Artificial intelligence (AI) has been pegged by some as sparking the fourth industrial revolution, with many industries and countries investing heavily in this emerging technology. Allied Market Research estimates that there will be massive growth in AI over the next several years, with revenues reaching more than US$3.64 trillion in 2033, up from US$153.6 billion in 2023. Last year was an inflection point in the AI market following the launch of OpenAI’s ChatGPT AI chatbot, prompting some of the world’s biggest tech companies such as Microsoft (NASDAQ:MSFT), NVIDIA (NASDAQ:NVDA) and Alphabet’s (NASDAQ:GOOG) Google to advance on their own AI initiatives. As we move deeper into 2024 and beyond, AI technology is taking root across a myriad of industries from healthcare and finance to manufacturing and transportation. What is artificial intelligence? AI is defined by IBM (NYSE:IBM) as “technology that enables computers and machines to simulate human intelligence and problem-solving capabilities”.…
