10 Industries Being Revolutionized By AI and Automation Technologies
In this article, we will look at the 10 industries being revolutionized by AI and automation technologies. We have also covered some interesting insights about disruptions in industries as a result of AI along with companies that have been at the forefront of these transformations. If you want to skip our detailed analysis, head straight to the 5 Industries Being Revolutionized by AI and Automation Technologies.
Global Industrial Automation Market and Growth
According to Fortune Business Insights Report, the global industrial automation market was valued at $191.89 billion in 2021 with projected growth of $395.09 billion by 2029 and a CAGR of 9.8%. Even though the COVID-19 pandemic caused a temporary decline of 6.5% in 2020, but automation solutions have proved to be immensely crucial in mitigating its impact. Market players like Emerson Electric, ABB, and Rockwell Automation led the way with innovative technologies. Moreover, the rise of 5G, Industry 4.0, AR, digital twin, and IoT fuels automation demand across sectors. With significant growth prospects, automation remains vital in safeguarding processes, increasing efficiency, and meeting consumer demands in the future.
Industries That Have Been Disrupted By AI
With industrial automation growing in an unprecedented manner, AI has disrupted the healthcare sector by catalyzing a rapid digital transformation. From virtual triage to personalized treatments, AI has revolutionized patient care to new heights. Quicker diagnosis is now possible through AI-driven image interpretation, while deep techplatforms or even startups like Niramai in India can detect breast cancer early using thermography.
Moreover, clinical decision-making has been massively improved with AI's assistance in treatment design and genomics studies. Hospitals benefit from AI-based tools that automate their administrative tasks, optimize patient flow, and predict readmissions. On the other hand, patients get to enjoy enhanced experiences with AI assistants guiding them through their healthcare journey. Thus, we see how AI has shifted healthcare towards a digital, patient-centric model, that has not only improved accessibility but also promised efficiency, and preventive care. The future of AI holds even greater potential, as AI continues to empower medical professionals and revolutionize healthcare delivery worldwide.
To exemplify, we can look at how Abbott Laboratories (NYSE:ABT) has leveraged AI in healthcare through two neoteric use cases. First, they developed the Ultreon software, which utilizes AI automation to provide precise micrometer-level medical imaging of arteries in the eye and heart. This AI-enabled technology offers real-time data to physicians during heart stint surgery, streamlining clinical decision-making and leading to better patient outcomes. A study sponsored by Abbott Laboratories (NYSE:ABT) revealed that 88% of physicians altered their treatment strategy when using the OCT solution paired with Ultreon which indicated a strong and high demand for this modern imaging platform.
Secondly, Abbott Laboratories (NYSE:ABT) deployed an ML algorithm to predict heart attacks and identify individuals at risk. By harnessing the power of machine learning, Abbott Laboratories (NYSE:ABT) can potentially save lives by detecting warning signs of heart attacks in advance and thus, enable proactive interventions.
AI's impact on the fashion industry has been nothing short of revolutionary as well. With the ability to analyze vast amounts of data, AI has transformed fashion designing by predicting consumer preferences and generating designson its own. It streamlines the design process by automating mundane tasks, that allows designers to focus on their creativity. Virtual prototyping through AI also enables designers to visualize their creations before physical prototyping which saves time and resources.
However, it is important to highlight that AI's role goes beyond the design phase. It enhances supply chain management by accurately forecasting demand and optimizing logistics. This efficient supply chain management ensures timely delivery and minimizes waste, that in return promises sustainability. Additionally, AI provides a personalized shopping experience for customers through accurate product recommendations, virtual styling, and AI-powered chatbots that offer real-time assistance.
For instance, Levi Strauss & Co (NYSE:LEVI) uses AI to enhance its website and mobile app by providing personalized product recommendations based on consumer data from specific markets. AI is helping Levi Strauss & Co (NYSE:LEVI) customize its stores to cater to the different needs and interests of local consumers which has increased their enrollments, revenues, and app registrations in their loyalty program.
Levi Strauss & Co (NYSE:LEVI) has recently announced their partnership with Lalaland.ai which is a digital fashion studio that uses AI to build customized hyper-realistic models of various body types, ages, sizes, and skin tones. Through AI-generated models, Levi Strauss & Co (NYSE:LEVI) aims to supplement human models and diversify their product representations, providing customers with a more inclusive and personalized shopping experience.
Moreover, AI aids in inventory management by tracking and predicting inventory levels, preventing stockouts, and enhancing customer satisfaction. Ai has given rise to the groundbreaking technologies of virtual try-ons, style recommendations, and trend predictions that have taken the shopping experience to another level of transformation. Thus, it is not wrong to say that healthcare and fashion are two industries which benefit massively from AI and automation.
However, there do exist industries that will not be affected by AI in the near future atleast. They include sectors with plenty of creative work like movie directors, human-centric roles like psychologists and counsellors and skilled trade workers like plumbers or electricians. Of course, there can be robots made for these jobs, but it will take some time to replace humans completely from these fields. We have also discussed interesting insights in our article related to AI jobs, if you are interested, please head straight to Jobs That Will Disappear in the Future Due to AI.
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Our Methodology
We conducted a comprehensive analysis of industries being revolutionized by AI and automation technologies by exploring various sources on the internet to identify common patterns and trends. After compiling a list of 15 such industries, we ranked them using exposure and consensus scores and the 10 highest ranked were eventually selected.
For the exposure score, we relied on MSCI's ranking of estimates for the share of employment exposed to AI automation in each industry. This score indicates how extensively AI and automation are already integrated into the workforce. Here, a higher exposure score equates relatively lower exposure.
For the consensus score, we considered input from multiple sources, with Reddit being a key platform where discussions about industries embracing AI and automation frequently occurred. Similarly, the industries with the most mentions and agreement on their automation practices received lower consensus scores. By averaging the exposure and consensus scores, we determined the final ranking.
Please note and remember that industries with lower average scores received higher ranks. In case of similar average score, industry with a lower exposure score was ranked higher.
Note: For the purpose of this article, we have treated industries and fields alike to to give you a broader perspective.
Here is a list of Industries Being Revolutionized by AI and Automation
10. Healthcare
Exposure Score: 10
Consensus Score: 10
Average Score: 10
Artificial intelligence has revolutionized healthcare in the US quite extensively. For instance, Ohio's Hospice introduced an intelligent automation platform, that allowed them to give back 24,000 business hours after the pandemic and achieved six speedy automated processes.
Highmark Health also cleared a backlog and processed over 200,000 claims in just five days using AI to ensure that 2.1 million patients' claims were paid. AI-driven digital workers have improved service delivery while coping with mounting workloads, and reduced costs. Digital-first strategies with AI, interoperable analytics, and advanced technologies are driving the future of medicine that put patient care at the heart of healthcare and minimize the long-term health effects caused by postponed services.
Healthcare professionals are also some of the most respected professionals in the world with well-deserved high compensation packages around the world, especially in the US.
9. Retail
Exposure Score: 8
Consensus Score: 9
Average Score: 8.5
Retail sector has utilized AI to improve customer experiences and optimize operations, making it one of the top industries/fields being impacted by AI. For example, Walmart Inc (NYSE:WMT) utilizes AI to improve customer and employee experiences across its vast network of stores. At Sam's Club, a membership warehouse club by Walmart Inc (NYSE:WMT), floor scrubbers equipped with AI technology capture real-time images of every item on shelvesthat enables better inventory management and ensure products are in stock. This AI-driven approach helps Walmart Inc (NYSE:WMT) personalize shopping experiences and streamline operations for increased efficiency and customer satisfaction. Hence, retail is one of the industries currently influenced by AI.
8. Computer and Mathematical
Exposure Score: 9
Consensus Score: 3
Average Score: 6.0
While the field of Math isn't particularly an industry in the same sense as others in our list, we've included it because Math plays a fundamental role in many industries dealing with bleeding edge R&D. AI is transforming the field of mathematics, an example is symbolic AI like Lean which is an interactive theorem prover. It enables mathematicians to check and refine proofs more efficiently, while avoiding endless debates. Hence, it is one of the fields being revolutionized by AI and automation technologies.
However, the rise of non-symbolic AI, like deep learning and neural networks, presents a divide between mathematicians and AI. While AI can prove theorems and solve complex problems, mathematicians believe their creative capacity sets them apart. This ensures that their roles are secure until AI becomes as creative as humans. Speaking of deep learning, you can also check out article on deep learning courses for high salary jobs.
7. Life, Physical, and Social Science
Exposure Score: 4
Consensus Score: 8
Average Score: 6.0
In social sciences, AI has the potential to revolutionize research by offering real-time interpretations of human conversations from the internet that also simulates social interactions between individuals, and even substitute human participants in data collection. However, concerns about bias reproduction and misinformation need to be addressed. For instance, large language models like ChatGPT could inadvertently spread false information if users rely solely on confident-sounding but inaccurate outputs.
In life sciences, AI has already made significant strides in clinical trials and manufacturing. In silico, clinical trials that are powered by AI have the potential to speed up the drug development process and reduce costs by eliminating the need for living cohorts. In manufacturing, AI streamlines biopharma processes and predicts roadblocks while also identifying quality control issues.
6. Community and Social Service
Exposure Score: 6
Consensus Score: 5
Average Score: 5.5
Social and community services are observed to be adapting AI by incorporating technologies like virtual reality and artificial intelligence into their curricula. For example, universities are using VR simulations to train social science students in child welfare investigations. Moreover, AI and telehealth services are also being utilized to provide better access to treatment and support for those in need in remote areas.
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Disclosure: None. 10 Industries Being Revolutionized by AI and Automation Technologies is originally published on Insider Money.