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Artificial Intelligence (AI) is currently the hottest buzzword in tech. And with good reason—the last few years have seen a number of techniques that have previously been in the realm of science fiction slowly transform into reality. Experts look at artificial intelligence as a factor of production which has the potential to introduce new sources of growth and change the way work is done across industries.

AI is predicted to increase economic growth by an average of 1.7 percent across 16 industries by 2035. The report goes on to say that, by 2035, AI technologies could increase labor productivity by 40 percent or more, there by doubling economic growth in 12 developed nations that continue to draw talented and experienced professionals to work in this domain.

>> Improving product and service quality is the most important goal for AI

 >> Ranked second is helping customers get more value from the company’s offerings

>> No. 1 success factor is building AI systems that can’t be hacked

The world has seen a remarkable improvement in the quality of life in the last 200 years or so. Throughout most of human history, the pace of economic growth was slow, but in the 19th Century, the pace picked up dramatically, driven primarily by technological revolutions. From the steam engine, which transformed manufacturing and transportation, to the commercialization of electric power in the 20th Century, which transformed society by providing lighting and heating, the pace of man’s progress has been staggering.

These technology revolutions have also delivered significant economic growth. During the 19th century, the global economy grew eleven fold. But this was nothing in comparison to the exponential growth in ‘mankind’s muscle power’ when computing technology and the internet took hold. Between 1970 and 1990, the world economy expanded 37 times to reach a staggering $75 trillion in GDP, driven in large part by the ability of humans to compute and communicate large amounts of information at great speed.

We are now witnessing the emergence of an even more powerful force embodied by the digital age and the fourth industrial revolution. This is more than just one trend and technology. Rather, it is manifest in the interplay between technologies, from AI and Robotics to social media, mobility, pervasive computing, cloud, big data analytics, and the Internet of Things.