Humanity still lacks the necessary awareness regarding practical benedictions of artificial intelligence and machine learning. Machine learning and artificial intelligence have already invaded a lot of aspects of our lives without boasting much of a presence. The awareness however is poised to rise alongside the intentions of incorporating ML and AI in day-to-day activities. As the dependency continues to increase, it is wise to learn machine learning and artificial inside out. Apart from ensuring a job, this knowledge can lead to wonderful commercial ventures. This article will shed light on some of the startup areas, which involve machine learning and artificial intelligence.
Natural language processing and virtual assistants
Understanding and offering assistance is a very human thing to do. But when it comes to helping thousands, often millions of fellow humans, we definitely need help. Thankfully artificially intelligent chatbots are already dominating the scene. These chatbots are programmed for constant evolution. Hence, poised to get better at being helpful over time. This remarkable feat can be achieved with the help of natural language processing.
The implementation of intelligent chatbots saves valuable time and due to their presence human labor can be utilized for relatively important tasks.
Machine learning as a service
After the lockdowns ravaged the world economy the existing business paradigms needed a major revamp. Automation turned out to be a good solution for making up for the lack of manpower. Additionally, the valueless mundane tasks were effectively outsourced in order to increase the value for human labor.
Acquiring a machine learning tool is somewhat expensive. And the maintenance requires a lot of effort with additional time required for training and updating. Businesses reliant on machine learning thus tend to avail of machine learning as a service. And the business of machine learning service is thriving on this need for a while now. The field is already an established one and starting a business in the field will undoubtedly bring about a sense of security.
AI-based Healthcare services
Due to the emergence of smart, wearable health devices, healthcare analytics is booming at a rate never seen before. The massive utilization of these devices and the availability of cheaper storage paved the path for increased data dependency. AI-based healthcare services and machine learning tools require a massive amount of data for efficient training. As the involvement of human lives leaves very little room for error. As a startup in the field will most certainly involve a higher amount of responsibility and risk. But given the prospects of a healthcare startup, the risk is totally worth taking.
The utility of AI-based healthcare services lies in more efficient diagnoses and prescriptions. And gradually with the accumulation of more data, the process becomes faster, easier, and more accurate. Among the additional gains, lack of human error and more efficient operations are worth mentioning. Due to these gains, human lives will be at relative safety alongside a promise of better remedy.
The internet of things
Our generation is witnessing a revolution in the field of smart devices. And with time these devices are getting better at unsupervised operability. Specialization was always the goal when it came to better services and efficiency and the smart devices of our times are no exception. As we tend to increase the efficiency by using multiple devices the need for communication between devices increases as well. This communication is achieved by the internet, as used by “‘things” it is known as the internet of things.
As a business, the internet of things is in a nascent state and constantly developing. The prospects are massive and a well-planned business will most definitely witness steady growth even in these difficult times.
Surveillance and security is the most labour intensive job on the planet. A job, exceeding the day night barrier.With the implementation of computer/intelligent vision can ease up the process significantly. In case of traffic management computer vision is achieving miracles in terms of introducing accuracy and reducing human labour. Based on technological capability, computer vision can transform traffic management into a relatively easy affair. Assigning fines and imposing rules and regulations can be done with ease with or without human intervention.
If infused with facial recognition technology the potential can be unveiled and put to action more efficiently. For a startup based on computer vision, the biggest challenge remains to be the collection and handling of huge data sets. If dealt with care the potential of such a venture is enormous.