From drug discovery to saving lives, AI is transforming healthcare
- Did you know more than 69% healthcare companies have implemented some form of AI?
- The global AI in healthcare market size, valued at USD 6.6 billion in 2020, is expected to grow at a CAGR of 41.5% from 2021 to 2028, indicating more healthcare companies are adopting AI technologies to improve their operations and patient outcomes. With machines that can learn, interpret, anticipate, and act like humans, AI technology is changing modern healthcare, from improved care delivery through AI-assisted diagnostics to medical records management.
Areas of Impact
Virtual assistants and chatbots powered by AI can offer patients individualised direction and support, enabling them to manage their health and wellness from the convenience of their homes. For example, a chatbot designed to provide mental health support to college students was effective in reducing symptoms of depression and anxiety.
Chronic Care Management
Chronic care management
By examining patient data to find patterns and forecast exacerbations, AI can help to enhance the management of chronic illnesses, helping medical professionals to act quickly and avoid consequences. For example, an AI algorithm was able to predict hospital readmissions for heart failure patients with an accuracy of 82%.
One study reported an overall accuracy rate of 77.9% for AI-powered triage systems that use machine learning algorithms to effectively forecast patient acuity levels. By allocating resources more effectively, these technologies have the potential to enhance the treatment provided in emergency rooms, which would eventually improve patient outcomes and save healthcare costs.
AI can accurately diagnose diseases by analysing medical images, such as X-rays and MRIs, improving patient outcomes and reducing errors. For instance, an AI algorithm diagnosed skin cancer with a 95% accuracy rate by analyzing images of skin lesions, potentially shortening diagnostic wait times and benefiting patients.
Clinical Decision Support
Clinical decision support
AI can analyse patient data to provide evidence-based recommendations to healthcare providers, improving care quality and reducing errors. For example, an AI algorithm accurately diagnosed tuberculosis from chest X-rays with a 96% accuracy rate and identified additional findings that could guide clinical decision-making.
Sources: V7labs, Optum, Grand View Research, Journal of Medical Internet Research, Stanford Medicne, Nature Medicine, Lancet Digital Health, Frost & Sullivan, BMJ Health & Care Infomatics
Advancing existing learning methods
- Did you know the market for AI in education is expected to increase at a rate of over 10% between 2023 and 2032?
- This is a result of the shift in educational trends towards individualised learning. By upending conventional technology and expanding current teaching techniques, edtech entrepreneurs are revolutionising and improving the educational landscape to meet the needs of students and teachers.
Areas of Impact
AI can help streamline the student enrollment process by automating tasks such as application review and eligibility checks. For example, when a leading US university used an AI-powered chatbot to help students complete their applications and answer their questions, it saw a 20% increase in application completion rates and a 3% increase in enrollment rates.
AI can provide personalised learning experiences by analysing student data and adapting to their needs. For instance, an edtech provider provides AI enabled smart tutoring for math students. By adapting to each student's learning style, it shares personalised feedback to help them improve their understanding of math concepts.
AI can evaluate student learning without interfering with the learning process, enabling continual feedback and progress. For instance, a US non-profit organisation uses AI-driven games to evaluate students' problem-solving abilities. The games gather information on how students solve challenges and offer constructive criticism to help them develop their abilities.
Special Education improvement
Special education improvement
AI can offer assistance and modifications for children with unique needs, such as text-to-speech tools and speech recognition software. To assist kids with speech difficulties, a leading university, for instance, analyses the child's speech using voice recognition software and offers them individualised feedback to help them develop their abilities.
Translation & speech recognition
Translation & speech recognition
Students who are not native language speakers can study and communicate more successfully with the aid of AI. For instance, an edtech company offers language-learning programmes using AI. To assist users hone their speaking and listening abilities, the software employs speech recognition to offer feedback on pronouncing words correctly and to practise having conversations.
Sources: Global Market Insights, AI Accelerator Institute, Digital Promise, Georgia State University, Carnegie Learning, University of Kansas, Duolingo
Game-Changing Impact of AI on Real Estate
- Did you know AI in the real estate market is forecast to reach US $1335.89 bn by 2029, with a CAGR of 35% between 2022 and 2029?
- The importance of AI in real estate is expected to increase tremendously over the next few decades, powering anything from B2C chatbots on real estate websites to automating asset management procedures across multi-billion dollar real estate holdings.
Areas of Impact
By examining a number of variables, including location, neighbourhood, and market trends, AI can reliably predict the value of real estate. A leading real estate marketplace's AI application, for instance, utilises AI to calculate a property's value based on millions of data points, such as previous sale prices and tax assessments and is said to accurately predict the sale price of 50% of all US properties sold within 5%.
By evaluating data and pinpointing potential areas for improvement, AI can streamline property management procedures. For instance, a leading commercial real estate services & investment firm employs a platform driven by AI to monitor building systems and spot possible faults before they turn into serious ones, cutting down on maintenance costs and raising tenant happiness.
AI can enhance the functionality of buildings by automating various systems, such as lighting, heating, and ventilation, to optimize energy efficiency and occupant comfort. For instance, AI is used to manage every aspect of the Edge building in Amsterdam, including lighting, temperature, security, and cleaning. The building has been recognised as the most sustainable office building in the world since it uses 70% less electricity than a regular office structure.
By automating several procedures, including contract review and title search, artificial intelligence (AI) can increase the speed and efficiency of real estate transactions. For instance, a known real estate transaction platform employs AI to speed up the purchasing and selling of homes. As a result, closing real estate deals takes less time and money.
By delivering individualised experiences and effective communication, AI can enhance customer service. A real estate marketplace, uses AI-powered chatbots to respond to client questions, giving prompt and precise answers around-the-clock.
Sources: PwC, Dashtechnic, Deloitte, CBRE, JLL, Zillow, Propy