AI or Artificial Intelligence is one of the biggest technological inventions that have already impacted many businesses. The technology is continually transforming the way businesses work and deal with their customers. It would be no wonder to see AI in the list of the factors that contribute to economic growth in the future.
Even the popular Irish domiciled company, Accenture, analyzed 12 developed economies and came to a result that AI can double their economic growth in the next decade. The rapid advancement AI is bringing to various fields is one of the reasons that AI startups are getting huge funding from big industries.
Here is how AI startups are creating disruptions in various business verticals:
AI in Customer Support
Customer support is an important aspect of every business. With AI startups providing solutions such as chatbots, it has become easier to entertain multiple customers and respond to their queries in real-time with minimal workforce. AI-powered chatbots are programmed with answers or solutions to common problems asked by customers.
Moreover, another benefit of chatbots to the customer support industry is that the support executive gets only the relevant calls directed by chatbots after examining a customer’s query. Let’s look over these examples:
- Dixa– Dixa is a customer support software that ensures engagement between the customer and the brand through email, chat, phone, and messaging.
- IBM Watson– IBM’s Watson Assistant is an IVR system that uses NLP technology to modernize the way companies offer support to their customers.
AI in Content Creation
Like the other fields, the artificial intelligence has also benefitted the digital marketing industry with various tools to create, curate, and distribute content. These tools use big data and natural learning process (NLP) technologies to create effective and relevant content for your business. Many startups are providing AI tools and software to automate content creation. Let’s know about them:
- MarketMuse– This AI content planning and optimization software assists in content creation and making content strategies.
- BuzzSumo– It helps businesses to find out content ideas by uncovering platform insights.
AI in Education
Learning has always been a foundational part of humanity. Over the years, technology has played a crucial role in the evolution of education. While much of the education system did rely on a central curriculum, technology is adding a touch of personalization and flexibility to it.
Artificial Intelligence (AI) has started to impact the way teachers impart the learnings and students achieving them. It has enabled teachers and students to take and attend classes irrespective of their location. It is reducing administrative work and enabling teachers to create lesson plans and grade tests quickly and easily. On the other hand, AI is empowering students to learn at their pace, improve results, and avail themselves of global learning opportunities.
Many companies have openly embraced AI in education, and here are a few of them.
- MyBuddy.ai: This San Francisco-based company is developing virtual tools that help kids to learn English. It features an AI-based virtual tutor who coaches kids. This is specifically useful for students who want to learn English but don’t have a company to practice with. With unlimited practice sessions, it ensures bespoke English tutoring.
- Nuance: It is a Massachusetts-based company that is leveraging the benefits of speech recognition in education. Their software transcribes up to 160 words per minute, proving to be of extreme help for students who struggle with writing. Teachers can utilize it to dictate lectures for later use
AI in eCommerce
By allowing the eCommerce companies to look into customers behavior, search history, and other details, artificial intelligence is helping them to drive more sales. Use of chatbots to interact and handle customers’ queries, handling & managing customer data, recommended products relevant to customers’ searches, inventory management, improving decision making, and offering better after-sale service and CRM are a few other ways by which artificial intelligence is making a strong presence in the eCommerce domain.
- Signifyd– The company offers fraud detection services with its “Guaranteed fraud detection” service. It utilizes anomaly detection technology to keep an eye on the fraudulent transactions.
- Sift- This San Francisco based also follows Anomaly Detection to facilitate identity and account verifications.
AI in Fitness
AI startups are helping people to stay fit by providing them a dedicated fitness coach, dietician, and instructor and designing an exclusive fitness program for them. Well, if you find it hard to believe, then check out the examples of AI-enabled fitness applications we have provided here. By using these applications, you can not only get selected fitness programs but also ensure that you are doing an exercise correctly. AI-powered fitness applications are scalable, which allows startups to cater to millions of customers with a little workforce. Let’s check out a few examples of the AI startups disrupting the fitness world:
- HealthifyMe- An Indian startup that helps people to count their daily intake through its application powered by artificial intelligence. The app tracks its user’s lifestyle, workout regime, and other food habits to do the calculations.
- Zenia- Zenia is your personal yoga assistant that uses motion tracking, machine learning, and computer vision to improve your yoga experience.
In addition to these two, Growfit, Obino, GOQii, Zoojoo.Be are a few other AI startups contributing to the disruption in this field.
AI in Image Creation
AI startups are also assisting people in image creation by providing them tools and software powered by artificial intelligence. AI uses Generative Adversarial Network or Nets (GAN) to create a lifelike image. Today, artificial intelligence can generate images of animals, food items, representation of your words, and almost everything. Runway ML, ml5.js, and Magenta are some of the tools making image creation possible through artificial intelligence.
AI in Healthcare
By using machine learning, natural language processes, and other AI technologies to automate different processes and bring accuracy in the scan results or diagnosis, start-ups are assisting medical facilities to reduce cost and increase the efficiency of medical professionals. AI-enabled devices, equipment, and machines provided by these start-ups are helping them to raise big.
- OrCam- The Israel based company offers “MyEye” an AI-enabled device that helps visually-challenged people to understand text and recognize objects, using a discreet wearable platform.
- Freenome– Headquartered in South San Francisco, Freenome Inc. offers AI-powered screen devices for early cancer detection.
Well, these are not the only two names in the list of AI start-ups disrupting the healthcare world. SigTuple, Babylon health, Zymergen, etc. have also contributed to the transformation of this industry.
AI in Travel
There is no denying that AI startups are disrupting the travel industry by automating almost every element of the travel process. With personalized search platforms, chatbots, in-room virtual assistants, AI is helping out travel companies to enhance customer experience, increase conversion rate, and boost sales. Solutions provided by the AI startups also help brands to look into customers’ travel history and create tailored recommendations that have a high chance of getting converted.
- Mezi- It’s an advanced AI dedicatedly for travelers to give them a first-rate experience.
- Emma.ai- The company develops travel assistants leveraging the potential of artificial intelligence.
AI in Agriculture
AI is poised to change the way farmers work in the fields and manage their crops. It assists in crop and soil monitoring, spraying fertilizers, predicting agriculture analysis, improving the efficiency of supply and chain. Managing crops this way ensures high yield and profit to the farmers.
- HelioPas AI – A German startup develops AI-based solutions to deal with droughts. The firm provides AI-powered soil monitoring systems to monitor and control irrigation and look over threats associated with moisture and dryness.
- OneSoil – The company offers AI-based solutions to let the farmers know about their land and soil, weather information, and other details of their crops.
AI in Transport
The arrival of self-drive cars has revamped the entire auto and transport industry. These cars operate without the need of a human and people can control that car’s function using voice commands. This sounds no less than a dream. The technological transformation has helped many big companies to cut down their cost by using self-drive cars for food delivery, taxi services, product delivery, etc. Cutting down wait time by predicting the delay in the arrival of a taxi and using drone taxis are another two benefits AI offers to industries. Let’s look over a few examples of AI startups making a mark in transport industry:
- Waymo: It is an American autonomous driving technology development company that offers self-driving taxi services in Phoenix, Arizona.
- NoTraffic- World’s first traffic management platform that helps in dealing with traffic challenges and manages traffic lights in real-time by utilizing smart sensors.
Conclusion
Artificial intelligence is and will continue to modernize the way people work in different industries. The only negative impact of this technology is that it is eating up a lot of employment by automating several tasks as well as finishing them up in seconds.
Looking over the benefits AI provides in various sectors, it is the right time to integrate this technology into your business. You can hire AI developers or contact top AI development companies to get your business powered by artificial intelligence.