Research company GlobalData forecasts that the overall AI market will be worth $909bn by 2030, having grown at a compound annual growth rate (CAGR) of 35% between 2022 and 2030. In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.
As AI investment and adoption continue to grow, so do the issues that come with it. The U.S. and Europe have taken steps to regulate AI with notably different approaches. The U.S. has taken a non-regulatory approach to AI regulation, investing in new AI risk management and advanced research. The EU’s approach is based on more centralized comprehensive legislation across different areas of emerging technology.
Despite the two governments sharing similar outlooks on how AI should function, the enforcement of that regulation could not be further apart.
Some experts believe it will be difficult for global companies and governments to come to a succinct agreement on global AI regulation.
“While we have strong global momentum right now in terms of putting in place structures to ensure that global corporations and governments adopt AI securely and responsibly, it’s highly unlikely we will see a consensus on global AI regulation anytime soon,” Dr. Ellison Anne Williams, founder and CEO of cybersecurity company Enveil, told Verdict.
“How AI is governed in different countries will manifest differently — which is consistent with what we’ve seen for privacy more broadly,” she added.
Read the full Verdict article here.