Artificial Intelligence in the Modern Economy: Transformations, Applications, and Future Prospects

Abstract

Objective: This research delves into the increasing prominence of Artificial Intelligence (AI) in the current economy, particularly in enhancing customer experiences and reshaping traditional approaches across various sectors, including education. Results: With the shift towards online shopping for convenience and customization, AI has emerged as a pivotal tool for businesses. Educational institutions are transitioning from conventional methods, exemplified by Arizona State University's adoption of Alexa to provide students with streamlined institutional information. Furthermore, advancements in AI, supported by fast GPUs and access to vast training data, have enabled innovations like driverless cars, as highlighted by Russell Glenister's insights. The COVID-19 pandemic has further accelerated the demand for AI-driven, no-touch interactions due to the imposed social distancing norms. Conclusions: AI's integration into daily life and the economy is undeniable, paving the way for new industries, consumer devices, job shifts, and more. While the exact ramifications of AI and the Internet of Things remain uncertain, they hold the potential to significantly disrupt and reshape the global economy.