The Impact of Artificial Intelligence on Innovation - An Exploratory Analysis

Artificial Intelligence (AI) transforms businesses and organizes innovation activities. AI could compel companies to restructure the whole innovation process in response to rapid technological advancement and the rearrangement of human resources. Society at large sees artificial intelligence (AI) as a representation of unlimited possibilities. AI will contribute to fresh, more efficient market models and efficient, public sector and user-centered services. The objective of this research was to explore the impacts of AI in innovation and its outlook in the U.S and the economy. According to a worldwide survey of 203 managers, health and life sciences, manufacturing, retailers, and financial institutions are involved in testing water, especially in The United States. Among these entities, about one-third of businesses are exploring AI technology and its implementations, while another third is experimenting and a tenth of them are using AI in small fields. They are now in the exploratory stage.AI has also been deployed extensively by a handful of the companies (2.5%). This paper will illustrate how AI can fix problems and what it is necessary to consider when transforming innovation into a global economy. Finally, the paper will explore insights into the potential of AI in the U.S