AI likely to increase ROIs across industries: Experts
As a result of faster, more transparent transactions and higher Return on Investments (RoIs) across sectors, artificial intelligence (AI) is having a substantial impact on key industries, industry experts said on Tuesday.
According to the experts, the impact of AI in sectors as diverse as healthcare, education and real estate stands out.
Data and computing resources combine to work magic, using AI, and making all these sectors much more efficient than previously imagined.
"AI is expanding the scope of healthcare innovation and is a brilliant approach to making decisions based on deep learning and a cloud dataset. More and more of our clients are also educating themselves on how these technologies work to their advantage in increasing their ROI," Arvind Nagpal, Founder and CEO, HealthWorksAI, a B2B SaaS Healthcare analytics company, said in a statement.
As per a study conducted by Microsoft and the Internet and Mobile Association of India (IAMAI), the country's AI market is expected to project growth of 20 per cent over the next five years, with the country producing 16 per cent of the world's AI talent pool.
AI is not only bringing precision to healthcare but is also accurately diagnosing radiology reports, enabling human professionals to move away from mundane tasks to focus on more pressing things.In the education sector, AI is helping improve outcomes by making subjects far more accessible to students.
AI robots and AI-based online learning tools that offer a student-centred approach, smart content delivery and real-time assessment are reinventing the learning ecosystem.
The New Education Policy (NEP) 2020 recommends to introduce AI education and machine learning (ML) to students at all levels.
"The influence of AI is taking center stage in our daily lives. From self-driving cars to humanoid robots to virtual assistants, AI is transforming the way we live, work, travel, learn and do business in the 21st Century," said Rishi Khemka, Founder and CEO of MindBox India.
Mindbox is a STEM Accredited organisation dedicated to teaching professional design and code learning tools/software to students of the six to 18 age group.
While education and healthcare are transforming with AI, traditional sectors like real estate are not far behind.
In fact, the use of AI in realty is leading to faster transactions and transparency in deals.
"The steady growth in adoption of technologies like AI & ML across the real estate sector is a reflection of the fact that Industry players are realising the benefits of digital transformation and best practices in terms of a better understanding of customer preference, market trends and also in terms of optimal use of resources, workplace efficiency, transparency and faster turnaround of projects," said Vikram Kumar, Senior Director, Business Operations, Compass IDC.
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