Automation is beginning to influence industries all over the world and is making a particularly significant impact in heavily populated countries like India. In a prior piece, we covered the widespread introduction of robotic automation that has already begun to take place (with three million industrial robots expected to be in use worldwide by some point in 2020). But not all automation is necessarily going to emerge or spread in the form of physical robots, or robot-like equipment.
In this piece, we want to take a closer look at how artificial intelligence more broadly is going to transform some major Indian industries in the coming years. While AI is complex and dynamic, and can thus be difficult to discuss with a great deal of specificity, there are applications and versions of it that are poised to affect specific industries in specific ways. The following are some of the fields that could see the broadest impact.
The Indian automobile industry is already changing rapidly, as evidenced by the government’s recent commitment to increase the availability of electric vehicle charging stations around the country. In light of the massive pollution problem emanating from and negatively affecting many of India’s big cities, the government hopes that changes like this will encourage people to switch to electric transportation options and thereby decrease toxic emissions coming from traditional cars. As interesting as this may be from an environmental standpoint though, there’s also an AI aspect to it. With the electric vehicle industry growing in India, writers at Analytics India Mag have suggested that data science, AI, and the Internet of Things will all play a role in optimizing the EV network. AI will improve battery life and performance; mass data analytics will help entire EV fleets to operate efficiently; the IoT will enable electric vehicles to communicate with each other and with traffic signals to create a “smarter” automobile industry.
The digital marketing industry has already taken up the use of AI to predict customer behavior and assess the effectiveness of marketing strategies. Working with companies of all sizes in Asian markets, Ayima shows how machine learning and big data can be used to craft full-fledged digital marketing strategies. Specifically, they analyze SEO performance, content effectiveness, and general marketing efficiency to gain a clear picture of how a company should adjust its online performance to attract more eyes and gain more business. It seems like a subtle thing, but compared to the guesswork and random, hit-or-miss innovations that were common in digital marketing a few years ago, this sort of data-driven approach – driven by automated machine learning – can make a huge difference.
Data is always extremely important when it comes to managing people’s finances. Things like a customer’s spending habits, stock fluctuations, and credit scores all produce metrics that are both important to banks and able to be represented as trackable data points. And all of this makes the banking industry ripe for automation. Once AI technologies become more widely available and affordable, banks will be able to use related platforms to analyze all data relevant to a particular customer to provide that customer with aa more detailed picture of his or her finances, conduct risk assessments before a loan, and more. There’s potential for all of this to reduce the costs associated with running banks, which could in turn theoretically translate to lower fees and less hassle for customers in the long run.
According to Emerj, more than half of India’s rural population depends entirely on agriculture as a source of livelihood. That’s more than some would likely guess, and emphasizes just how big an impact an industry-wide tech transformation could have. And sure enough, we’re already seeing the beginnings of significant AI influence on Indian agriculture. Following its overview of India’s widespread dependence on the agriculture industry, Emerj pointed to several ways in which artificial intelligence can be applied to the industry. Most notably, these include advanced monitoring of crops and soil, predictive analytics (for when to sow seeds, when to expect pest attacks, and so on), and supply chain efficiency. It will take time for the technology to be widely implemented in all these areas, but the potential improvement in everything from working conditions to crop yields cannot be overstated.
These are just a few examples of Indian industries we anticipate will be transformed by AI. They don’t comprise a comprehensive list, but they do demonstrate just how significant the AI revolution could be for the country. Before we know it, many of the changes discussed above could be in full effect, and the Indian economy could be largely transformed as a result.
Written for boschindia.com by Hanny Bernard