Artificial intelligence is a global technological phenomenon with a wide range of possibilities to be applied in almost all areas of human life. It simplifies and makes tasks more manageable, thereby destroying many jobs across the globe. However, the current literature on the subject highlights various challenges and new areas of its application. The primary purpose of the research is to explore, through several types of literature, the current issues on artificial intelligence, prospects, and challenges in the daily lives of human beings. The study will present the options for AI applications to make life convenient and identify how and where the technology could be applied in addition to its current application in different areas of human life. In addition, it will add to the body of growing literature on the subject, which scholars and students will find helpful. The study shows that multiple technologies (AI with others could be integrated) provide synergy and convenience to get a competitive edge in the industry.