Artificial intelligence will be as commonplace in society as Internet-ready devices are today, according to UBS. From the field, Asia has the potential of becoming a global leader, the Swiss banking giant claims. In the area, AI could produce an economic value between US$1.8 to 3 trillion per year by 2030 from the area, according to UBS CIO estimates. Particularly, AI is anticipated to have a substantial impact on the sectors of financial services, health care, manufacturing, retail, and transport – sectors that contribute to about two 3rd of Asia’s GDP. Historically, many players in China such as Alibaba Baidu and Tencent have jumped in the AI race.
Baidu is currently in partnership with the authorities to build the nation’s first nationwide AI Research Laboratory in Beijing. Alibaba is working with AI-powered solutions to tackle health care issues in China and internationally, and launched in July a minimal cost voice assistant speaker. Tencent introduced its own voice assistance Xiaowei in June. In the meantime, smaller Asian startups, especially in Japan and India, are currently creating significant progress in this area. Back in India, Netradyne has developed a strong camera that assesses driving patterns and help determine the main cause of an accident. Bengaluru based Embibe provides an AI product that intends to alter the area of education.
The strengths of Asia is the vast and talent pool, freedom from heritage assets along with the massive amount of information that’s being collected throughout the region. Due to its demographics, Asia is in an enviable position despite its late entry to the AI business, the report states. On the demand side, we see strong demand for homegrown AI talent, as technology as speech recognition becomes a factor. While on the other hand, we think universities will offer more classes on information sciences, machine learning, etc. To further fine-tune and divert the region’s vast engineering talent towards AI.
We believe that the talent in China and India together will exceed what we will have in the united states, he explained. At the same time, the area generates a lot of information, which is helpful in AI. Challenges to conquer. AI, a generic term for several technologies such as cognitive computing and machine learning, has the potential to benefit companies through cost savings because of the high scalability, elimination of omission and commission errors, and the capability to instantly record and optimize processes.
However, in order for Asia becoming a leader in the field, several challenges must be overcome. Particularly, the region faces an uphill route due to the deficiency of an AI-based ecosystem, along with Asia’s relatively late entry into the business. It concludes: Authorities should start to concentrate more on occupations that call for a high degree of personalization, creativity, and craftsmanship because these jobs will probably be less impacted by AI. Regulators also have to step up their efforts by seeking collaboration regionally and also by striking a balance between encouraging the adoption of AI and controlling your stresses the downside risks.