'Artificial Intelligence is the engine of the fourth industrial revolution'

Artificial Intelligence (AI) is the new engine that is going to launch the fourth industrial revolution after loom, steam engine and assembly line, according to Malcolm Frank, Executive Vice-President, Strategy & Marketing, Cognizant Technology Solutions. In the process, countries that get it right will have strong GDP growth, he said at a session on'What to do when machines do everything!' organised by The Indus Entrepreneurs (TiE) Chennai in association with Nasscom. The top five global companies in terms of market value are digital companies, and either Apple or Amazon could be a $1 trillion company in next 12-18 months. "We are in the midst of an important economic period," he said. Three scenarios could emerge in future – machines will replace humans; enhance and make people better at what they are doing; or invent entirely new jobs, Frank said.