No technological competition seems more pressing than the global struggle for artificial intelligence (AI) superiority. While the U.S. once dominated AI research, China has made it clear in recent years that they are aggressively working to catch up to (and then eclipse) its rival in the West.
More CIOs and CTOs are exploring the commercial value of intelligent systems that can enhance their organization’s performance. Global business value from artificial intelligence (AI) is forecast to total $1.2 trillion in 2018 — that’s an increase of 70 percent from 2017, according to Gartner.
The biggest issue isn’t that robots are taking all the jobs—it’s that there aren’t enough humans to take them. Indeed, the study finds that by 2030, there will be a global human talent shortage of more than 85 million people, or roughly equivalent to the population of Germany. Left unchecked, in 2030 that talent shortage could result in about $8.5 trillion in unrealized annual revenues.
via Korn Ferry
Over the period 2012-2016, Goldman Sachs estimates that total AI investment in the U.S. were about $18 billion, compared with only $2 billion in China — big advantage to America. But by 2020 China intends to invest about $150 billion in AI — looming enormous advantage to China.
“The AI that we are seeing on the market now and for the foreseeable future – which I am not naïve enough to put as any longer than 3-5 years – will enable us to deliver better legal services, quicker, more efficiently and sometimes cheaper.”
“The solution is to use new technologies to augment rather than replace human activity. The goal is not merely to apply new technologies, but to collectively align the most resourceful people to take on the organization’s most daunting challenges and chase the most compelling business opportunities.”