ARTIFICIAL INTELLIGENCE (AI)

AI may seem like a scenario from the future to many people, but the truth is that it has already revolutionized our lives and the way we perform everyday functions and tasks!

What is Artificial Intelligence?

In simple words, Artificial Intelligence (AI) is the field of computer science focused on building smart machines with problem-solving and decision-making capabilities, able to perform tasks that typically require human intelligence. Although AI seems like a scenario from the future to many people, the truth is that it has already revolutionized our lives and the way we perform everyday functions and tasks.

Basically, we use AI technology in our everyday lives, whether we know it or not!

AI is not limited to IT technology; instead, it has already found fertile ground in many industry sectors and has been applied to several areas such as banking & finance, healthcare, education, retail, manufacturing, e-commerce, marketing & sales, telecommunications, travel and logistics, etc.

The numbers speak for themselves! According to the report of Markets and Markets, the global AI market will grow to $309.6 billion industry by 2026, at a Compound Annual Growth Rate (CAGR) of 39.7%. Moreover, the key findings of the 2020 New Vantage Partners Big Data and AI Executive Survey reveal that a staggering 91.5% of the firms surveyed are having an ongoing investment in AI technology.

5 examples of Artificial Intelligence (AI) in everyday life

1. Smartphones

Nowadays, smartphones have become an indispensable part of our everyday lives and a tech product that almost everybody owns and uses daily. This is the primary reason why smartphone manufacturers are constantly implementing innovative technologies to improve user experience and make their products more competitive.

But how many of you know that AI technology is integrated into many of the apps you use every day?

It is true that your phone’s functionality is based, to a large extent, on AI technology. For example, the smart assistants (whether it is Google assistant, Siri, Bixby, or Alexa) you are using to help you find information, get directions, open applications, send messages and make voice calls, are based on AI to function and be capable of understanding natural language requests and questions. 

Artificial Intelligence W4 2021

Depending on the model, other AI based mobile applications include image search and image editing software, facial recognition unlock features, music recognition software, payment authentication features, etc!

2. Navigation & travel

Most of us use navigation applications almost every day and when traveling we perform tasks and do things that we may not realize that integrate AI! For example, both Google and Apple maps rely on AI technology, known as global localisation, to scan tens of billions of street view images to give you accurate directions and real-time traffic data.

Booking your flight is not an exception, either! Travel companies integrate AI-powered tools based on machine learning algorithms to offer you personalized recommendations regarding every aspect of your trip. Even when you are calling an Uber, both the pricing and the car that matches your request are defined by specific AI software.

To improve its efficiency and achieve higher levels of customer satisfaction, Uber’s platform utilizes AI technology in many of its applications and services, from models powered by neural networks to forecast rider demand, to a conversational AI platform that facilitates the quicker and more accurate resolution of users’ issues.

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3. Media streaming services

Another great example of how AI technology affects our everyday lives are the media streaming services. Conventional content discovery systems often provide simplistic and irrelevant recommendations as they rely on basic metadata such as the genre, the actors starring in a movie, etc.

However, today’s competitive market and the constantly increasing user demands call for more targeted and effective solutions. The ability to make personalized content recommendations is perhaps the most important role AI can play in media streaming. Many of the biggest streaming services such as Netflix, Amazon Prime Video, Disney+, HBO Max, Hulu, etc. utilize AI and machine learning technology to combine content analysis with other parameters such as your browsing history, search terms, etc. so as to make appropriate recommendations and enhance your user experience!

Artificial Intelligence W4 2021

4. Smart home devices

Smart homes have become increasingly popular over the last few years as they offer services that facilitate everyday functions and positively impact the way we live.

Smart home devices include kitchen appliances, video doorbells, light bulbs, thermostats, security cameras, plugs, door locks, smoke detectors, and basically almost anything that can be found in a house! However, AI-driven home automation is a step further! By connecting all these smart devices to AI-based smart assistants (like Siri, Google assistant, and Alexa) new capabilities are being unlocked. Not only will users be able to control all these devices remotely and with voice commands, but most importantly the implementation of AI and machine learning algorithms will enable the automatic adjustment of settings to the user’s preferences, through the acquisition of new data and the analysis of specific behavioral patterns and habits.

In simple words, your home will be able to identify your needs and make appropriate decisions for you!

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5. E-Commerce

The E-commerce industry has been utilizing AI-based technology to improve your shopping experience and offer you completely tailor-made services.

These AI-powered engines analyse data on your previous purchases, searched products, and online browsing habits, to make targeted suggestions and propose relevant services and products.

Also, have you ever used the ‘chat box’ when shopping online? Well, most probably, you were talking to a bot, programmed to assist you with any difficulties you may have been experiencing during your visit on the site.

These chatbots incorporate natural language processing (NLP) and have self-learning capabilities that help them improve over time and provide personalized product recommendations.

Artificial Intelligence W4 2021

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