As the world of technology is rapidly evolving, the introduction of artificial intelligence (AI) into people's daily lives, including business, has been a cornerstone of innovation for today. The 2024 analytics show incredible progress and achievements in the field of “virtual intelligence”, drawing out bright prospects for the further adoption and impact of AI.
Not everyone feels the presence of artificial intelligence in their lives. Nevertheless, everyday reality is completely digitalized. Every morning you wake up and immediately pick up your smartphone to see the weather and time. And then, in the evening, you get recommendations from Netflix website in your notifications about what movie to watch before bed. It's all enabled by AI technology.
In fact, Statista research suggests that the global market for virtual intelligence technology will grow at a compound annual growth rate (CAGR) of 54%.
According to a report by Exploding Topics, more than 77% of companies worldwide are already using AI or exploring its benefits to implement it in their business. A whopping 83% of businesses see the implementation of this technology as a priority in their development strategy. For example, Nvidia increased its capitalization from $1 trillion to $2 trillion over 2022-2023 due to the high popularity of its AI chips.
Global giants Apple, Meta, Google, Amazon, and Microsoft are investing in startups who create AI apps or technologies based on neural networks. In 2023, the volume of capital injection into this segment increased by 57%.
Mentioning artificial intelligence no longer sounds futuristic, as it is part of today's reality for most people on our planet. And this is confirmed by economic statistics on the impact of innovative technology on all spheres of life:
- more than 77% of all devices engaged by humans are powered by AI (in one form or another of its manifestation);
- 9 out of 10 companies support the implementation of AI in their business to gain a competitive advantage;
- investment in “virtual intelligence” technologies will reach $15.7 trillion by the 2030s;
- more than 63% of businesses worldwide are ready to implement AI in their operations within the next three years;
- experts predict an annual growth of at least 120% in AI market volumes.
A survey by Forbes Advisor shows that about 65% of companies are betting on the introduction of AI, as the technology will be able to increase overall productivity and implement effective business transformations. For example, by 2030, 10% of all vehicles produced could become unmanned, and the capitalization of this market segment will grow to $62.4 million.
It is not surprising that today 50% of Americans with mobile devices actively use voice search. This trend indicates the active adoption of AI-based voice assistants. According to Grand View Research, the growth rate of AI technology adoption will grow at a rate of approximately 36.6% each year through the 2030s.
A prime example of popularization of AI in everyday life is India. The country ranks first in the ranking with a 59% adoption rate, followed by the UAE, Singapore and China.
Artificial Intelligence: concept, advantages and peculiarities
Artificial Intelligence (AI) is digitally created, algorithmically generated intelligence that is realized by computer systems. Simply put, it is a virtual brain system that mimics human cognitive functions (the ability to reason, perceive, learn, and make decisions).
The Google Search search engine is one prime example that has long been used in people's daily lives. The search engine itself is based on high-tech AI algorithms. Other “virtual intelligence” technologies include voice search and control services, such as Alexa, Siri, Google Assistant, creative generation programs, such as ChatGPT, Midjourney, Apple Intelligence.
AI technologies are conventionally divided into three groups:
- Weak AI - it focuses on one specific task and does not go beyond its realization. This is the most common variant and it is actively implemented in everyday life.
- Strong AI - it is capable of learning and processing different intellectual tasks that humans do in real life. Some technologies are already successfully used, others still require development.
- Super AI - technology that surpasses the abilities of the human mind and is capable of performing any task. Specialists strive to develop just such a variant of “virtual mind” and implement it in people's lives.
Advantages of implementing AI technology
Using artificial intelligence and the ability to
integrate AI into an application has a number of undeniable advantages. Among the main ones are the following:
- Reducing the influence of human factor - digital technologies help to avoid many human errors, thereby increasing the accuracy and correctness of various processes and tasks. All decisions made by artificial intelligence are based on reliable information collected in advance and on the implementation of clear algorithms. Thanks to proper programming, the risk of making mistakes is reduced to zero. For example, this is clearly demonstrated in the use of robotic surgical systems that perform the most complex medical procedures, and do it as accurately and precisely as possible. The result is increased safety for the patient's health and life.
- Decision-making - “virtual intelligence” really helps to make decisions more efficiently and profitably. This is realized by utilizing a large-scale database and tracking all patterns and trends that are often overlooked by humans. Machine algorithms easily analyze and predict future outcomes of events, and this helps individuals or entire companies make the right decisions. For example, in the medical field, doctors can use AI to accurately diagnose patients with complex medical conditions. Software algorithms thoroughly analyze MRI, CT, and X-ray images to identify pathologies and help specialists in forming a diagnosis and further treatment program.
- Achieving zero risk - many tasks can be entrusted to AI so that robots work instead of humans and perform such actions with zero risk. As a real life example is the use of an automated production line in a factory. A human is freed from dangerous and time-consuming work, while a machine does everything for him - quickly, efficiently and without errors. It is artificial intelligence technology that is used to explore the ocean depths, go into space, or conduct bomb disposal, and humans do not have to work in life-threatening conditions.
- Available around the clock - the maximum productivity of a human resource is no more than 4 consecutive hours per day, while digital technology can work without interruption or loss of efficiency. “Virtual brain” thinks faster, analyzes global data sets faster, makes decisions more efficiently and accurately than a human can. For example, such a tool as a chatbot replaces communication with a real tech support specialist, while providing information and consulting assistance 24/7.
- Innovative developments - thanks to artificial intelligence, complex tasks can be performed quickly and solutions to problems can be found. In the healthcare sector, experts are able to diagnose female breast cancer at an early stage, and unmanned cars are being mass-produced using a range of sensors, cameras and AI algorithms.
- Objectivity in decision-making - human beings are always driven by emotions, and this is often an obstacle to unbiased decision-making in a given situation. In case of using AI, the factor of emotions is excluded and a strictly rational approach is followed, thus achieving accurate and efficient decision-making.
- Process automation - any routine tasks that humans perform can be handed over to AI. Thus, humans will be able to direct their energy and attention to creative and more important processes, while machine algorithms will handle inspections, sorting, shipping, and other processes that are beneficial to automate. For example, robots are often used for assembly lines in manufacturing. Processes such as welding, painting, and packaging can be handled by machines, providing high speed and cost savings.
- Implementation in daily applications and services - every day people use their smartphones and tablets, making calls, messengers, visiting social networks and posting selfies, videos and posts. Thanks to AI-based techniques, it is possible to create convenient and useful user products. For example, artificial intelligence is being introduced into weather forecasting services, tourist guides, etc.
- Fighting fraud and improving security - Virtual Intelligence easily detects fraudsters. This is realized by analyzing transaction patterns and detecting anomalous phenomena that inform the risk of unauthorized actions. In this way, machine algorithms lightning-fast compute suspicious or unusual behavior in real time, and companies and individuals can quickly take appropriate measures to comply with security. This is highly relevant and in demand in the financial industry when dealing with credit cards.
- Improving the quality of customer service delivery - with the help of AI, users can receive personalized recommendations that are already formed taking into account the personal preferences of the applicant (based on the analysis of browsing history, purchases made, demographic data, etc.). For example, the Netflix streaming service integrates artificial intelligence that generates recommendations for watching movies and TV series for platform members.
- Smart surveillance and control mode - with the help of “virtual intelligence” technology, it is possible to effectively monitor and analyze large data sets, such as network traffic, sensor information and video streams. For example, in megacities, it is advantageous to use AI-based video surveillance of public places as useful and efficient as possible to identify suspicious people and their behavior, recognize unattended items left unattended, etc., in order to report them to law enforcement and public safety services.
Peculiarities of integrating AI into business
According to the
Forbes Advisor survey, in which more than 600 businesspeople from various fields participated, companies are actively integrating artificial intelligence into their work. The priority segments are cybersecurity, technical support for customers, content generation, and fraud prevention.
56% of respondents have already leveraged AI in customer service applications, thereby improving the quality of service for end users. 51% of business people emphasize improving cybersecurity. It is important for 47% of businesses to implement AI in digital assistants, and 35% in content production. 33% of companies are applying virtual intelligence technology in generating recommendations for customers, and 30% of business respondents are also emphasizing implementing AI in accounting and supply chain operations. 26% and 24% of respondents are using AI for staffing and audience segmentation, respectively.
The key benefit of AI in business is that companies are becoming more agile and improving productivity.
How to implement AI into your own application
Integrating “virtual intelligence” into business activities allows you to increase production capacity quickly and reduce overall costs, in addition, you get a convenient tool to perform various technical tasks.
It is important not just to know about AI development, but also how to integrate AI into your business application to make it useful and effective. For this purpose, it is analyzed based on such criteria:
- identifying key needs - what problem or task will be solved with the help of artificial intelligence. For example, you need a chatbot to interact with your target audience promptly and around the clock, or tracking and preventing fraud is important to you, then the use of generative AI will be relevant;
- selection of the right techniques and tools - artificial intelligence combines a variety of technologies, so the right variant of algorithms and tools of “virtual intelligence” is selected for the goals and needs of your business. For example, techniques for online data analysis, predicting customer preferences, behavioral assessment, identifying potential risks, voice control, creative generation, etc..;
- building your own team - to implement AI in your application, you need to build a team of experts or seek turnkey development services from professionals;
- data collection and preparation - this is a key aspect in creating and integrating AI into your application. At the same time, the collection of information and its volume depends on the specifics of business, type of company, its strategic goals and commercial demands;
- testing and customizing algorithms - the developed AI app should be pre-tested and customized for your business;
- direct implementation of AI - the ready-made “virtual mind” technology is implemented into your business application and becomes a full-fledged functionality in your company's operations;
- monitoring and optimization in the process of AI operation - in the process of AI operation its efficiency is constantly monitored and, if necessary, changes, refinements, updates are made to optimize the technology for the company's current needs and changing market phenomena.
How much does it cost to develop and implement AI in an app
The
cost of AI development and its subsequent implementation in your business depends on your goals and the scale of the product itself. Thus, we can conditionally distinguish three price categories:
- up to 20 thousand dollars - the simplest AI product with quick integration;
- up to 40 thousand dollars - medium-sized AI development project and its implementation in business;
- up to 200 thousand dollars - an individual and complex AI technology project to be launched in your business application.
What's in store for implementing AI into a business app
In launching startups or managing technology companies, you can significantly strengthen your competitive position by incorporating artificial intelligence into basic operational processes. For example, Netflix, through the use of smart recommendations (AI-based), was able to save
almost 1 billion dollars a year, while increasing engagement with new audiences. In the production segment, AI technologies can increase
productivity by 12%.
By integrating AI into your business application, you get benefits such as:
- productivity increases;
- improved decision-making;
- reaching a new level of interaction with your target audience;
- production cost savings;
- better risk management;
- accelerated development of new products.
Conclusion
Artificial intelligence's impact on people's daily lives is becoming more and more voluminous and important. “Virtual intelligence” has the potential to transform the business landscape and make people's lives more convenient and of higher quality. It is an important step for companies to reach a new level of management and strengthen their competitive position. You will be able to order AI development for integration into an app to manage inventory or optimize targeted marketing, increase the quality of customer center delivery, improve security and safety of personal data.