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Officials across most industries already know that artificial intelligence has the potential to create significant economic value, but government support and regulation can also harness the benefits of AI for the benefit of citizens worldwide.
The ultimate goal of every country should be to develop a flexible economy, not just to seize control within a specific region or attract big companies. According to a report published by the American magazine “Forbes,” many observers believe that artificial intelligence has the same revolutionary impact on the global economy today as electricity did in the late 19th century when it became clear that this required a new framework, as it was almost different from any other commodity or service.
According to “Forbes” report, artificial intelligence will bring about a tremendous transformation in countries, economies, and industries in a similar manner. It appears that the countries that will benefit most from artificial intelligence are those that rely on strategies based on the available local and global economic ecosystems.
The report mentioned that artificial intelligence can play a role in developing and improving any product, service, or infrastructure that countries rely on. Additionally, artificial intelligence will lead to producing better products, providing a better customer experience, better features, and lower prices. Therefore, leading governments recognize this well and are working to build the appropriate infrastructure for using artificial intelligence.
Are there countries leading the global arms race in artificial intelligence?
Abhishek Srivastava, who co-authored an article titled “The Global Arms Race for Artificial Intelligence – How can countries avoid falling behind?” with Trong Gi, believes there are four key factors that can be used to assess the level of different countries in the AI arms race and compare them. It involves the global landscape of artificial intelligence and countries that lead and lag in arming themselves with this technology.
1- Activities related to AI startups involve the available investment per capita and the number of billion-dollar companies per million individuals.
Jobs related to artificial intelligence in the economy relate to a certain percentage.
3- Promoting AI in private companies: This trend involves researching the extent to which the top ten local companies rely on the availability and allocation of funds for implementing AI projects.
4- Understanding AI technology and its capabilities: Incubators supporting AI funded by five prestigious universities, and the number of AI-related patents registered per million individuals.
Srivastava states that when we look at these four dimensions, we see that China is putting a lot of effort into AI and capacity building. However, it is amazing to see smaller countries like Singapore excel in adoption and take significant initiatives in this regard. These countries are a common melting pot for innovation, research, and experiments on a global scale, so to speak.
China and the United States
The United States and China are considered two strong players in the field of artificial intelligence. In the long run, we know that increasing data volume will lead to developing better AI, so the data volume collected by both China and the United States will impact their progress. The United States also leads in designing algorithms and developing new technologies in AI. Due to this innovation, it has become capable of attracting the best talents, meaning that this mechanism has become beneficial to the country. In the private sector, Germany holds a share
Significant among jobs related to artificial intelligence, especially in small and medium-sized companies and the manufacturing sector.
Investing in Research and Development
Srivastava states: “I want to emphasize the importance of investing in supporting research and development in this context. The United Kingdom, the United States, and Canada have been investing in artificial intelligence for a long time, and they are now benefiting from it. Work is being conducted very naturally in those countries, while emerging countries already need to put in a lot of effort to fund research and development.”
He added that finding the right balance between data sharing and protection will also play a crucial role. If there are strict laws in some countries on how data can be used, this may negatively impact the state’s use of artificial intelligence, but data privacy protection remains important as well.
