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We are a privileged generation living in this era full of technological advancements. Gone are the days when almost every work was done manually and now we are living in a time where a lot of work is done by machines, software, and various automated processes. In this regard, Artificial Intelligence (AI) has a special place in all the advancements of today. Artificial Intelligence or AI is nothing but the science of computers and machines that develop intelligence like humans. In this technology, machines are able to perform some simple to complex tasks that humans need to perform on a regular basis. Since AI systems are used day in and day out in our daily lives, it would not be wrong to say that our lives have also been upgraded with the use of this technology. AI systems are efficient enough to reduce human efforts in various fields. To perform various activities in the industry, many of them are using Artificial Intelligence to create machine slaves that perform various activities on a regular basis. Artificial Intelligence applications help in completing the work faster and with accurate results. Error-free and efficient world is the main objective behind Artificial Intelligence. In recent years, many sectors have started using AI technology to reduce human efforts and get efficient and faster results. Obviously, the positive potential of Artificial Intelligence is indeed huge and still untapped. One of the major disadvantages of Artificial Intelligence is the potential theft of personal data, especially in healthcare, education and other sectors, as well as the misuse of citizen databases by private companies and security agencies. Artificial Intelligence systems controlling so many aspects of society raise ethical and privacy concerns. Preventing unauthorized access to sensitive information of both citizens and organizations is important. All digital information is vulnerable to hacking and misuse. Hence, there is a dire need for Artificial Intelligence enabled systems to handle data securely with relevant privacy safeguards. AI involves a lot of expense as it requires the latest hardware and software to remain relevant. As of now, AI capabilities are already limited by the data given to it and it lacks creativity. Unlike humans, AI cannot think of anything new or out of the box. Another disadvantage of AI is that it can make humans lazy. If repetitive tasks, calculations and data analysis are permanently handed over to robots, humans will potentially use their brains lesser and their reactions to any task or event will be sloppy.