https://innovateuk.blog.gov.uk/2017/11/15/what-is-artificial-intelligence-and-what-is-its-potential-economic-impact/

What is Artificial Intelligence and what is its potential economic impact?

The ability of machines to learn and solve problems like humans

Artificial intelligence or AI for short, is already with us in many forms. It’s used by virtual assistants on personal devices, to deliver financial services, and it’s even being used to diagnose disease.

Put simply, it’s the ability of machines to learn, plan and solve problems just like humans.

AI is increasingly common in our lives

AI is used in computers, software and computer-controlled robots. The more information it has access to, the more able it is to think intelligently and make decisions.

AI is becoming increasingly common in our everyday lives and the opportunities for its use are widening substantially.

What is the economic potential for Artificial Intelligence?

The future of AI relies heavily on its ability to learn without the assistance of humans. Huge advances have been made in recent years in the pursuit of developing AI that can learn, reason and self-correct but there is still a long way to go.

Multiple industries are already involved in AI

Multiple industries are driving AI forward. It’s being used to develop the first generation of driverless vehicles; to improve cybersecurity and to allow robots to perform tasks in places humans simply can’t go.

Predictions of £232bn

Some estimates predict that UK GDP will be over 10% higher in 2030 as a result of AI. That’s the equivalent of £232 billion, making it a huge commercial opportunity.

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