REVIEW OF LITERATUREEverything that civilization has to offer is a product of human intelligence; we cannot predict what we might achieve when this intelligence is magnified by the tools that AI may provide, but the eradication of war, disease, and poverty would be high on anyone’s list. Success in creating AI would be the biggest event in human history. Unfortunately, it might also be the last.-Stephen HawkingWith the increasingly important role of intelligent machines in all phases of our lives–military, medical, economic and financial, political–it is odd to keep reading articles with titles such as Whatever Happened to Artificial Intelligence? This is a phenomenon that Turing had predicted: that machine intelligence would become so pervasive, so comfortable, and so well integrated into our information-based economy that people would fail even to notice it.-Ray KurzweilThere are many theories, research; arguments are going on in artificial intelligence. Many researchers and scientists say AI will have a positive impact on the business sector and other group says it will negatively impact the business sector. There is an enormously huge wave approaching from the ocean of technology in the name of Artificial Intelligence (AI). The emergence of AI has already captured people’s imagination and has made them more comfortable and acceptable to the new and better change. A few examples of AI’s inception into our daily life are ‘Siri’, ‘Google Assistant’, and ‘Alexa’. These virtual personal assistants respond to voice queries and interact with the user in a more intelligent manner. The rise of these AI-based personal assistants has made our smartphones even smarter. The advancements in the automatic speech recognition technology have played an important role in the development of these virtual assistants. Now imagine if a device can be equipped with powers to plan, imagine, perceive, learn, make choices, communicate, analyze, solve a problem, reasoning ability, making decisions and many such cognitive and super intelligent functions. Such a technology, which has already made its ground, is going to completely transform the way consulting companies are going to function in near future. The composition of human-like thinking into a computer system or an electronic device coupled with the strength of inter-connectivity among smarter objects is going to bring a revolution in the way data is being handled and analyzed. Thus minimizing manual interference, an enormous amount of data can be analyzed in a fraction of the time. More advanced and innovative analytical tools could emerge as a new platform for analysis and reporting. AI will extend the reach of software into new applications, new industrial domains. Service industries like insurance, logistics, and retail banking will increasingly become software industries. This will enable these services, which our society relies on, to be performed smoothly, at a fraction of the cost it does today, making them more affordable and reliable.This expansion will occur with AI software performing tasks too complex and subtle for traditional software to handle, but narrow enough for an AI algorithm to perform. For example, driving a car consists in a sequence of restricted actions: accelerate, decelerate, and turn. But driving properly requires careful interpretation of the environment and objects surrounding the car. It’s both a narrow and subtle task that is a good candidate for AI. Interpreting radiology scans is even narrower: the environment is the scan, the action is the diagnosis. Waitressing, on the other hand, faces a far more complex environment from an AI point of view.