ABSTRACT
Artificial Intelligence lies at the core of the 4th Industrial Revolution.
The convergence of ever-increasing computing power, machine learning and big data analytics has reshaped the world around us. Today’s computers are knowledge machines that have cognitively evolved brains and use 10–15 layers of neural networks. Today we do not instruct the machines to do something but instead have trained them to learn themselves and solve the problems. Advances in cognitive and neural sciences have led to deep learning and machine learning and are changing the way knowledge economy works.
There is a sweeping shift in the immersive automation and mechanization driven by artificial intelligence into goods and services, manufacturing, transport, utilities and changing human dynamics. Technology has moved beyond analytical to predictive to prescriptive applications with the advances in artificial intelligence. Machine learning has enabled long leaps in fields as diverse as economics, finance, marketing, operations, image processing to medical diagnosis. Software personal assistants, robotics, context-aware processing, image processing and facial recognition are conspicuously recognized applications of artificial intelligence. Machine learning as a service features software environment for building machine learning algorithms covering the fields of marketing, risk analysis, stock trading, fraud detection and predictive analysis to name but a few.
While AI and ML are changing the game, they also pose threats of governance over data privacy, net ethics and cybersecurity issues and underscore the need for broader cyber laws and policymaking in the future. The transformative impact of artificial intelligence, machine learning and embedded technology will shape the new economy and market space. How will the economies, markets, ecosystems and organizations react and respond in this ever-expanding yet the interconnected world remains to be seen.
