by Ray Hayes

Artificial Intelligence has made great strides over the past few years. A decade ago the technology was but a dream but today, companies like Vinli, which can turn any car into a smart car, or Bridge.ai which can turn you home into a smart home with speech and sound commands are operating successfully.  With the technology improving our everyday lives, many are expecting AI to lead us into the future from an economic standpoint.

A new study from Huawei, a global information and communication technology (ICT) solutions provider, reported that AI could more than double our global digital economy from $12.9 trillion in 2017 to more than $23 trillion by the year 2025 .

According to the report, “Governments need to re-think education for a future workplace redefined by AI and start building a healthy, collaborative, and open AI ecosystem to attract and retain competitive AI talent.”  The Global Connectivity  Index (GCI) 2018  established that in order to employ AI on a large scale, the global economy must focus on three sectors: computing power, labelled data and algorithms.

Huawei accumulated their data from analysis with more than 79 nations, where each nation was place in a group and given a score, Starters received 20-34, Adopters received 35 -55 and Frontrunners received 56 – 85. The score was determined based on how a nation progressed towards a digital economy on a year-to-year basis.

As AI evolves, new economic capabilities and advancements await. Kevin Zhang, president of Huawei Corporate Marketing, said the following, “We are now witnessing a paradigm shift initiated by AI. According to the GCI study, advanced economies that saw growth from ICT development plateau are using Intelligent Connectivity to open new opportunities, while some developing economies are also finding ways to tap the new technology to speed up their own strategic growth plans.”