Demystify Artificial Intelligence

Abstract

Artificial intelligence (AI) marks a paradigm shift in every sector of the tech industry. AI-powered tools (e.g., robots) and applications (e.g., recommendation systems) have progressively permeated in almost every individual and business arena on different levels and been repeatedly hyped, particularly in Asia. Southeast Asian countries have undertaken a 200% higher adoption rate of robots than Europe or North America. China is overtaking Europe and North America in research investments on AI. Supported by government policies and a strong incentive plan, China is planning to become the leader in AI innovations by 2030. This trend is partially attributed to AI’s ability to augment human intelligence with unprecedented analytics and pattern prediction capabilities to improve the quality, effectiveness, and creativity of human decisions. The amount of data that is generated by machines far outpaces humans’ ability to absorb and interpret. In business, AI-powered tools or machines can uncover gaps and opportunities in the market more quickly, helping the firm introduce new products, services, channels and business models rapidly with a high level of quality. AI-powered robots can function just like or more than humans. Stephen Hawking warned that developments and advancements of AI-powered robots might be disastrous for mankind. AI experts made predictions of AI superseding or replacing humans with significant time variations: the timeline stretches between a 50% chance within 45 years and a 9% chance within the next 9 years (Grace et al, in J Artif Intell Res 62:729–754, 2018, p. 729); 30 years from Asia and 74 years by North American respondents. This chapter is intended to demystify AI by revealing the evolution of AI, what it is, how it functions, and where it can be applied. The positioning of AI as a commercial service is highlighted in this chapter.