The year 2024 is here at the corner and who would have thought that bidding adieu to 2023 would leave us so grateful for the things it has given us, especially in terms of technology? From booking a flight to ordering food, maintaining business operations to supply chain management, trying virtual accessories and apparel etc., everything is just a click away and gets done in a jiffy. All thanks to the penetration of the internet and smartphones which have bridged a gap between the technical world and the real world and developed a new realm of the physical world. This is because via AI, nowadays, people are not only becoming tech savvy but AI has massively revolutionised different verticals as well in making daily operations easier and hassle-free.
Many renowned industry experts also agree to the fact that technology with a blend of AI is not leaving any stone unturned and is revolutionising with leaps and bounds; and, here’s a glimpse of its breakthroughs that made 2023 an amazing year.
AI has the potential to revolutionise different aspects of healthcare such as Diagnostic Imaging, Drug Discovery and Development, Early Diagnosis and Medication, Virtual Health Assistant Remote Patient Monitoring, Robot Assisted and Laser Surgeries and a lot more. In 2023, the global market size of AI in the healthcare market was 20.65 billion dollars which is expected to reach 187.95 billion dollars in 2030 (source: Statista). Yasir Nazar, Co-Founder, of Techno Companion, says, verticals like healthcare, automobiles, digital advertising, supply chain optimisation and education have been greatly impacted by AI. “AI has revolutionised healthcare by enhancing diagnostic capabilities since its advanced machine learning algorithms enabled quicker and more accurate analysis of medical images, pathology reports, and patient data, leading to improved diagnosis and treatment planning.”
E-commerce & supply chain management:
AI has had a profound impact on the e-commerce and supply chain management sectors, introducing efficiencies, improving decision-making, and enhancing overall performance. It involves recommendation systems for dynamic pricing and supply chain visibility that helps in better inventory management and supply chain collaboration and supplier relationship management. Piyush Gupta, CEO of Vosmos, says that, “AI is transforming the e-commerce sector through the implementation of advanced recommendation systems. Delivering targeted marketing and advertising messages personalised for their customers to scheduling automated emails.”
“Moreover, AI-enabled supply chain management systems brought unprecedented efficiency as predictive analytics and machine learning algorithms helped businesses optimise inventory, forecast demand, and streamline logistics, reducing costs and enhancing overall supply chain performance,” says Yasin.
Digital Advertising Industry coupled with personalisation, fraud detection, supply chain optimisation, automation and recommendation isn’t only bringing the brands and netizens closer but is also acting like a driving force behind successful online business operations only because of AI. The technology is being populated on such a scale, that the global market revenues of AI in marketing are expected to grow from 27.4 billion U.S. dollars in 2023 to 107.4 billion in 2028 (source: Statista). Sachin Modi, Co-Founder & CEO vhub.ai, says, “The massive amounts of user-data collected by social media platforms is used by AI algorithms to show targeted ads from advertisers to users on Instagram, Youtube and other platforms. Advertisers can reach their target audience via influencers as well if they select the right set of influencers to work with.” Yasir says, “In 2023, AI-driven marketing platforms transformed the advertising landscape because AI algorithms analysed vast amounts of consumer data to deliver highly personalised and targeted marketing campaigns, maximising engagement and conversion rates.”
AI plays a crucial role in the automotive industry, contributing to advancements in safety, efficiency, and overall driving experience since AI is employed in different ways in automobiles such as Advanced Driver Assistance Systems (ADAS), Traffic Management, Natural Language Processing (NLP) and Infotainment, Gesture Recognition, Vehicle-to-Everything (V2X) Communication and Enhanced Navigation. In 2023, the size of the global Automotive AI market was 32.49 billion dollars which is projected to reach 74.5 billion dollars by 2030 wherein, one of the reason behind this growth is that the Automobile segment often observed a boom during the end of the year since year-end sales encourage people to buy and sell and try and test cars (source: Statista). Yasir says, “The automotive industry experienced a significant transformation with the integration of AI into autonomous vehicles. Self-driving cars utilised machine learning algorithms to navigate complex road scenarios, improving safety and efficiency on the roads.”
AI is edging the media and entertainment industry by transforming the ways of unique content creation. Amit Relan, Co-Founder and CEO, mFilterIt, says “Brands in coming years will be focusing on a data-driven approach, ensuring transparency in ads across app, web, and OTT platforms. The customer-centric approach is the way forward. First-party data and contextual targeting will pave the right way to reach the right audience and ensure that their consumer’s interest is protected and acknowledged along with preventing advertising frequency cap violations on OTT platforms and validating real-time lead quality to save big on ad spends across platforms.”
Continuing this, Moiz Arsiwala, CTO, WorkIndia, says “AI-driven creative tools revolutionised the entertainment industry, aiding in the production of innovative content across various mediums. This is because, in 2023, AI became a powerful force transforming both content creation and entertainment. Musicians received personalised compositions, writers crafted stories with AI-assisted plot twists, and artists explored limitless visual possibilities with AI tools. News and education adopted AI-powered curation, shaping a future of personalised content consumption. Social media platforms, woven with personalised feeds, deepened online connections. Ultimately, AI painted a vivid future where creativity soared and play became infinitely immersive.”
Developers, coders and business owners:
Companies following ethical AI methods reported a 15% boost in consumer trust in 2023, emphasising the necessity of responsible AI deployment. Manish Godha, Founder and CEO of Advaiya, says, “AI’s impact extends to work management for developers, business owners, and professionals. Developers benefit from AI-powered tools that streamline coding processes and identify potential bugs, and optimising their workflow. Business owners leverage AI-driven analytics for informed decision-making, while professionals across various sectors rely on AI-enhanced project management tools to streamline tasks, enhance collaboration, and boost productivity.” Tarun Nazare, Co-Founder & CEO of Neokred Technologies, “As we reflect on the transformative journey of AI in 2023, it’s clear that India is at the forefront of an exciting AI-driven future. The convergence of technology, talent, and vision is paving the way for an era where AI isn’t just an aid but a fundamental driver of growth, innovation, and societal betterment.” 2023 marked a watershed moment in India’s industrial landscape, heralding an era where artificial intelligence (AI) ceased being just a buzzword and transformed into a robust catalyst for change.
Intelligent tutorial systems, drives virtual classrooms and remote learnings, helps in Facial Recognition for Attendance Management and promotes educational chatbots. In 2023, the online education market reached a revenue of US$166.60 bn which is projected to reach an annual growth rate (CAGR 2023-2028) of 9.12%, resulting in a projected market volume of US$257.70bn by 2028 (source: Statista). Piyush says, “AI has revolutionised the education sector by personalising learning experiences. AI algorithms analyse individual student data, including learning preferences, strengths, and areas of improvement. This information is used to tailor educational content and learning paths, providing a customised approach to each student’s needs.”
Last but not least, Yasir also added saying “AI has also revolutionised education by providing personalised learning experiences. Adaptive learning platforms utilised AI algorithms to assess individual student progress, tailor content delivery, and identify areas that required additional attention, thereby enhancing the overall learning experience.”
In 2023, AI in fintech had a market share of USD 42.83 B which is projected to reach USD 49.43 B by the year 2028 (source: Mordor Intelligence). Hariom Seth, Founder, Tagglabs, says, “In 2023, AI experienced a significant breakthrough, as generative AI (gen AI) tools gained widespread usage and influence across diverse sectors. Viral AI tools like DALL-E, Midjourney, ChatGPT, and Google Bard made a substantial impact. However, AI's influence extends beyond these tools, affecting various fields. Its applications in finance and cybersecurity exemplify its versatility and transformative potential across diverse domains.”
For the financial sector, he says, “A survey of senior executives at large Indian financial institutions uncovered the extensive adoption of three main AI use cases: chatbots for automated customer interaction, fraud detection systems, and virtual assistants. The primary motivations behind these implementations were enhancing customer experience, boosting operational efficiency, and increasing revenue. However, there are concerns about data availability, consumer privacy, and data security, alongside the complex tasks of integrating and maintaining AI infrastructure and the need for specialised skills to manage it effectively.”
One of the major influences AI has had in corporate world is on the recruitment processes. Integrating AI into the talent screening leads to efficient and fast hiring. Anil Agarwal, CEO and Co-Founder, Incruiter, says, “AI in HR supports AI video interviews, offering a one-stop solution to interview-related challenges. A multitude of services includes assessing candidates’ soft skills and technical skills from scratch down to the most intricate details, including an AI-generated feedback report. Its 100% automation lowers 80% hiring cost and 75% reduction in hiring time.” Anirudh A, Co-Founder & CEO of Atomic Asher, says, “The exponential fashion in which AI can generate highly advanced algorithmic programming output is, without doubt, the zenith of technological ambition. Employee augmentation with AI is soon to see a sizable and widespread bump in output causing existential turmoil. Industries poised for significant transformation by AI include broader tech sector, content creation, education, and the job market.”
AI in cybersecurity is setting a benchmark as it helps in threat detection and prevention, anomaly detection, endpoint security, network security, behavioural biometrics, security chatbots and a lot more. Talking about cybersecurity, Hariom mentions, “As cyber threats morph and mutate, AI stands guard, its keen mind deciphering hidden patterns and malicious footprints in the digital landscape. No longer mere alarms, AI-powered sentinels predict attacks, hunt lurking adversaries, and dissect breaches with lightning speed. This synergistic dance between human expertise and AI’s relentless vigilance promises a future where cyber fortresses stand strong, data privacy reigns supreme, and digital citizens navigate a secure and transparent world.”