The advent of artificial intelligence (AI) is taking the world by storm. It has made possible what was usually restricted to the domain of scientific fiction. According to the research company Markets and Markets report “Artificial Intelligence Market by Technology,” it is expected that the AI market would be worth USD 16.06 billion by 2022, growing at a stupendous CAGR of 62.9% from 2016 to 2022. It is affecting all industries and has the potential to impact human lives. Similarly, it is impacting the world of enterprise technology in myriad ways. The world is digitizing at a fast pace and digital transformation technologies are surging ahead. “The more we digitalize, the more our prosperity is secured,” says Wolfgang Wahlster, who leads the German Research Center for Artificial Intelligence (DFKI).
In the twenty-first century, the scope of AI tools is growing much beyond domestic smartphone use. It is impacting all industries and affecting the enterprise resource planning technology (ERP) sector in unimaginable ways. Due to the powerful capabilities, AI technologies are already optimizing system-operating models as well as transforming business processes for enterprises and organizations globally.
A scientist with Google Research, who is also the author of an AI research paper called “Concrete Problems in AI Safety,” says, “The authors believe AI technologies are likely to be overwhelmingly beneficial for humanity but we also believe it is worth giving serious thought to potential challenges and risks,” adding: ‘We strongly support work on privacy, security, fairness, economics and policy.”