The impact of artificial intelligence and machine learning on the global economy and its implications for the hospitality sector in India

Abstract

Purpose The purpose of this paper is to explore and evaluate the existing and future impact of artificial intelligence (AI) and machine learning on the global economy. It includes viewing the inclusion of AI in different sectors, its impact on industries, the trends of the forerunning companies that are capitalizing on AI and the idea of crystalizing exponential growth while maintaining a balance between the understanding of humans and the subsequent possibilities of AI. Design/methodology/approach This paper is based on secondary research, reviewing literature based on different industries and perspectives. Findings The global potential of AI is exponential; the development of AI should be effective. Globally, we see contrasting views, defining the consequences of AI. Hence, the balance between humans and AI, protocols and a global regulatory system needs to be established to prevent catastrophic results soon. Practical implications The benefits of AI are enormous. The rising incorporation of AI must take into consideration the basic safety fundamentals for a better future. Social implications This paper will enable readers to understand the importance of AI in the global economy, its current involvement in major industries and the subsequent need for balance in technology. Originality/value This conceptual review is by its nature and original contribution and, specifically, an interpretation for India.