Artificial intelligence (AI) is a transformative technology that enables computers and machines to simulate human learning, problem-solving, comprehension, decision-making, creativity, and autonomy. AI empowers machines to perform tasks commonly associated with human intellectual processes, like reasoning, understanding language, and analyzing data. AI is not a single technology but a broad field encompassing computer science, data analytics, statistics, hardware and software engineering, linguistics, neuroscience, and even philosophy and psychology. AI applications and devices can see and identify objects, understand and respond to human language, learn from new information and experience, make detailed recommendations, and act independently.
AI is impacting many sectors, with 77% of devices using some form of AI. AI is projected to contribute $15.7 trillion to the global economy by 2030. AI can help automate workflows and processes, minimize manual errors, eliminate repetitive tasks, and accelerate research and development. AI systems rely on data, algorithms, and computational power, learning and improving through exposure to vast amounts of data to identify patterns. Investment in AI remains high, with U.S. private AI investment growing to $109.1 billion in 2024. Generative AI attracted $33.9 billion globally in private investment in 2024, an 18.7% increase from 2023.
