January 30

Viewpoint: The Power of AI in Emerging Markets

By Frank-Jürgen Richter

Artificial intelligence is permeating almost every aspect of life in advanced economies. From governments to businesses to individuals, AI’s reach is sweeping, and its implementation is proving transformational.

But the benefits are not just being felt in the developed world. AI is forecast to contribute $15.7 trillion to the global economy by 2030, delivering socioeconomic value to all sections of society over the coming years. And a substantial share of this total will accrue to emerging economies, where AI is already helping to address deep-rooted problems.

The enormous sums being invested in AI illustrate the potential many see in this new technology. According to estimates by the International Data Corporation, global spending on AI will reach roughly $36 billion in 2019, a remarkable 44% increase over 2018. That figure is expected to surpass $79 billion by 2022.

Photo courtesy of Daniel Dionne.

Source: Project Syndicate (link opens in a new window)

artificial intelligence