AI and ML are poised to transform industries, with McKinsey estimating up to $15.7T in global economic impact by 2030. Applications span healthcare (early detection, personalized care), cybersecurity (threat detection), finance (fraud prevention, algorithmic trading), manufacturing (predictive maintenance), retail (personalized marketing), and transportation (autonomous vehicles). AI also supports climate mitigation and sustainable business practices. Key challenges include data privacy, bias, workforce transition, and cybersecurity risks. Future trends highlight explainable AI, human-AI collaboration, and responsible governance to ensure ethical, equitable outcomes.

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