‘Artificial Intelligence’ Named ‘Word of the Year’ by Collins Dictionary
New Delhi, November 2, 2023: In recognition of its widespread impact and ubiquity, “Artificial Intelligence” (AI) has been crowned the “Word of the Year” by the makers of Collins Dictionary. The use of AI has surged significantly this year, marking it as a central talking point in 2023, according to the publisher. Collins Managing Director Alex Beecroft noted that AI has rapidly become as integral to daily life as email or streaming technology.
“We know that AI has been a big focus this year in the way that it has developed and has quickly become as ubiquitous and embedded in our lives as email, streaming, or any other once futuristic, now everyday technology,” Beecroft explained.
Reflecting on this recognition, AI chatbot ChatGPT responded by emphasizing the profound impact of Artificial Intelligence on our evolving world, where innovation and transformation are driven by the power of algorithms and data.
Collins’ announcement coincided with India and 27 other nations signing a declaration to collaborate on assessing the risks associated with AI. This declaration was signed on the inaugural day of the ‘AI Safety Summit 2023,’ hosted at the historic Bletchley Park in the UK.
The AI market is on an upward trajectory, with its value expected to reach nearly $450 billion this year. The International Data Corporation’s report indicates that the global revenues for the AI market, encompassing software, hardware, and services for both AI-centric and non-centric applications, reached $383.3 billion in 2021, marking a 20.7 percent increase over the previous year. This trend is forecasted to continue with year-over-year growth in the next five years.
