Exponential technological development and the Singularity

What was the world’s fastest supercomputer in 1997 is today a plaything for any average teenager and can be bought online for less than 100 USD. The processing power of computers is growing exponentially - giving machines the ability to perform an increasing number of tasks once seen as exclusive to highly skilled humans.

Looking at these trends, prominent tech thinkers are discussing the concept of the technological singularity, a day when computers profoundly outsmart humans. What are the implications of this incredibly fast and powerful technological change? Is human civilisation about to be transformed beyond recognition already in our lifetimes?