Applications of Artificial Intelligence

Abstract

The world is changing rapidly. Developments in information technology are affecting every aspect of people’s lives, but also economies or politics all over the world. The fourth industrial revolution started at the beginning of the twenty-first century, it is manifested by emerging technology breakthroughs in many fields, which include artificial intelligence (AI), biotechnology, 3D printing, the Internet of Things, and blockchain. In the last decade, the technology sector has driven the worldwide economy, and big tech companies such as Amazon, Apple, Microsoft, Tencent, Baidu, and Alibaba are dominating the market. Many other companies are riding the wave, while others are staying behind. AI is impacting many industries, from transportation to agriculture, passing through healthcare, communication, media, retail, entertainment, and others. But one of the major sector involved is finance. This qualitative research focuses on applications of AI, especially in the financial field. The theoretical part aims to introduce the concept of AI, the different types of AI, examples of AI technologies, and countries and companies that are leading the AI race. The second part of the research focuses on AI applications in different sectors, examining the influence, benefits, and challenges of this breakthrough innovation.