New Delhi, Nov 2 (IANS): Artificial Intelligence (AI) has earned the title of ‘Word of the year’ by the makers of Collins Dictionary, as Generative AI and its use have taken the world by storm.

Use of AI has quadrupled this year, according to the publisher. Collins Managing Director Alex Beecroft said AI had been "the talking point of 2023", reports the BBC.

“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 was quoted as saying.

When prompted on earning the title, AI chatbot ChatGPT replied that AI's selection as the “word of the year” by Collins Dictionary “reflects the profound impact of Artificial Intelligence on our rapidly-evolving world, where innovation and transformation are driven by the power of algorithms and data."

The Collins announcement came as India, along with 27 other nations, signed a declaration, committing to collaborate on the evaluation of risks associated with AI.

The declaration was signed on the opening day of the ‘AI Safety Summit 2023’ at the historic Bletchley Park in the UK.

The AI market value is expected to reach nearly $450 billion this year and maintain a year-over-year growth rate in the next five years, a new report has forecast.

In 2021, the global revenues for the AI market, including software, hardware, and services for both AI centric and AI non-centric applications, reached $383.3 billion, an increase of 20.7 per cent over the prior year, according to the International Data Corporation.