Artificial Intelligence or AI is set to become a $2.9 trillion dollar industry by 2025, according to global research and advisory firm Gartner. Within the tech industry and the startup ecosystem, the term AI has become so common, that it is almost used ad nauseam. Yet, there is still a certain glamour and intrigue associated with the term. Beyond the cool quotient, how'real' is AI, though? A panel consisting of leaders from Bosch-IERO, Rolls Royce and Accenture sat down to discuss this, at the third edition of YourStory's Future of Work, India's largest product-design-tech conference, on Friday.

The White House's Office of Science and Technology Policy (OSTP) has issued a draft memo to government agencies which spells out the principles agencies must abide by when creating regulations for the use of AI. The principles are designed to achieve three goals: Ensure public engagement, limit regulatory overreach and promote trustworthy technology. The memo includes 10 principles that agencies must consider when drafting AI regulations. The memo follows on from President Trump's executive order on AI in February 2019, which set out the administration's strategy for accelerating the US's position of leadership in AI. This includes fostering public trust in AI systems by establishing appropriate governance of, and standards for the technology.