As the 21st century’s defining technology, artificial intelligence (AI) is expected to boost global GDP by around $15.7 trillion by 2030, according to a report released on Wednesday.
The Boston Consulting Group (BCG) and FICCI jointly released a research that said, “More than 66 percent of developed economies already have national AI strategies, compared to just 30 percent in developing economies and 12 percent in least-developed ones.”
The report posits that the race of AI is founded on four interrelated dimensions: talent, data, models, and computation.
Although certain countries, like as the US and China, have taken the lead and many are concentrating on particular AI interventions, the majority of economies have the capacity to progress.
Due to data-rich surroundings, a few industries, including retail and financial services, are leading the way in the rapid integration of AI, according to the report.
Socially vital industries like public services and agriculture, however, lag behind because of financial issues brought on by ambiguous returns on investment and fragmented infrastructure.
Jyoti Vij, the director general of FICCI, stated: “AI is a strategic race that will determine economic and social leadership in the ensuing decades; it is not merely a technology fad. By working together, we can make sure that AI is a worldwide quest for advancement rather than only a competition for advantage.
Less than one in eight prototypes are deployed, and over half of AI pilots are abandoned before production, according to the FICCI-BCG research, despite billions of dollars in investments.
According to the report, cultural opposition, skills shortages, and segmented infrastructure are major obstacles.
The paper claims that people and process problems, rather than technology, account for 70% of the barriers to AI adoption, making it more sociological than technical.
According to the report, companies that make investments in workforce empowerment, cultural transformation, and reskilling are most positioned to turn AI into tangible economic results.
“The global AI race is exhibiting notable divergence. While less developed economies have not yet embarked on this trip, the bulk of rich economies have national AI initiatives, according to Saibal Chakraborty, Managing Director and Senior Partner, BCG.