Role of AI and Machine Learning across Different Sectors in 2021

Technology leads us to innovation and development. Talking about the year 2021, it was no less than a roller coaster but gave many companies scope of innovation and advancement. Technology is playing a vital role in every sector to make the nation technologically equipped and capable. The key transformative technologies like Artificial Intelligence, Machine Learning, the Internet of things), Block Chain, Robotics, Cloud computing and Digital Twins, are going to make a huge impact.

Here are a few business leaders sharing their thoughts on how their companies are using technology to empower the users, in the best way they can.

1. Mr Shekhar Jain, Co-founder, On My Own Technology (OMOTEC) said, "Technology development, adoption and Digitisation advancement has been the biggest benefactor of the pandemic. Artificial Intelligence, Machine Learning, IoT, Robotics have seen evolved approaches from all sectors like Banking, E-Commerce, Manufacturing, Telecommunication, Education, Hospitality Services, Medical Services, Transportation, Payments, Home Services see the maximum benefits. Attendance marking in Offices, Malls, Auditoriums, Airports are common places where facial recognition for biometrics along with auto temperature sensors are common using AI and IoT applications. Touchless delivery of services by e-commerce companies is now a norm through IOT & GPS tagging. Google Pay & PayTM have ensured usage of 400% on digital payment usage for even small transactions of Rs. 50/-. WFH has seen Artificial Intelligence being used to calculate productive and unproductive hours spent by employees. Augmented reality and Virtual Reality platforms have seen adaptive use by brokers to show prospective buyers their new potential houses. Digital Assistants on websites, mobile phones are using AI & ML based natural language understanding context, sentiments, and having meaningful conversations with consumers."

2. Mr Siva Gopal - Founder & Chairman, MSRcosmos said, "AI is a technology that is being incorporated with and deployed into a variety of sectors for altering business processes. Recently, businesses across all sectors have transformed quickly because of the COVID-19 pandemic, which has accelerated the adoption of technologies like AI and ML to deliver more profitable outcomes and assure business continuity. When deployed accurately, it can have a positive impact across many sectors.

As businesses become more digital, the use of AI grows exponentially. By the end of 2021, approximately 80% of organizations seem to implement AI-enabled Chabot for business. 2021 has definitely seen a lot of trends dominate AI. According to International Data Corporation (IDC), by 2022, a minimum of 65% of Forbes' Global 2000 companies will use NLP, ML, and Deep Learning. As AI gets embraced as a mainstream technology, all sectors should essentially find strategies that include AI within their business processes to stay ahead of the curve."

3. Mr Anil Pinapala, CEO & Co-Founder of Vivifi India Finance said, "India, with its ever-increasing digital footprint across all ages, will always hold an investor's interest; and next year, with the collective efforts of regulators, investors and financial service providers who are dedicated to work towards consumer education and consumer empowerment, there is greater growth in store. Further, the regulatory framework being defined now will bring more transparency and ideas into play.

The year 2021 has been a year of rapid change, and 2022 is going to witness the momentum take greater shape. The regulators deserve credit for enabling innovation at this pace, which sets 2021 off to a great start and now on to the next. With the possibility of digital banks and the entry of fintech into the banking eco-system, we can expect technological innovations expanding the reach and furthering the process of making financial inclusion a reality."

4. Mr Anuj Kumbhat, CEO & Co-Founder, Weather Risk Management Services -a pioneer in the smart and sustainable farming Farming sector in India has been left behind in catching up with the technology trends.

However, 2021 has been a watershed year for the agritech sector in India with a significant number of new technologies that have made a foray into smallholder farmer markets like India. I feel that sustainable technology would remain a focal point in 2022 for healthier & higher produce to achieve food security and improved nutrition while conserving natural resources and biodiversity for the generations to come. For this, we need to de-risk smallholder agricultural value chains by introducing scalable risk management solutions for a thriving ecosystem, productive economy and socio-economic upliftment.

5. Mr Punit Sindhwani, CEO, Paxcom said, "Technology is referred to as the backbone of eCommerce and now it is evolving to be more human, preparing e-commerce for a better experience than ever before. Be it artificial intelligence or voice search commands, it has marked its flags everywhere, making it easier for customers to make their purchases. 2022 will be the year of game-changing technologies in eCommerce. We've already seen some of them in action, and others are on their way to disrupt the sector. Quick commerce, artificial intelligence, augmented reality, Web3.0, voice search commands, live streaming, omnichannel sales, and chatbots are the top trends expected for 2022."

6. Mr Ashish P Dhakan, MD & CEO, Prama Hikvision India Pvt. Ltd.

Mr Ashish shared his views on the impact technology has had on the security industry in the past year. He said, "AI and ML Technology Trends are shaping the future of Security Industry Artificial Intelligence (AI) and Machine Learning (ML) technology innovations and advanced applications are shaping the future of the technology ecosystem in the video security industry. AI and ML Technology adoption is a critical factor for the growth of the video security Industry. The AI Applications are redefining the future course of the security industry's evolution. The adoption of new technology-based solutions is expected to bring the much-needed transformation in the manufacturing sector, thus making the sector a bigger participant in the development of the Indian economy.

With AI-enabled video analytics, there is no need to compromise. Smart systems can identify the difference between humans, animals, and objects and then trigger alerts based only on those identified signatures regardless of surrounding video noise like blowing leaves, headlights, inclement weather or other factors. This capability allows focusing specifically on security goals, which means one can expand the field of view as wide as necessary. And with new flexibility comes new opportunities for adaptation and evolution.

The key transformative technologies, including AI (Artificial Intelligence), Machine Learning (ML), IoT (Internet of things), Machine Vision, BlockChain, Robotics, Cloud computing and Digital Twins, are going to be a game-changer.

Electronic Security Product Manufacturing has a much bigger role to play in the post-pandemic scenario to expand and grow through innovation. The key trends are showing the positive impact and improvement to help and support the cause of public safety and overall security requirements.

Intelligent video technology provided help during the pandemic scenario. Powered by AI, security cameras, monitors densely populated locations to ensure employees follow vital safety precautions – including social distancing, mask-wearing and flow control – and provide Touch-Free Access Control. In an era where AI and Machine Learning is driving us to the next levels of agility and adaptability, the new security playbook is a work in progress."