How Can Artificial Neural Network Transform Your Business and Make it Future-Ready?

Highlights:

• Introduction
• Applications of artificial neural network technology
• Four futuristic use-cases of artificial neural networks

The advent of advanced technologies such as Artificial Intelligence (AI), machine learning, big data, Internet of Things, robotics, etc., has completely changed the way different industries operate. These technologies have looked to reduce human intervention in repetitive work and thus minimize redundancies. For this, technologies like AI try to imitate how humans think and react in certain situations. Through machine learning models, robots can be trained to “learn” human behavior and develop a thinking of its own. This model is known as deep learning which teaches a computer to think like a human brain. An important technology which has contributed to the success of deep learning is artificial neural network.

How is artificial neural network technology transforming every major sector in the economy?

Artificial neural network is a branch of machine learning that uses principles of neuronal organization that define the working of animal brains, especially the human brain. Thus, artificial neural networks have artificial neurons as their basic unit, which are connected to each other through edges (similar to synapses in the human brain). Using these components, neural network technology creates an algorithm that, just like the biological network of human brain, solves complex non-linear functions.

After its emergence in the latter half of 2010s, almost every sector of the economy is looking to integrate neural network technology to improve its efficiency and enhance the quality of goods and services offered by it. For instance, the e-commerce industry has latched on to this idea of neural networks to improve the personalization of their websites. E-commerce websites use this technology to identify the customer’s purchasing patterns and recommend products according to his/her shopping history. This makes the website more user-friendly and increases the customer base of the e-commerce company.

Similar is the case with social media websites; these websites analyze the users’ profile and recommend them groups and friends, with whom they can connect. For this, certain social media websites even integrate facial recognition technology with machine learning and deep learning algorithms.

Another sector which has benefitted hugely from the birth of this technology is the healthcare industry. Neural network technology has led to better outcomes in all three stages of healthcare delivery viz., diagnosis, treatment, and rehabilitation. Especially in the diagnosis stage, deep learning can help doctors to adjudge the nature of the disease from the smallest of symptoms. In the treatment stage, this technology can aid in determining the effect of a certain medication or drug before its administration. This way doctors can decide on the best course for the patient and monitor his/her recovery properly.

What does the future of the artificial neural networks industry look like?

The artificial neural network industry has witnessed huge growth in the past few years and is expected to rise at a CAGR of 19.9% during the 2023-2032 period. There are numerous reasons behind the growth of this industry. A rise in demand for AI-based solutions is one such reason. Moreover, as per many experts in computational technology, artificial neural network technology is predicted to bring four major advances across different sectors.

The first major change that neural network technology might introduce is in the gaming industry. Neural networks technology can help in increasing the difficulty levels of arcade and skill level games. Player vs. computer games like chess or ‘Go’ can become increasingly complex by feeding computers with deep learning algorithms. Secondly, medical studies and research on deep learning have shown that artificial neural networks can significantly improve the precision in cancer detection. Major cancer types such as breast, lung, and prostate cancers can be predicted at their early stages using wide gene expression data sets.

Thirdly, by studying how fully developed artificial neural networks behave, psychologists and psychiatrists can determine how the human brain works. Experts in neuroscience even opine that certain questions which have been unanswered for long, can finally be addressed with the help of this technology; for instance, studying the meaning of dreams can be done in future as this technology improves.

Finally, neural network technology can help to improve supply chain management and customer relationship management. This technology can aid companies in promoting their business to a larger audience in a better way with actionable data inputs. Also, by predicting the logistical hurdles a product/service might face, the company can chalk out strategies to overcome those challenges.

To conclude, artificial neural networks technology is anticipated to revolutionize almost every sector of the global economy. Many e-commerce and social media websites have already started making use of this technology to get more customers and users. Furthermore, R&D activities in the gaming industry, the healthcare sector, and business intelligence segment will help the industry to flourish in the coming period.

For a comprehensive analysis of the artificial neural networks industry, along with its segments and regional analysis, feel free to contact us. 

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