With the potential to revolutionise various aspects of our lives, Artificial Intelligence (AI) is a rapidly growing field, from how we work to how we travel and communicate. According to the latest facts, the worldwide AI market is also an economic powerhouse, worth approximately $455 billion. In the world, the North American Artificial Intelligence market is the largest, with a 36.84 per cent market share. AI growth statistics reveal the worldwide Artificial Intelligence market size could exceed $2,500 billion by 2032, at a compound annual growth rate (CAGR) of +19 per cent during this period.
Statistics showed that by 2030 Artificial Intelligence is predicted to contribute a 21 per cent net increase to the US GDP. Greater than half (56 per cent) of Americans regularly interact with Artificial Intelligence. More than three-quarters (79 per cent) of SME owners surveyed through Microsoft wanted to learn more about the advantages of Artificial Intelligence in the workplace and how it could apply to their company. Almost a quarter (24.97 per cent) of the worldwide Artificial Intelligence market share for 2022 was based in Europe, with Germany’s Artificial Intelligence market valued at $25.7 billion – over 146 per cent less than the US.
Likewise, the Asia-Pacific region also contributes a significant proportion (23.93 per cent) of the total Artificial Intelligence market size. Japan and South Korea, in particular, are important players in the world of Artificial Intelligence, valued at $20.2 billion and $16.3 billion, respectively, as of 2022.
In developing countries like Pakistan, the population of Pakistan and the stability of its Government of Pakistan may be significantly impacted through Artificial Intelligence. Another factor that may raise the pessimistic impacts of job loss due to Artificial Intelligence automation is Pakistan’s lack of access to education and technology.
The influence of generative Artificial Intelligence is crucial to remember that, the labour market in our country is probable to be complicated and multidimensional and will depend on a range of factors, counting the particular industries and job categories in question as well as governmental strategies and regulations.
Adopting AI might assist industrialists control the high costs of doing business as investing in AI has great potential to scale down business costs while introducing automation, improving decision-making, and surging workforce productivity, and reducing human errors.
Researchers also recorded that in this dynamic era of Artificial Intelligence, its role is increasing dynamically because of its quicker and faster response rate of processing information accurately from the database to respond in a competitive market. It is broadly used in the areas of asset management, risk management, customer service, and data analysis.
Sources recorded that the major cause for slow adoption is the lack of availability of data. Our country doesn’t have a large and comprehensive digital footprint, and most private and government organisations have fragmented and decentralised data.
At its core, Artificial Intelligence leverages existing data to learn and uses advanced algorithms to facilitate decision-making. In contrast to the mobile revolution, which didn’t rely heavily on existing infrastructure, it is mostly implemented on top of existing systems. Hence, countrymen don’t see mass adoption of Artificial Intelligence in Pakistan.
It also contributes to predictive analytics, enhanced personalisation, and subsequently, better customer service. However, successful Artificial Intelligence implementation necessitates investments in technology, systems, and process automation. This strategic investment enables organisations to realign their business strategies in response to market dynamics. Rather than perceiving Artificial Intelligence merely as a cost-cutting tool, it should be viewed as a catalyst for gaining a competitive edge and fostering growth. Failure to embrace Artificial Intelligence may consequence in businesses being unable to adapt to evolving customer needs, ultimately leading to a loss of market share.
Industrial units grappling with high energy tariffs must identify main areas for reducing energy costs, that which entails a strategic emphasis on renewable energy sources, deliberate load balancing, and the application of AI to recommend optimal geographic locations for capital expenditures investments, ensuring the highest return on investment. Artificial Intelligence can uncover opportunities for cost reduction in Capital Expenditure Investment planning by analysing market trends, customer preferences, and competitor offerings, enabling informed decision-making and proactive planning.
The future of AI holds its integration in all aspects of our lives and modern industrial units. AI revolution will be more impactful and fast compared to any other technological revolution. Experts also said that Artificial Intelligence adoption is prominent in finance, where algorithms are utilised for fraud detection and risk management. Our government should invest in Artificial intelligence education, research, and infrastructure. On the other hand, the World Economic Forum estimates that automation in the developing world might result in the loss of two-thirds of jobs. The Government of Pakistan has taken steps to prepare for the Fourth Industrial Revolution by promoting digitalisation through initiatives like ‘Vision 2025’ if proper implementation takes place it will assist our country. No doubt, Artificial intelligence (AI) is one of the significant technologies in the digital shift that is supporting businesses in expanding.