Future Spotting: 6 Ways Industries Are Leveraging AI

From technological advancements, increased automation, and personalisation, Artificial Intelligence (AI) has steadily made its way into our lives. It has the potential to transform virtually every industry and aspect of our lives, from healthcare and finance to transportation and education, yet there is so much to learn about the technology still.

APAC is the fastest growing AI market in the world. Excluding Japan, APAC’s investments in new technologies such as AI is expected to account for close to 40% of its total information communication technology investments by the end of 2023, miles ahead of the rest of the world which sits at a rough growth rate of 22%.

Through AI, industries are creating virtual models for simulations, allowing them to predict how a product or system will perform.

Creating digital twins in the Omniverse has allowed companies such as BMW, Ericsson, Siemens Energy, and Lockheed Martin to create physically accurate virtual replicas of unique objects, processes, and environments, which are all in sync with real-world data inputs and powered by AI.

Germany’s BMW Group uses the Omniverse as its virtual factory. Its platform integrates data from various design and planning tools and different producers, creating real-time, photo-realistic simulations in a single setting.

Staff from anywhere in the world can access this virtual space to plan or optimise details of production process, reducing the need of physical travel. The Omniverse simulates all of BMW’s 31 factories and all elements from its human associates and factory interiors to the assembly parts and robots.

AI has proven to be highly effective in a wide range of use cases including:

• • Data handling, including classification, cataloging, integration, and quality
    control.
  • Vulnerability management by surveying network traffic and identifying
    patterns suggesting criminal behavior.
  • Threat detection through predictive AI, which can project which of the thousands of alerts has the highest risks and deal with them first.

By leveraging new advances in natural language processing technology, cybersecurity company Sophos can now detect never before seen, hard to detect Business Email Compromise attacks with near zero false positives. But this is just the beginning.

Precision medicine is on the rise as AI optimises electronic health records, helping medical professionals deliver targeted diagnostics, develop patient-specific drugs, and customise treatment plans. 75% of healthcare facilities that used AI claimed it improved their capacity to cure diseases, and four in five said it helped them avoid job burnout.

To add to this, Telehealth is stretching its powers to include remote physical exams with the help of smartphone solutions and wearables.

Research and pharmaceutical entities can use the same devices in conducting clinical trials so that participants don’t need to travel to a trial site to answer surveys and assessments.

Mobile devices are often linked with telemedicine, to which many applications are available. Telehealth will, however, eventually incorporate assistive robots, which will play a significant role in delivering healthcare to residents, particularly the elderly. Smart robots can help individuals with activities like walking and moving about the home, delivering timely medicines, and notifying authorities in the event of an emergency.

The Japanese government has already begun financing research into the creation of AI robots to help the elderly. These robots can help individuals move, bathe, dispose of their waste, and check their health in real time.

Artificial intelligence is transforming e-commerce and retail industries through purchasing recommendations, voice-enabled shopping assistants, personalized shopping experiences, robotic warehouse pickers, facial recognition payment methods, anti-counterfeit tools, chatbots, and more. The Asia Pacific AI in retail market size valued at USD 500 million in 2020 and is set to observe 40% growth rate between 2021 and 2027.

Research shows that AI in supply chain management can reduce management errors, reduce product shortages, lost sales, and administrative costs.

The use of the latest artificial intelligence technologies makes it possible to offer retail a full range of automation solutions from partial modular automation, such as vending machines, to a fully automated “grab-and- go” store.

Kroger, an American retailer, has partnered with Ocado to provide it with automated warehouses. In total, Kroger has announced plans for 10 Ocado customer fulfilment centres. Kroger has also adopted AI to reduce its self-checkout errors and has deployed Everseen’s Visual AI technology across 2,500 stores.

30% more businesses in Asia Pacific plan to start using technologies like speech analytics in 2022. More organizations are employing conversational AI tools. The global voice cloning market size could surpass the $5 billion mark by the end of the decade.

Voice cloning comes in various forms, including AI technology that translates text into speech, as well as speech into speech. This technology has been used in the metaverse, call centres, movies, and the healthcare industry, etc.

Cloned speech can be useful in call centres, helping agents to speak in a different language, and in settings where a digital avatar is needed. For example, for enterprises that use digital avatars to support call centre agents, synthetic speech can communicate with consumers before they’re transferred to an actual agent.

Admissions departments can also use synthetic speech with digital avatars to attract new students.

Speech-to-speech can also be used when people might have trouble understanding call centre agents because of varied accents.

Related content: Future Spotting: 5 Consumer Tech Trends To Watch