Artificial Intelligence (AI) Product Opportunities: A Look at 5 Exciting AI Use Cases
According to PwC’s Global Artificial Intelligence Study, AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combine.
But what does this mean for product teams across industries and applications?
Let's have a look at five AI product use-cases.
1. AI-Driven Content Discovery for eCommerce/Digital
AI-driven content discovery has a huge market opportunity because of three reasons.
- It helps eCommerce owners drive targeted traffic to their stores by surfacing the most relevant products for them.
- It increases customer satisfaction and conversion rates while decreasing transaction costs.
- AI is an already established technology, with many successful companies using it in their applications.
2. AI-powered Chatbots
AI-powered customer service chatbots are boosting service Transformation in enterprises.
Using these bots also means that companies don't have to hire as many people for the team, saving money on payroll costs while increasing efficiency.
Some interesting examples of customer service chatbots are with the following companies:
Ticketmaster
FedEx
Expedia
Airbnb
Others
3. AI Voice Assistants
The AI Voice Assistant can be programmed to answer specific queries and operate as a search engine for all of customer needs.
AI assistants can also understand different languages and accents, as well as different dialects.
AI assistants are already being used by many companies, including:
Apple's Siri
Google Assistant
Amazon Echo and Alexa
Microsoft Cortana
Others
Interestingly, AI voice assistant technology is a large market, with the global industry expected to reach $8-$12 billion in the next few years.
4. AI-based Car Assistants
AI-based car assistants have become very famous because of the introduction of Cognitive Intelligence. This new technology has enabled cars to anticipate the actions of passengers. It can assist in the prediction of specific places that are likely to be visited by the user.
The top three AI-based car assistants are from brands Tesla, Google's Waymo, and Zoox. There are several other emerging players.
5. AI-powered Personalized Streaming
Personalized live streaming is becoming popular because people want to be entertained at their convenience. These personalized live streams are based on location, interests, favorite TV shows, favorite sports games, favorite genre of music of users.
The company with the most successful AI-powered personalized live streaming is not initially apparent. Two companies leading in this technology are Hulu and Netflix. There are several other emerging players. As per industry experts, these firms will develop more advanced technologies soon to increase their market share.
This blog covered only a few examples of how AI-driven technological change is affecting various industries. In the future, we'll cover other fascinating AI applications.
