1 An Analytical review on the Impact of Artificial Intelligence on the Business Industry: Applications, Trends, and Challenges Kuldeep Gurjar 1 Department of Computer Science, Kangwon National University, Chuncheon, Republic of Korea 2 The University of Suwon, Hwaseong, Republic of Korea Email: dkekuldeep@gmail.com Anshika Jangra Department of Research and Clinical Coordination, CureTherapeutics Inc., Suwon, Republic of Korea Email: anshika.jangra@curetherapeutics.com Hasnan Baber* School of Business Administration, American University of Sharjah, Sharjah, United Arab Emirates Email: hbaber@aus.edu https://orcid.org/0000-0002-8951-3501 *Corresponding Author Maidul Islam Department of International Business, Keimyung Adams College (KAC), Keimyung University, Daegu, Republic of Korea Email: maidul@kmu.ac.kr Shabnam Abdulkasem Sheikh International College, The University of Suwon, Gyeonggi-do, Hwaseong-Si, Republic of Korea Email: shabnam@suwon.ac.kr Abstract The integration of artificial intelligence (AI) in business processes has revolutionized many industries by automating tasks, improving decision-making processes, and enhancing customer experiences. This review paper examines the impact of AI in business areas, including its applications, challenges, limitations, current trends, and future work. The paper begins with defining the importance of AI in business, followed by an overview of its applications in various sectors such as customer service, marketing, finance, healthcare, manufacturing, logistics, and human resources. The advantages and benefits of AI implementation are explored, along with examples of successful AI implementation and changes in business processes. The challenges and limitations of AI technology, such as ethical concerns, data privacy and security issues, technical expertise and knowledge, and high implementation costs, are explained. Current trends in AI integration, such as the integration of AI with other technologies, the growing demand for AI skills, and the development of more advanced and sophisticated AI algorithms, are presented. This article has been accepted for publication in IEEE Engineering Management Review. This is the author's version which has not been fully edited and content may change prior to final publication. Citation information: DOI 10.1109/EMR.2024.3355973 © 2024 IEEE. Personal use is permitted, but republication/redistribution requires IEEE permission. See https://www.ieee.org/publications/rights/index.html for more information. Authorized licensed use limited to: American University of Sharjah. Downloaded on March 01,2024 at 10:37:33 UTC from IEEE Xplore. Restrictions apply.