Many of the most exciting products coming to market today incorporate artificial intelligence (AI) – from the smart speaker in your kitchen to spam filters on your email to apps that crowdsource your morning commute.

CTA’s recently-released “Current and future prospects of AI” study details how AI will change the future of everything – from health care and transportation to entertainment and security. AI will also raise questions about jobs, bias, cybersecurity and other issues.

Yesterday, I testified before the House Oversight Committee’s Subcommittee on Information Technology on how AI is transforming our economy and how our work at CTA – from our research to our member-driven Artificial Intelligence Working Group – are helping to advance policies that will foster AI development and address the challenges AI may create.

Health care is a prime example. The United States will spend $3.5 trillion on health care this year, and the federal government shoulders over 28 percent of that cost. This is a problem – and AI can be part of the solution.

A medical patient generates millions of data points every day, but most doctor’s offices and hospitals aren’t equipped to maximize that data. AI can quickly sift through and identify pertinent aspects of that data to save lives and cut costs.

The U.S. is the world leader in AI, both in terms of research and commercialization, but our position is not guaranteed. Leadership from the private sector, supported by a qualified talent pool and light-touch regulation, is a winning formula for innovation in America. We need government to think strategically about creating a regulatory environment that will encourage innovation in AI to thrive.