Article

If these sectors are combined and world economy is seen as a whole, the impact of AI is going to alter the world economic growth significantly as substantiated below:

• Increase in Economic Output: A 2018 report by McKinsey Global Institute says that Artificial Intelligence has the potential to incrementally add 16 percent by 2030 to current global economic output. The major contributors to this figure are the automation of labor and innovations in products and services.

The relentless parade of new technologies is unfolding on many fronts. Almost every advance is publicized as a breakthrough, and the list of “next big things” grows ever longer. Not every emerging technology will alter the business or social landscape—but some truly do have the potential to disrupt the status quo, alter the way people live and work, and rearrange value pools. Artificial Intelligence is one such disruptive technology which is not only transforming lives but is transforming businesses and is dominating the entire technology landscape; especially the consumer-focused companies along with the global economy. With the growing proliferation of AI, its impact can be observed across the industries.

In the first half of the 20th century, science fiction familiarized the world with the concept of artificially intelligent robots but it took decades to transform that fiction into some sort of reality by making breakthrough developments in the field of computer technology.

Artificial intelligence is a complex topic which involves integration of different technologies. With time the subject evolved with the rising degree of sophistication and intelligence. In this process it generated different technological terms like