The European Union is targeting 20 billion euros ($24.4 billion) of investment in artificial intelligence (AI) by 2020, a media report said.

Artificial intelligence promises to revolutionise sectors from healthcare to transport to agriculture and Europe is keen not to be left behind in the digital race, reported Emirates news agency Wam.

The Commission, the EU executive, will boost its investment in artificial intelligence by about 70 per cent to 1.5 billion euros ($1.83 billion). It wants total private and public investment in AI to reach at least 20 billion euros by the end of 2020 to ensure the bloc retains competitiveness and does not face a brain drain.

"Just as the steam engine and electricity did in the past, AI is transforming our world," said Andrus Ansip, vice-president of the European Commission, on Wednesday.

"Today, we are giving a boost to researchers so that they can develop the next generation of AI technologies and applications, and to companies, so that they can embrace and incorporate them."