Software Engineering Insights

From chatbots to predictive analytics, AI promises to transform how we live and work. But in all the hype and excitement, what real tangible value can AI bring to businesses? Understanding of real potential for AI goes beyond the flashy headlines and tech jargon.

Currently at 20.9 billion in 2024, the global AI in Healthcare market size is set to reach at 148.4 billion by 2029. Moreover, a report by McKinsey and Harvard researchers reveals that AI could save the healthcare industry up to $360 per year. These statistics clearly indicate that we will continue to see considerable transformations in the healthcare landscape with AI at the forefront, leading the change. 

Been around for decades, Chatbots have recently gained significant attention due to the advancements in the field of AI. With features like automated query resolution, appointment scheduling and much more, chatbots have accelerated the pace of change and have made healthcare more accessible.

With smart manufacturing & Industry 4.0 reinventing the landscape, the need for advanced and interconnected manufacturing systems is now even more essential than ever. At the centre of this evolution lies Manufacturing Execution Systems (MES), weaving emerging technologies such as Industrial Internet of Things (IIoT), artificial intelligence and cloud computing, into the intricate process of manufacturing.

Improving self-service options using AI has become critical for providing the speedy and tailored support that users expect. By integrating AI, Software as a Service (SaaS) companies can provide a better experience, fulfill changing client expectations, and maintain a competitive edge in the market. The strategic implementation of AI into self-service procedures is not only an upgrade but an essential task for SaaS companies seeking to succeed in a consumer-centric digital landscape.

Over time, there has been an astronomical rise in the number of ways Artificial Intelligence can be utilized for the betterment of everyday lives. The technology is almost everywhere- in traffic predicting Google Maps, in video surveillance cameras, in face recognition apps, in speech recognition & language translation solutions, etc. In fact, AI is one of the trending technologies during the COVID-19 pandemic.

With the changing consumer behaviour and desires, the lines between the industries such as retail, fashion, fintech and healthcare are slowly and steadily fading with technology. What we are seeing today is a universe where smartwatches are used for payments, smartphones are enabling everything from virtual shopping to virtual tours, credit cards are branded with in-store offers, and online pharmacies are delivering smart health devices right at the doorstep. 

One such technology that is changing the way we look at the future is - Wearables.

Medical imaging technologies such as X-rays, MRIs, and CT scans have been crucial in diagnosis for years. AI introduces a paradigm shift by improving diagnostic accuracy, streamlining analysis processes, and reducing errors made by humans. The potential of AI not only benefits patients by enhancing outcomes but also optimizes operational workflows making it an essential tool for forward-thinking healthcare organizations.

What if one could accurately estimate customer demand and raise or lower prices accordingly in real-time? This appealing possibility is what AI-driven dynamic pricing offers. This isn't just a futuristic concept. It’s a reality that leading companies are already using to increase revenue and customer satisfaction. 

Globally, 1 in every 2 outsourced projects either fail outright or fail to meet the client’s requirements.

Most software development projects fail or lose momentum because organizations choose a software development company based on cost comparisons or skill sets in any specific technology. However, this approach can slowly lead to a growth gridlock and push you way behind your business goals.

If you have just invested a huge amount of money in the development of a new app. You would want the best return on your investment. But what makes one app stand out from the rest with so many apps flooding the market? The answer lies in UI/UX design.