Artificial Intelligence (AI) is the biggest technological revolution since the digital age. Businesses and industries will experience a huge boost to productivity and efficiency, and save costs across their entire value chains.
Economic, legal and ethical challenges need to be overcome for AI to become widespread.
AI consists of a number key technologies, including machine learning, natural language processing, computer vision, virtual agents and robotics. These technologies utilise available data to feed into processes and decision making that are traditionally done by humans.
AI has tremendous disruptive potential, and will greatly enhance economic productivity. The global market size for AI can potentially reach US$47b in 2020.
All industries are vulnerable to AI disruption, not just primary industries such as manufacturing. White collar and knowledge workers in industries like healthcare and finance are also at risk.
As AI becomes more integrated in our economy, value chains and business models will need to be altered to account for their impact. More value will be placed in technology services, while additional revenue streams will become profitable for those who embrace AI.