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China expected to have installed more industrial robots than other country
‘Global economic impacts associated with artificial intelligence’—another study-- has pegged the cumulative economic impact of AI to be between $1.49 trillion and $2.95 trillion
According to a report by PwC-Assocham, China is expected to have installed more industrial robots than any other country - 30 robots per 10,000 workers.
It said, a few thousand workers have already been replaced by a robotic workforce in a single factory
It mentions that 'Global economic impacts associated with artificial intelligence'-another study-- has pegged the cumulative economic impact of AI to be between $1.49 trillion and $2.95 trillion through 2025.
The report further added that the online shopping portals have extensively been using predictive capabilities to gauge consumer interest in products by building a targeted understanding of preferences through collection of browsing and click-stream data, and effectively targeting and engaging customers using a multichannel approach.
The study finds that a few Indian startups are initiating development of conversational bots, speech recognition tools, intelligent digital assistants and conversational services to be built over social media channels.
To enable consumers to find better products at low prices, machine learning algorithms are being deployed for better matching of supply with consumer demand.
Some of the areas where AI can improve legal processes, said the findings, include improved discovery and analysis based on law case history and formulation of legal arguments based on identification of relevant evidence.
"Researchers and paralegals are increasingly being replaced by systems that can extract facts and conclusions from over a billion text documents a second. This has the potential to save lawyers around 30 percent of their time," the findings showed.