Experimentation and innovation are the main reasons for the world’s exponential growth and market place success. New technologies, software, tools, and applications are the core of today’s business processes. However, the revolutionary software development industry is shifting gears with AI-powered tools and applications to automate all business operations.
In 2017, AI’s market value was around $2 billion, but by 2025 it will grow to $ 60 billion.
Virtually every industry is enhancing its revenue by embracing AI and its benefits. On the other side, decreasing the use of manpower. The most prominent users of AI automation tools are in sectors like healthcare, E-commerce, finance, education, etc. Almost all the tech giants, especially the software development industry in the USA have realized the benefits of adopting AI and business automation applications.
Artificial Intelligence – Old vs new concept
“Artificial intelligence” is not only about building military reports! But it refers to that computer software and systems that learn, plan and solve problems as we do in our daily lives. Software Engineers are studying AI, applications & tools for AI for a long time. With each successful study, they are developing algorithms to develop such tools that have similar power and behavior to that of humans.
I am talking about the artificial intelligence world which is expanding by itself in the software development industry. The best example of this is AI BOT. The automatic chatbot integrated in almost 80% of websites to handle customer queries, and comments.
Whether it is E-commerce, National Defense Agencies, or the automobile sectors, AI is making its space in every business sector. According to research, AI bots by 2020 will power more than 80% of customer service interaction 24×7; thus, making $33 trillion. It is far better to say that, Artificial intelligence + Machine Learning + Deep Learning is the second software revolution currently happening in the IT development industry.
Some Successful Ventures of AI Automation Tools in Software Development Industry
- AI automation tools easily convert ideas into codes to improve the productivity of a software development company.
- AI testing tools improve the accuracy of software during the development phase and helps in fixing bugs and errors.
- AI marketing tools can manage customers and outperform humans in making customer interactions.
- AI-enabled tools can help you create safe and secure systems.
- There are several tools for AI to automate business processes.
- In the web hosting industry, AI can optimize the server.
The AI development tools are impacting industries
Among several business industries of the world, five industries are heavily investing in AI to reap out most benefits, they are:
Government and healthcare organizations have a lot of data. AI is successfully mining data to find out the diagnosis and treatment patterns of many medical conditions, diseases.
AI and ML (Machine Learning) are helping in medical surgeries, medication management, drug discovery and more. Recent experiments reveal that AI has a huge potential in the healthcare industry.
E-commerce is the fastest growing industry where E-commerce websites use AI for product recommendations. AI-powered chatbots and tools target the audiences to increase the E-commerce website’s sales and revenue.
Education & E-learning
A research report reveals that the use of AI in the education sector in the USA will grow by 44.5%. Nowadays, AI and Machine Learning effectively and efficiently evaluate student’s marked responses in multiple-choice questions. Also, AI can decide a personal and effective learning path for the students.
Banking & Finance
AI is transforming the banking and finance sector and could manage 20% of total assets in the next five years. AI drives this sector very well and automates trading accounts. Not only this, but AI also helps companies and recommends them to make investment decisions. It is expected that AI can drive 75% of the US financial market by 2023!
Logistics & Transportation
AI is also making space in transportation facilities. With the help of AI, the vehicle companies are making their cars, trucks more robotic, and self-driven. Also, AI is using its new machine learning algorithms to manage traffic flow. An example is of digital assistants, which upon our command can switch on/off the lights of our living room. Furthermore, in 2020 we will have self-driving cars and Elon Musk’s AI-powered electric cars in the streets of the USA.
The usage of AI tools in all these industries is playing an important role and is setting new remarkable business returns. These AI-powered solutions are making the lives of customers easy and businesses are witnessing huge growths. No doubt that the combination of AI + ML is revolutionizing the software development services provider, it is still in the early stage. Moreover, AI is helping the software developers to automate business software and enabling the development companies to reap more benefits.