When you think of artificial intelligence (AI), you may picture giant robots from the future, determined to rule humanity. Instead, you should be picturing complex lines of fast-moving code backed by devices and sensors on large networks of computers that serve people every day.
At its most basic, AI is the concept of computer systems performing tasks and learning from data in a way that requires the human mind’s capabilities. The two types of AI that computer scientists have mastered are called reactive machines and limited memory. While the former rapidly reacts to situations, it lacks memory-based functions. The latter, however, can react and learn through limited memory.
The most common limited memory model is called machine learning, a subset of AI and a study of computer algorithms that helps computer systems learn and adapt through experience and data and pattern analysis. You might be surprised to learn how many industries use AI in one way or another.
Real Estate
PropTech, short for property technology, is the usage of information technology in real estate and platform economics. AI-powered technology is helping buyers prequalify for mortgages and property managers maintain and repair homes. Similarly, real estate investors leverage Big Data crunching machine learning PropTech to multiply their money through better investments in campaign analytics.
While PropTech has been around for years, its usage skyrocketed after the pandemic.
“The real estate industry is awash in data, yet we as a sector have not really embraced the tools available to leverage that flood of information,” said Regan McGee, founder of digital real estate marketplace Nobul, which uses complex technology to authenticate top real estate agents for its users.
In an interview with Digital Connect Mag, he shared that “When the real estate market really started to heat up last year, we as an industry finally started to see the light and embrace the benefits that data analytics have to offer.”
Finance
For many years, financial technology has been utilizing AI in some of the following applications:
- Chatbots and customer service
- Fraud detection
- Lending decision making
- Credit risk assessment
- Wealth management
- Market analysis for investment
- Personal banking apps
Automotive
Self-driving cars use reactive machines and limited memory AI to use less fuel and drive safer. Machine learning algorithms help self-driving cars find better and more efficient routes by analysing traffic conditions, weather patterns, and daily riding habits.
Automobile manufacturing companies, too, take advantage of AI to enhance productivity, prevent fraud, and isolate defective parts. Experts say that AI-powered predictive maintenance should also improve the longevity and reduce the maintenance costs of modern vehicles.
Video Games
The video game industry has been using AI for decades. Modern video games use reactive AI to offer human-like responses to gamers. Some video games utilize a combination of reactive AI and limited memory to learn from their opponents and function as more compelling adversaries.
Although not quite a video game, Deep Blue, IBM’s purpose-built chess-playing supercomputer, used reactive AI to respond to 200 million possible chess positions per second. Even without limited memory or in-depth ML, it beat world chess champion Gary Kasparov, in 1997.
Mobile Phone
Modern mobile phones are powerful and compact multifunctional computers that leverage AI for several functions:
- Google Assistant, Cortana, Alexa, and other virtual assistants use machine learning to mimic human speech and intelligently complete tasks.
- Camera apps use AI-powered software to improve picture quality, especially in less-than-ideal settings.
- Mobile phone cybersecurity software relies on AI and ML to recognize threatening patterns in malicious programs that try to hide their signatures.
These are just five of the many industries that use AI and ML in surprising ways. As AI grows more sophisticated, our industries, devices, and apps will become more intelligent and efficient.