An empirical analysis of the growth of artificial intelligence in socio economic environment

Abstract

Artificial Intelligence (AI) is very evident in our daily lives and our economy, and it has had an impact on our environment in various ways. The competition to reap its benefits is growing worldwide, and world leaders - the US and Asia - are already taking action. Many people see AI as a way to improve productivity and economic development. It can improve process efficiency and greatly improve decision-making processes by examining large amounts of data. It can also lead to the creation of new products, services, markets, and sectors, leading to increased customer demand and new sources of revenue. Some are concerned that it could lead to the development of large corporations - institutions of wealth and knowledge - that would hurt the entire economy. It has the potential to widen the gap between developed and developing countries, as well as to increase the need for highly skilled workers while firing others; the latest trends can have a profound effect on the labor market. Experts also worry that inequality could worsen, reduce wages, and lower the tax base. The aim of this study was to learn how artificial intelligence is used in today's economy and what society thinks about its use.