Every day, AI-powered tools are playing an increasing role in our lives and undertaking tasks once the exclusive domain of humans.
The pace of AI development is also increasing
Led by large technology firms estonia telemarketing database such as Google, Amazon and Facebook, researchers are making rapid advances and pushing the technology’s performance further than ever before.
However, activity is not the exclusive domain of the tech giants. There are myriad smaller firms that are just as focused on AI and are creating tools that can deliver real value to users.
Investing in the future
This rapid evolution is also attracting the attention of investors, keen to claim a stake in the technology’s promising future. During 2019, venture capital investment in early-stage AI companies reached a record $US10.8 billion.
Even during the COVID-19 restrictions, early-stage AI investments in the second quarter increased 19% from the same time last year, up $US2.1 billion to $US2.6 billion.
It’s clear realisation is dawning that AI technology is reaching a point where it has useful applications in a wide variety of scenarios. An estimate from a 2020 PWC study found that AI could be worth $22.17 trillion to the global economy by 2030.
However, in Australia, there is a very different picture emerging
During the same period as global investment surged, the amount of VC money pouring into AI actually decreased. Indeed, early-stage AI investments decreased by 82% in the second quarter of this year, from $US22 million in 2019 down to $US4 million USD in 2020.
A recent report by CSIRO’s Data61 outlines the potential that AI has in this country. Its authors stress that industry and government must work more closely together to develop greater numbers of AI specialists. According to the report, Australia will need up to 161,000 more AI experts by 2030 to meet forecast demand.
AI also represents the type of sector that will underpin the national economy in the years ahead.
This is important at a time when traditional areas of employment, such as manufacturing, are in decline domestically. Interestingly, a 2018 AlphaBeta study found digital technologies, including AI, would potentially be worth $315 billion to the Australian economy by 2028. For this reason, building AI skills and capabilities within Australia has never been more important.