform successive, high-volume, automated assignments dependably and without any fault.
• Add intelligence: It becomes easy to add intelligence(algorithm/rules) to existing items. AI itself is not an application it needs a medium to include it. Or maybe, items you are using today will be expanded with AI abilities, just like Google Assistant.
• Progressive learning: AI works on progressive learning. Here we include the algorithm to the machine to perform the programming. This algorithm acts as an indicator or predictor. In this way, the algorithm will teach itself which product to suggest for the next online shopping.
• Data Analysis: It is reliable to collect huge data utilizing neural systems. You can have a deeper understanding of human behavior. That is why it is vastly used in acquiring insight into user behavior and pattern during online shopping.
• Accuracy: It accomplishes unimaginable accuracy through the deep neural networks. This AI feature is mostly used in disease classification, image recognition, and object acknowledgment. Nowadays, doctors are using this for the detection of Cancer disease on MRIs. The accuracy of reports is similar to those with exceptionally trained radiologists.

These are a few features of AI in which we can design our mobile application. In the future, we expect companies should use it to improve security, voice search, visual recognition, and so on. In short use it to improve the overall user experience. Make sure you include these features in your mobile development strategy for business success.

What to expect with Mobile AI? How does AI change the future?

“Anything that could give rise to smarter-than-human intelligence—in the form of Artificial Intelligence, brain-computer interfaces, or neuroscience-based human intelligence enhancement – wins hands down beyond contest as doing the most to change the world. Nothing else is even in the same league.”

—Eliezer Yudkowsky

AI technology is a fully packed solution for various problems that we are facing in day-to-day life. One of them is managing data. Whether it is a business or our personal, life data is important for all of us.

In business, we need user data to expand our reach to the target audience. For these activities, AI is everyone’s favorite. Because this technology has the power to dig out massive information in a few minutes. Analyzing the user behavioral pattern can draw insight into users. One can use this insight to meet their respective business goal.

Here are some categories where we can expect the future of Mobile AI:

1. Improved Security

Data security is always a matter of concern. If phishing and hacking continue to grow in the coming years, then utilizing AI in mobile phones is a great deal. We should encourage mobile manufacturers and mobile app development companies to include AI technology while developing an app.

Implementing AI and other modern technology like machine learning could give a signal or alert message when any type of uncertain or suspicious activity is conducted on mobile phones. The altered message will help you in securing the sensitive data before it gets misused by someone.

AI uses repetitive learning to detect the suspicious activity of any user. So, AI-based apps would help in providing advanced security to mobile phones or other devices.

Apple is one organization that is utilizing AI in its products for security purposes and is a genuine example of how to incorporate this innovation into the mobile space for this reason. A significant number of the latest lines of iPhones are furnished with Apple’s Face ID technology, which uses machine learning and AI to guarantee that only mobile phone owners have access to data available in the device.

Source: Statista

2. Greater Personalization

As online retail encounters keep getting progressively famous, retailers are consistently hoping to remain in front of their opposition by adding more worth. Nowadays, cost alone is not the sole integral factor for clients, and numerous brands may locate that customized and custom-made shopping experiences can support client changes. For organizations like Sephora and American Eagle, AI innovation has just permitted them to cause these exceptionally customized experiences to occur.

For instance, Sephora’s Color IQ uses AI to filter a client’s face and quickly give customized proposals to select the perfect shade of concealer and foundation. This empowers clients to discover the cosmetics products that flawlessly coordinate their skin tone and allows them not to stab at cosmetics manually.

Another example of an organization that is starting to coordinate AI into its shopping experience is American Eagle. They have begun to use AI that permits customers to see and demand various sizes for things they are taking a stab at, get item proposals dependent on those things, see checkout aggregates, and email data to themselves.

3. Voice Search

By permitting clients to experience something happening naturally, AI and voice search technologies are leaving numerous open doors for AI-based applications. App development companies can encounter an outstanding increment in their conversational rate. According to the research, it has found that voice search provides a better user experience.

In eMarketer’s report, anticipating vast quantities of clients will utilize voice search in 2020 and ahead.

According to Wordstream’s report submission, we will have 50% of the search as a Voice Search.

So, if web companies ignore AI’s benefits, they are far away from success in the future. Mobile AI has a great future ahead.

4. Better GPS/Navigation

The automobile industry is upgrading its vehicles for a smooth and better user experience. Mobile development companies can coordinate with automobile industries to provide applications that empower voice-enacted orders when drivers are driving the vehicles.

Some of the world’s most famous automobile brands, like Renault, Volkswagen Nissan, are incorporating AI-based technology to make a consistent experience for drivers. The presence of such technology will provide better GPS.

Companies like Uber and OLA are using AI technology in their mobile app to provide a better driving experience with a deep mapping structure. The app allows the proper roadmaps of any location.

5. Smart Communication

After introducing Chatbots, the communication between the business person and the user has become much better. It has automated communication in various channels.

AI technology is a well-known solution that makes the conversation much better. We have seen the usability of chatbots. The objective behind having a chatbot is to replace man with an automated system.

Nowadays, we can use both text and voice to search for any type of information on the web. And, this seems to be used more often in the coming days. The future is now for visual search.

• Almost 53% of organizations are dependent on Chatbots.
• 64% of the company’s agents using AI chatbots solve complex problems faster than the agent without AI-oriented chatbots.
• 58% of people believe that the emergence of new technology like chatbots and voice assistants will rule the business world in the coming years.
• 54% of business giants say companies should use AI-based technology to increase customer engagement.
• 77% of customers want transformed chatbots service that can fulfill their expectations.

Conclusion

The introduction of AI is driving every industry crazy, especially mobile application prospects. In short, we can say, a little change in the mobile app development process that is including AI has a tremendous ability to shape the user experience, not only that it is providing a dramatic improvement in the success lifecycle of any company.

Companies should discover benefits from the favorable circumstances of AI giving to them, like AI-based applications can provide more customer engagement, improve user experience, drive traffic, and much more. So, don’t wait for anything; just start implementing the AI in your next web projects.

Frequently Asked Question

Q1: Does Mobile AI have a future?

A1: Yes, we can say Mobile AI has a vast future.

Q2: How the implementation of AI in a mobile app is impacting the future of mobile development companies?

A2: The companies who are including AI in their app have a great future. The features of AI like face recognition, data analysis, solving complex problems are influencing them to include it in their app because it increases users’ engagements.

Q3: What are some examples of AI in real life?

A3: Some of the popular devices and application that includes AI are as follow

• Amazon’s Echo
• Google Duplex
• MuseNet
• Wordsmith
• Uber

The post Why Wait When The Future of Mobile AI Is Broad; Here’s How? appeared first on Techieapps.

Admitting so much hype surrounds AI apps, let’s see – how to develop an AI application? Or what are the necessary steps for creating a successful AI application? What is an AI application development platform? What is the future of AI? Today, we will discuss these common questions that are catching the eyes of various people.  But before switching to answer these questions, I want to take you to the statistics of AI apps:

1. The AI technology market is going to rise fast in the coming years. It will reach 126 billion $ by 2025.

Source: Statista

2. The AI deployment in different sectors is tremendously increasing from 25% to 37% between the 2018-2020 years (Gartner Survey).

3. IDC anticipates 75 percent of business plan apps will use AI by 2021 (Source- em360tech).

7 Step For AI-Driven Application Development- Implement To Have Successful Application

Step 1. A Successful AI App Starts With Great Ideas

For starting an app, you don’t need to climb a long tree; you simply need good and unique ideas. After having an idea in your mind, sketch it down on plain paper. This will help you in getting a realistic visual of your app.

While designing the sketch for your AI apps, be clear with some of the points like:

• What features will it have?
• Who will your targeted audience- will it be kids or adults?
• How will your app perform?

These are the simple assignments you can make easily. You won’t need any special tools to sketch your ideas. Only two simple tools are enough, i.e., pen and paper. Use these tools for sketching. After sketching, keep those papers safely because that is what your app will get launched in the future.

Step 2: Perform Business Analysis Concerning AI Technology

Secondly, go for the business analysis of AI Technology.  Why so?

Let me explain.

When you’re performing this step, you get insight into:

• What’s new in AI?
• How is it influencing the IT sectors?
• Whether you have selected the right technology for your next project?
• What features or functionality of AI can enhance your project?
• Is integrating AI in a project can engage the audience?
• What are the core requirements and objectives of the business?
• What makes AI necessary for this project?
• How will AI help meet those needs?
• What is needed to succeed and avoid failure?

Not only these, but analytics will also help you in finding customer behavior towards AI technology. These collective data will help you in creating the perfect application.

Most of the web application development companies are hiring business specialists who can help in gathering such information. Although we have seen what business analysis is essential?

So, hire business specialists who can help you gather this information in a more accessible way—the gathering of information aids in enhancing customer satisfaction.

How?

Because Artificial Intelligence helps to determine customer behavior and allows companies to drive insights to improve users’ engagement in the app, it enables users to find exact information in the mobile app and enhance satisfaction.

You should focus on all questions quoted in the above paragraphs. This way, you are near to meet the objectives and needs of your AI projects. Follow this second step to evaluate the current situation of your business and understand the cognitive requirement.

Once you are done with business analysis, your next step is to assume how to use AI to meet the objective or goal.

Step 3: Do the data Analysis of an AI application that is already present in the market.

This stage is all about acquiring information about the different AI-based applications already present in the market.

Carry this step to know:

• What features satisfy which requirements of customers?
• What is the standard of present applications?

Analysis of present data is vital to understand the uses of AI applications that are already out there. Once you know what the people mostly like features, you can try adding them to your projects. However, don’t just try to add it because it is popular, firstly see whether those features are needed for your projects.

One of the interesting AI applications that are famous among people is  Amazon’s Echo. This application is a case of how Artificial Intelligence implements an interpretation of human language into engaging activities.

This gadget performs after acknowledging our words and plays out a broad scope of assignments on your order. It can accomplish something beyond just playing music for you. You can even use these gadgets to control other devices or gadgets at your home. Use it for booking taxis, ask the Echo to call your friend, place an order to your favorite restaurant, check the climate conditions, etc.

Similarly, you have to discover what features you want to include in your project. Accessing such programs’ data helps you meet the business goals set up during the AI-centered business analysis.

The AI data analysis is also essential because it will guide how to use it in your AI project. So, before you begin employing this information for AI-driven application development, set up a couple of research on it.

• When you’re playing out this research, you will know whether you have the quality information.
• Whether the information is sufficient for application development with AI.or, you need to research it more.

This way, you find out what quality control measure that will assist you in your project. Even it will help in taking a discussion if to continue with the project or to discontinue it.

Step 4. Now you’re ready to implement AI in application development.

After having the business analysis and data analysis of AI technology, you can start preparing your project.

Just extend your preparation as per the information you acquire in the above stages. Put your planning accordingly to the necessities of your project. Figure out all your key components and put them as a whole.

Make sure your AI project must have the option to address the necessities of the business. In this manner, the information should be arranged, cleaned, and marked; however, it should be appropriately designed and well planned.

More significantly, if your designs are compelling and precise, you can accomplish a great business result. So keep on upgrading your information regarding AI technology to make your application design more attractive.

When you’re underlying this technology gives more emphasis on the designing part. This will set up a base for your progress of the project in the future.

Whenever you plan to launch an application, you should be with the first and most important thing, i.e., customers’ expectations. If you are clear with it, you get a chance to center around what is most important?

If there are sufficient elements to continue with AI usage. It is necessary to pick the correct AI design, which will drive the execution innovation stack, approach, and AI model determination.

Step 5:  Machine Learning Data Model Development

This stage hopes to build up the significant cycles that help make the ML information model for your AI-based project.

The vital components of this stage are:

• Selecting the algorithm for the project.
• The theories and hypothesis for the project.
• Test design creation.
• Development lifecycle.
• Distribution of tasks for the development of the model.

Some significant contemplations for ML information model improvement include:

• The way to deal with and use of techniques.
• Enhancement of hyperparameter or model tuning
• The methodology for preparing and scaling model
• The methodology for a re-preparing model
• The expansion of a pre-prepared model
• Managed, solo, and fortification methodologies recognizable proof.

Concentrating on every point will permit you to make a suitable ML information model for your AI-based application.

Step 6. Employ AI Model Testing

As the name proposes, this stage includes the testing of the AI model that has been created. In AI model testing, the primary thing to know is if the learning happens for the prepared model. An apparatus that can be utilized for the conclusion is expectations to absorb information.

When testing results are accessible, the model ought to be explored for exactness and execution to coordinate the business KPIs. If the model doesn’t meet the measures, it needs to experience another cycle to accomplish an improved result.

At last, this stage will deliver an ML/AI model that is prepared for operationalization.

Also Read: How AI & Machine Learning Impacting Our Lives: 5 Best Examples

Step 7. Selection of Appropriate Deployment Platform.

Once you are done with the testing phase, continue your mobile application or web application development process. Integrate the ML model to the different components of the application to make it reliable and flexible.

After developing the app, your next stage is to select an appropriate platform for its deployment.

Make sure your platform is well verified and configured. The application should be appropriately integrated with other sets of applications. The last stage of the development is deploying the application in the right place and monitoring the plan.

Conclusion

We have outlined the processes for the AI  application development in 7 steps. Implement all these steps to get success in your  AI projects. These steps will help you in resolving the issues that you might face during your project.

Not only that, it will keep you far away from any type of misleads and failures. These steps are already tested on various projects. It proves the successful delivery for its clients of different sizes and industries.

The market of AI technology shows a ton of opportunity for startups, SMEs out there. Although, this technology is in its beginning stages. Considering all things, creating an AI app quickly and soon, it is an enormous chance that AI could proceed to do complex functions. So, accelerate your AI application development cycle as per the above instructions and make it more robust against mishaps.

Frequently Asked Questions (FAQs)

Q1: In which industries AI application development is worth making?

Ans- AI-based application development is ruling almost all industries like:

• AI in Healthcare
• AI in Finance
• AI in Education
• AI in the Automotive Industry.
• AI in Data Security.

Q2: How do I develop an AI application?

Ans– Developing an AI application is not as challenging as launching a rocket. However, there are a few steps you need to follow:

1. Recognize the problem.
2. Arrange the data.
3. Pick the algorithms.
4. Equip the algorithms.
5. Pick a remarkable programming language.
6. Operate on a selected platform
7. Monitor the progress of the plan

Q3: How is artificial intelligence implemented in mobile app development?

Ans: Try to integrate algorithms that can efficiently study patterns of human behavior. Implementing this process will help you in developing AI-based applications.

The post 7 Proven Steps for AI Application Development appeared first on Techieapps.

Events that occurred over these decades changed the whole perspective of the working-class.

Great Recession also plays an important role in the evolution of jobs along with their locations.

In the upcoming years, the cinematic movement of automation technologies will escalate the speed of modifications.

As Machine Learning and AI are making their ways in the market there will be a time surely when there will not arise any requirement of developers and IT professionals.

The technical bugs will get fixed by the machines themselves.

Automation Won’t be Evenly Spread Across the Places

According to a recent study, less than 5% will get automated in their overall work profile of the job.

While 60% of the jobs have their 50% chances in the assigned work where automation can wave off the employee’s job with the implementation of the technology.

All of a sudden the robots won’t take up the jobs.

It can be observed as a steady process where men get replaced by a machine gradually.

All the employees will have to make adjustments as machines will take the routine work as well as some physical tasks as demand for work is rapidly increasing which involves creative, socio-emotional, creative as well as a high level of cognitive skills.

There are several structures in the organization with various timelines for the global adaptation of automation technologies in the overall work of the States.

The local markets and economies are the hardest hit by the automation technology.

Automation Affecting the Largest Occupational Categories in the States

The large tide of automation will drastically influence the largest employment sector in the country’s economy.

The major occupations are as follows: office support, Food-service, production work, service sectors along with retail sales.
As automation has already developed its roots in the economy.

Nearly 40% of the jobs in the United States are for the time being in the vocational sector which is likely to get reduced from this year to the next decade.

The common aspects which play an important role in reducing unemployment are because it includes routine as well as physical tasks.

The diversified roles are destructing all the sectors of the economy irrespective of their immunity from this huge wave of automation and its destruction.

The changes will not be seen as sudden massive unemployment though there are many organizations that will hire fewer staff and workers.
Administrative assistants, payrolls, and other clerical work are getting replaced by automation.

As you must have observed the trend of using helpdesk automation and chatbots to solves the issues instantly which an individual encounters.

Loss of jobs amounted to lakhs from this year 2012 until now.

Even though the reduction in the jobless class has nothing to hamper the US economy and it was growing at a rapid rate as the economy created more jobs.

The USA economy is expected more occupational jobs until the next decade looking at the rise in population along with the skilled workforce.

Though jobs in certain sectors such as rental clerks and counter attendants may decline still the govt invites applicants in healthcare, creative art fields, and among all the business services.

Impact of AI on the Overall Job Market

Around one-fourth of jobs in the United States is likely to get affected by Automation and AI.

As the sudden boost and features of AI include almost everything which can get automated, the overall job industry would be devastated.

The manufacturing industry, agricultural industry, retail industry, transportation industry along with the hospitality industry are more likely to get overblown when compared to other industries.

If the economy is going to face a recession then it might escalate the shift in the vicinity of automation as many businesses run out of funds and often search for the alternative for reducing the expenses which get incurred by the company.

When the overall conversation of AI and the job market lay down more emphasis on the capabilities of automation and how it is rapidly decreasing the number of workers.

The experts and professionals are even finding ways to look and develop job opportunities which may provide certain benefits to the unemployed class of people and guide them with the ways to keep themselves away from unemployment.

In 2018, a report developed by the World Economic Forum revealed that AI would further aid in creating new and fresh jobs for around 58 million by the year 2022.

The same report also postulated that the AI will discard 75 million jobs by the year 2022 and the disposable extension will enclose brand new job profiles of around 133 million.

More employers are looking forward to the methods to stretch their distant employees and depend on various contractors for their professional needs and deeds.

The Future of Work Will be Different

The future can be predicted as per the ongoing demand and popularity of AI among individuals.

It can be certainly said that in the upcoming years the work performance will be more efficient, productivity will increase along with an increase in the workforce.

As per the current scenario of companies, the workforce is over-occupied with the bureaucratic process and administrative work.

Moreover in the next few years, such administrative and bureaucratic tasks will get processed by Artificial Intelligence.

Along with the time, AI and humans are going to work together and where AI will function as an assistant to humans.

The tasks where AI comes into the picture will be performing by mechanizing more number of tasks.

AI will cause turmoil, expansion, and improvisation across various work processes.

This will further facilitate a more customized approach among the employees in the organization and where colleagues interact with each other in a more sympathetic manner.

Wrapping Up

The companies that work along with implementing AI along with employees will enhance more productivity, systematic, and more civilized.

However, it can be made clear from the article that the companies which work in their traditional ways without integrating AI will face more challenges and obstructions in the near future.

The technology and implementation of AI in the correct method will eradicate all the complications that the company might face in the subsequent years.

The post How AI and Automation are Encouraging Changes in the Workforce? appeared first on Techieapps.

Do you think artificial intelligence (AI) is something related to modern businesses or it’s a concept of future technologies? In reality, technology is all around us. There are many examples of AI in our everyday scenes, easing our day-to-day tasks while allowing us to do more in less time.

Artificial intelligence has been there in many areas of our lives, from using smartphones to browsing on the web to shopping online to social media. Technology has been changing the way we live and improving it.

With countless applications, AI & machine learning are affecting almost every business and sector including finance, retail, healthcare, marketing, and business planning. And our daily life is also positively impacted in various ways.

According to various researches, more than 35% of organizations have adopted AI in some way. And by 2021, over 75% of emerging technologies will be based on AI.

In this blog, we will discuss some of the best examples of how AI & machine learning is already there in our lives.

Highlights:

• Most people have experienced AI in their everyday lives.
• Artificial intelligence is about thinking, learning, reasoning & ideas.
• AI is already there in our real life and it’s evolving greatly.
• Facial recognition, Digital assistants, and Amazon recommendation are common examples of AI in our lives.

What Exactly is AI & Machine Learning?

Both Artificial Intelligence (AI) and Machine Learning (ML) are often used interchangeably, but there is a slight difference you need to know.

AI is a broader concept which focuses on the development of intelligent machines that think, learn, and work like humans. Here the machines show essential qualities such as speech recognition, learning, and problem-solving.

Whereas machine learning is an application of AI, which enables systems to automatically learn and develop from experience. It emphasizes on the development of computer programs that access data and utilize it to learn.

Simply put, AI is a wide concept of machines that can smartly perform tasks. It’s all about building machines capable of thinking and working like humans.

Also Read: 7 Key Mobile App Development Technology Trends for Business

5 Best Examples of How AI & Machine Learning Impacting Our Day-To-Day Lives

In the past few years, Artificial intelligence has shown a big impact on our lives. It helps us make better decisions while affecting our lifestyles every day. If you want to know how AI is becoming an important part of our lifestyle, below are the best 5 examples of artificial intelligence in our life:

1. Smartphones

Smartphones are one of the most essential devices of today and we all use it in our daily routines. Be it communication, reading, or shopping, we do most of our tasks with a smartphone.

And when you use a smartphone, you also interact with AI in some way. There are various built-in smart assistant features in your phone such as ‘face unlock’ and ‘camera portrait mode’ are the features related to AI. Today, smartphones can capture great shots by using artificial intelligence.

Another great event of AI in your smartphones is Google Assistant, Alexa, or Siri. These are modern virtual assistant AI technologies developed by leading players of the tech world. Further, machine learning is enhancing services like Gmail and Google Search.

Nowadays, many manufacturers are integrating AI in their devices and bringing unique features to the modern world. They are putting more emphasis on AI and machine learning to improve device performance and management along with improved personalized experience.

2. Social Media

Social Media is an interesting part of your daily life and you use it to connect with your friends and community. Facebook and Instagram are highly popular social media apps that most people use today. And when you use social media, artificial intelligence is there to suggest you and help you make better decisions.

Notifications, feeds, Ads, and other allied personalized things are created with the help of AI. The technology offers you a tailored experience by taking all your past web searches, interactions, and much more.

3. Smart Home Devices

Several devices already have introduced artificial intelligence in our houses. Smartphones, smart refrigerators, smart home cameras, smart doorbells & locks, smartwatches, and smart speakers are some of the notable devices that are powered by AI.

Another buzzword is Smart Homes that make use of AI & the Internet of Things (IoT) to make our everyday lives easier, smarter, and securer. Whereas, Amazon Alexa is a prime instance of smart home devices that make use of artificial intelligence to learn our behavior.

These types of AI-based systems not only exist in our lives today but they will become more prominent in the future.

As of 2019, approximately 3.25 billion digital voice assistants are being used in devices worldwide (source Statista).

4. Google Search

Google is the most used thing in your day-to-day scene and you can’t spend a day without searching anything on Google. Right? Whether you want an answer or search for a product or idea, you use Google.

Search engines such as Google take the help of AI to deliver you the apt result. It shows you relevant Ads and news based on your search history. Here the aim is to give a better web searching experience tailored for you.

One of the key uses of AI in search engines is to bring quality content/pages for users with deep learning algorithms.

5. Online Stores & Services

When you shop online, you must have seen product recommendations and offers from the e-commerce store. Here AI plays a major role in offering you great digital assistants, effective web searches, and social media advertising.

Today, AI is an essential technology for e-commerce companies to give a personalized shopping experience to users. They use artificial intelligence to figure out what brings value to you.

For instance, Amazon uses AI algorithms to learn what you like and offer recommendations with predictive analytics. Another great instance is Netflix, which uses your past viewing history to offer you suggestions based on genres, actors, and languages.

Also Read: Do You Know the Top Artificial Intelligence Software?

Final Thought

As you can get some ideas from the above-curated examples that AI does exist in our present and will continue to evolve in the future. In this modern world, AI is greatly impacting our lives daily. It’s everywhere, whether we use smartphones, search on Google, shop online, or watch videos using a streaming service.

Artificial intelligence and machine learning not only helps us in our day-to-day activities but delivers what is most helpful for us. Today many programs and services are driven by AI making everyday things easier and efficient for us.

Both AI and machine learning are complex terms for most people, however, they are already using these technologies in their real life. With more advancements in AI and ML, it will make our lives more simplified in the near future.

The post How AI & Machine Learning Impacting Our Lives: 5 Best Examples appeared first on Techieapps.