UGC Approved Journal no 63975(19)

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Published in:

Volume 8 Issue 5
May-2021
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIR2105846


Registration ID:
309379

Page Number

g354-g365

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Title

ARTIFICIAL INTELLIGENCE(AI): APPLICATIONS AND IMPLICATIONS (AI) FOR INDIAN ECONOMY

Abstract

The Fourth Industrial Revolution, concept introduced at World Economic Forum in Davos by Klaus Schwab in 2016, defines a fundamental shift in business, social landscape, a fusion of technologies that is blurring the lines between the physical, digital and biological spheres. AI is a constellation of technologies where machines have higher levels of intelligence than human capabilities to comprehend and act. Innovations in the form of cloud, AI, IoT paired with higher computing power and big data have created a smarter and more connected world. ‘The 4.0 industrial revolution' that has transformed the lifestyle around the globe through Artificial Intelligence/Machine Learning (AI/ML). An estimate by Markets and Markets Research valued AI in agriculture to be $ 432 million in 2016 and expects it to grow at the rate of 22.5% CAGR to be valued at $ 2.6 billion by 2025. AI/ML have opened manifold opportunities but it has also thrown challenges for the economies. The majority of studies emphasise that AI will have a significant economic impact. The rise of new technologies like AI, IoT, AR, VR will usher the next wave of change- making life more convenient, more enjoyable, more liveable. The future of AI should be redefined to meet the requirements of AI driven economy. The focus of the current paper is to rationalize the use of AI/ML across sectors and analyse the applications and implications of AI / ML for Indian economy. The paper has also highlighted the roadmap to the transformation and exploring limitless opportunities, new deeper research orientation towards creative economy and for a strong nation building.

Key Words

AI – Artificial intelligence, ML- Machine learning, AR – Augmented reality, VR- Virtual reality, IoT-Internet of Things, CAGR-Compound Annual Growth Rate

Cite This Article

"ARTIFICIAL INTELLIGENCE(AI): APPLICATIONS AND IMPLICATIONS (AI) FOR INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 5, page no.g354-g365, May-2021, Available :http://www.jetir.org/papers/JETIR2105846.pdf

ISSN


2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"ARTIFICIAL INTELLIGENCE(AI): APPLICATIONS AND IMPLICATIONS (AI) FOR INDIAN ECONOMY", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 5, page no. ppg354-g365, May-2021, Available at : http://www.jetir.org/papers/JETIR2105846.pdf

Publication Details

Published Paper ID: JETIR2105846
Registration ID: 309379
Published In: Volume 8 | Issue 5 | Year May-2021
DOI (Digital Object Identifier): http://doi.one/10.1729/Journal.27139
Page No: g354-g365
Country: Delhi, Delhi, India .
Area: Management
ISSN Number: 2349-5162
Publisher: IJ Publication


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