Top Applications of Artificial Intelligence (AI) in 2024

Artificial intelligence has become the cornerstone of various applications in the digital-driven and competitive world. With capabilities to solve complex problems in almost every industry like healthcare, finance, entertainment, education, IT, and many more, AI makes lives more fast-paced and comfortable.

AI technologies have a huge market, which amounts to almost 200 million US dollars in 2023 and is expected to grow beyond 1.8 trillion US dollars by 2030. While AI is not a complete replacement for human intelligence, it streamlines the workflow of any business and makes jobs quick and accurate as a transformative force.

Regardless of your business size or industry, AI applications can streamline and scale operations strategically. The uses of AI in businesses have been well reflected in improving the user experience, automation, process management, customer support, finance, marketing, healthcare, education, and the list goes on.

With expertise in offering AI and Machine Learning services, we have compiled the top applications of Artificial Intelligence, where you can witness game-changing innovations that will shape businesses worldwide.

Businesses invest heavily in AI-powered technologies due to many reasons, like improved efficiency, enhanced operations, reduced process costs, increase in revenue, high-end decision-making, great customer experience, etc. The use of AI promises business agility and supports you in your journey towards a complete digital transformation. Let’s check out the impact of AI in business to explain it further:

• Improved customer engagement and experience

Tools like AI-driven assistants and chatbots are changing customer service interactions. Other innovations, like automated sentiment analysis, help agents optimise the workload and automate the usual repetitive tasks.

• Data analytics and insights 

AI can process huge volumes of current and historical information, gather insights, drive conclusions, and forecast future trends and behaviours. This enables businesses to boost decision-making and scale business growth.

• Automation of business processes

AI can improve the process and efficiency of existing software tools, automate repetitive processes like data entry, notes, and reminders, and support everyday content creation, editing, and so on.

• Personalised recommendations and targeted messaging

AI helps analyse customer data captured in CRM systems to identify similarities in purchase behaviour and customer preferences. It lets businesses offer highly personalised recommendations and targeted messaging for the intended audience. 

The use cases of Artificial Intelligence across all industries are incredible. AI has become the perfect assistant, making it easier to perform repetitive tasks, analyse information, and optimise various business processes. Here is a glance at the applications of Artificial Intelligence in 2024 to watch out for. 

1. Ecommerce

Personalised Suggestions: AI identifies your shopping patterns and buying behaviour to suggest things you might be interested in. It behaves like a personal shopper who better knows your style and makes the online shopping experience the best while helping you explore things you would wish to buy. This lets businesses sell more and customers save time.  

For instance, ‘WAC Commerce’ is a high-value Adobe Commerce extension that equips online storefronts to guarantee extended functionalities like advanced search, AI-enabled similar products, visual merchandising, personalised recommendations, order management systems, analytics etc. 

Inventory Management: AI manages the store’s shelves, where you gain predictions of how much of every product people purchase and automatically place orders when required more. This maintains an optimal balance of items and avoids excessive stock, while also ensuring an appropriate supply to prevent customers from leaving without shopping.

Dynamic Pricing: AI dynamically modifies pricing based on demand, inventory levels, and market conditions, which ensures that customers earn an optimal value while improving the profitability of the store. 

2. Data Security

Threat Detection: AI is the best at analysing massive amounts of data to detect unusual behavioural patterns. This lets security professionals identify possible threats quickly and more efficiently compared to conventional methods. AI can seamlessly track network traffic, system logs, and user activity to detect suspicious events, zero-day attacks (unaddressed vulnerability), and other threats that could bypass traditional signature-specific detection.

Reduced False Positives: Traditional security systems typically alert security analysts, and the majority of them might turn out to be the least harmful. AI can glide through these circumstances and prioritise the most crucial threats. By learning from previous incidents and huge datasets of threat intelligence, AI can decide on genuine security risks and continue activities, which helps security teams focus on real problems and enhance overall response times.

Improved Security Automation: AI automates many complex security tasks, which lets security experts focus on more strategic operations. AI-powered systems can for example, automatically investigate and respond to security incidents, which reduces the time it takes to minimise the damage from a breach. Also, AI can automate processes such as data encryption and user access control while ensuring the right enforcement of security policies across the organisation.

3. Social Media

Smart Suggestions: AI acts as a guide on social media. It learns your interests and watches your activity, then suggests things you might be interested in, like videos, posts, ads, etc. It acts as someone who understands your preferences and suggests the stuff you’d like to try, which makes the social media experience highly personalised and enjoyable.

Virtual Assistants and Chatbots: Chatbots and AI assistants act as digital helpers across social media. They are swift to respond and talk to you like a real person. They can respond to your queries, share the data, and even help with problems. It is similar to having an assistant available around the clock, which makes the social media experience smoother.

Sentiment Analysis: AI can understand how people feel across social media. It records their comments and posts and finds out what the person feels like. This helps businesses understand their customers’ sentiments and react accordingly. AI acts as a mood gauge where companies can make customers feel comfortable.

Trend Analysis: AI keeps track of all chats and understands what is popular right now. This enables businesses and individuals to understand what everyone thinks and talks about. It is more like a news reporter who keeps customers in the loop about what people buzz about and what is trending.

4. Chatbots

NLP: Natural Language Processing (NLP) enables chatbots to interact with human beings through swift resolutions to queries. It lets chatbots process speech inputs or text and extract meaning to get the expected response.

Multi-Language Support: AI-driven chatbots can handle various languages to support users across the globe. NLP algorithms help chatbots understand and create responses in different languages to contribute to a vast community for huge support.

Adaptation: AI uses algorithms to learn and improve with time. With Machine Learning techniques, chatbots can analyse and identify areas for improvement and update according to the details shared.

5. Lifestyle

Personalised Recommendations: AI algorithms detect user purchasing patterns and offer personalised recommendations based on these for various categories like, say, books, clothing, etc. The key objective of AI is to provide tailored solutions for customers to give them the best experience possible.

Virtual Assistants: Many applications have begun offering exceptional customer experiences by adding virtual assistants to the ecosystem. AI-driven virtual assistants such as Alexa, Siri, and Google Assistant play a significant role in this. With AI and ML algorithms and NLP, the assistants respond to the customers’ queries and take the necessary actions.

Language Translation: To gather more sales and traffic, businesses have now begun deploying multiple language support systems that target huge audiences regardless of the country. AI is enhancing translation through various technologies. Computer-Assisted Translation (CAT) tools improve translation consistency and efficiency by integrating translation memories and automating tasks. Meanwhile, machine translation systems use advanced AI to offer more accurate and contextually aware translations.

6. Healthcare

Disease Diagnosis: The uses of Artificial Intelligence are well reflected in its capability to analyse patient data and detect patterns that could indicate disease. This helps doctors diagnose diseases earlier and more accurately.

Treatment Development: By analysing massive datasets of patient-related information, AI identifies new patterns and relationships, which can be used to produce new drugs and therapies.

Personalised Care: Through patient data analysis, AI helps doctors develop treatment plans custom-tailored to meet the patient’s specific needs. 

7. Automotive Industry

Self-Driving Cars: AI is similar to the brain of self-driving cars. It observes what happens around the car with different sensors and decides on what the car must do, such as turning, stopping, etc. It looks similar to having a super-smart driver without requiring a person. This makes cars drive on their own and makes travel safer since it doesn’t need a human being to steer.

Advanced Driver Assistance Systems (ADAS): AI gives smart functions and capabilities to your car and makes you secure. It can autonomously regulate your vehicle’s speed while staying on the highway, support you in maintaining lane discipline, and manage breaks while identifying possible hazards. These intelligent functions are similar to those of a co-pilot and ensure your safety by eliminating accidents and ensuring a safe arrival at your preferred destination.

Voice Recognition: AI-powered voice recognition systems let drivers control different functions in their vehicles like music, navigation, and communication with the help of natural language processing. 

8. Marketing

Segmentation: AI uses algorithms to handle huge data sets to detect and visualise customer preferences and behaviour. This also enables companies to classify the user base according to various metrics like age, gender, purchasing history, and more.

Content Creation: AI uses Natural Language Processing (NLP) to produce curated content. Besides this, it is also highly capable of building different segments of content in the least amount of time.

Advertising: AI boosts advertising campaigns through optimising bidding, targeting, and creative elements that can scale the advertising strategy. It also helps understand the users’ sentiments and patterns depending on different datasets. 

9. Sales and CRM

Lead Prioritisation: AI can identify the customer’s purchase patterns and predict which leads will most likely convert. The sales representatives can thus focus on these high-value prospects to close deals quickly.

Automation of Repetitive Tasks: AI can automate time-consuming tasks like appointment scheduling, data entry, etc., to focus on strategic processes. AI also analyses customer interactions to offer insights that suit their preferences.

Personalisation of the Customer Journey: AI helps customise marketing messages and recommendations to fit every customer’s unique profile. This personalisation helps grow relationships, improve customer satisfaction, and boost sales.

10. Education

Personalised Learning: AI can help create personalised learning methodologies for students. By effectively monitoring every student’s progress, AI can explore areas in which students need support and offer targeted instructions.

Improved Student Engagement: AI helps improve student engagement with interactive and collaborative learning. For instance, AI-driven applications can provide students with real-time support and feedback.

Automation of Administrative Tasks: Administrative operations like scheduling classes and grading papers can be supported using AI models, which helps to free up teachers’ time to focus on training.

Finance 

AI revolutionises the finance industry by improving fraud detection, risk management, and investment methodologies. AI analyses financial information to understand patterns and build predictions that help businesses and individuals make critical decisions. For example, robotic assistants use AI to offer custom investment advice and make financial planning accessible to a huge audience.

Retail

AI is used in retail to personalise recommendations, manage inventory, and implement fraud detection policies. Retail businesses can also use AI to track shipments, detect potential bottlenecks in the supply chain, etc.

Robotics

In industries like manufacturing, AI-driven robots work along with human beings, managing cumbersome or dangerous tasks that improve safety and productivity. It also boosts the robot’s capabilities, helping it perform complex tasks precisely. For example, in automotive manufacturing, AI-powered robots help assemble parts, ensure quality control, make speed enhancements, etc.

Human Resources

AI streamlines recruitment through the automation of resume screening, interview scheduling, and making initial candidate assessments. AI tools can explore job descriptions and match them with candidate profiles to understand the best fit. For example, AI-powered platforms are used to analyse resumes and find well-suited candidates, minimising the time and effort required in the hiring process.

AI has a vast and transformative potential, with its applications having a major impact on industries and everyday lives. From enhancing shopping experiences and healthcare experiences to revolutionising automation and robotics, AI redefines how we balance personal and professional lives.

Thinking about how to streamline your business operations with cutting-edge AI applications? A reputed AI & ML services company can help you leverage the transformative power of AI to boost your business.

At WAC, we let businesses adopt the capabilities of Artificial Intelligence to steer innovation and build competitive advantage to modernise the uses of AI across industries. Reach out to us to learn more about the Artificial Intelligence and Machine Learning services we offer!