The recent successes of AI have captured the wildest imagination of both the scientific communities and the general public. Robotics and AI amplify human potentials, increase productivity and are moving from simple reasoning towards human-like cognitive abilities. Current AI technologies are used in a set area of applications, ranging from healthcare, manufacturing, transport, energy, to financial services, banking, advertising, management consulting and government agencies. The global AI market is around 260 billion USD in 2016 and it is estimated to exceed 3 trillion by 2024. To understand the impact of AI, it is important to draw lessons from it's past successes and failures and this white paper provides a comprehensive explanation of the evolution of AI, its current status and future directions.