Artificial intelligence as an innovation-enabler in digital age: impact, opportunities, challenges and risks ahead

Artificial Intelligence (AI) has certainly created a wave of innovation in technology. Today, we talk more about machines. Yes, machines which think. Machines which show intelligent behavior that comprises various acts that include but not just limited to perceiving, understanding, reasoning, learning, responding, and acting in all complexly varied environments. AI certainly has entered into a more active stage now. It is extending its frontiers in technology wide and far, creating an impact on almost all facets of life and of course, economies across the globe. It is growing exponentially, transforming virtually everything on its way. Nothing seems to be free from its impact. This paper is an attempt to discover the innovation that is powered by AI which is creating new ways of turning impossibilities into possibilities. It also talks about the achievements of the past, present and possible future and also summarizes the challenges and the opportunities that lie ahead in the field of technology for AI. The paper also demonstrates how AI is at the forefront of transforming the world, raising questions for economy, society and governance.