Artificial Intelligence and Machine Learning in Research and Development

Abstract

Artificial Intelligence (AI) and Machine Learning (ML) are rapidly changing the face of Research and Development (R&D). This chapter deals with a profound review of the current status and future trends of AI and ML in R&D. First of all, it gives an overview of huge investments and fast growth in AI, for instance, spending on AI systems worldwide is projected to reach as high as $110 billion by 2024. In the health sector, AI will potentially add up to $150 billion every year by 2026. The chapter highlights some of the most remarkable achievements in AI and ML, including transformer models like GPT-3 or Google's BERT, setting new benchmarks in natural language processing, low-code/no-code platforms democratize AI. Finally, the chapter asserts that AI and ML have the potential to transform R&D while insinuating that such development should be responsible and ethical. In adopting collaborative and open approaches, the stakeholders could reap maximum benefits from AI technologies in boosting innovation and societal benefits across different industries.

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