The growing role of artificial intelligence in business

To meet growing consumer expectations in a digitally-driven world, companies have to deal with huge amounts of real-time data and create personalized consumer experiences to stay relevant. As such, they are increasingly employing newer technologies such as artificial intelligence (AI), cognitive computing and robotics, among others. From Apple's assistant Siri to self-driving cars, evolution of AI has been transformational, to the extent that it seems to replicate human characteristics, intellect and behaviour. While scientists and experts including Stephen Hawking and Elon Musk have warned against the risks and hazards associated with fully developed and self-aware AI machines, the market is expected to grow rapidly. According to a recent International Data Corp. (IDC) report, AI is expected to drive worldwide revenues from nearly $8 billion in 2016 to more than $47 billion in 2020, across a broad range of industries.