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Scope of AI-Based startups in the service sector

Artificial intelligence (AI) has grown into a full-fledged ecosystem. Artificial intelligence brought smart technology to our mobiles, devices connected to websites. AI is a way of life.

We have witnessed AI in the service industry where chats have been replaced by chatbots. This is just 1% in AI. It reduces human effort and brings more accuracy.

Machine learning is an integral part of AI, through algorithms it predicts and analyzes like a human being.

1. Banking & finance industry

Fintech start-ups are the future of the banking and finance industry. Fintech companies use AI technology for financial services to the people. Popular banks are using AI to improve user experience and use algorithms in risk management.

2. Pharma and healthcare

Start-ups are using AI in ventilators that capture patient conditions and give medical intervention decisions. AI is used to analyze chest x-rays to identify the infection caused in lungs.

3. Business Process outsourcing(BPO)

Bpo has been tremendously using AI, start-ups have increased in providing recurring activities in the BPO sector. There are tremendous advancements in AI that are used by many bpo sectors. Employees are losing jobs due to AI.

3. Social media

Social media is a front runner in using AI, bots are driven by AI. These bots offer personalized responses to each customer query. Social media feeds follow an algorithm which is driven by AI.

4. Smart infrastructure and mobility

AI could help reduce congestion on highways, appropriate repairs, and improve quality of living.

5. Cyber security

Cyber security is the biggest threat all over the world. More countries are concentrating on cyber security to protect finance sectors. Mix mode is an AI driven cyber security startup company, it automatically learns and adapts dynamic changing environment.

Start-ups are using learning technology to help e-commerce companies in understanding consumer behaviour. Few start-ups develop tailored applications in the electronic industry.

AI advanced deep learning to communicate time sensitive information about patient stroke to doctors. AI used by media and advertising companies to measure , manage, and monetize audio content. It is used as a collaborative messaging platform to improve business conversations.AI analyses business parameters, provides real time alerts and forecasts using real time structured data and unstructured data.

Many companies are using and planning to use AI for virtual assistance. Chatbots are used for various purposes in various platforms to save time and effort. There is potential for AI with human driven service as well. Since technological advancements have taken place in automation multiple tools are innovated and developed to reduce human intervention. Automation started from home appliances to industrial robots. Sales strategies have moved from cold calling, email sending. Consumers are more interested and influenced by television, social media and other communication and entertainment mediums. AI has made small companies and startups implement and test various methods for business goals. Startups are gaining importance in AI and using it more effectively to focus on better delivery and performance.

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