Impact of AI in Product Lifecycle

Industries are evolving more rapidly in today's time than ever before, human needs and lifestyle are constantly adapting and changing as technology is becoming an irreplaceable part of their lives. In today's world Artificial Intelligence (AI) is emerging as a groundbreaking force replacing conventional ways with new innovative processes. Product development in this era of artificial intelligence is going under major transformations. A review of papers and research shows that the role of Artificial intelligence in product management is going to increase with time. This paper dwells through the tasks, roles, and perspectives of the product lifecycle stages, along with latest AI tools available in today's market. Further this paper, proposes the advantages and challenges of implementing AI in product development and management, to provide insight on how artificial intelligence influences and improves the stages of the product life cycle, from concept generation to product launch.