The United States and China have been early purveyors of artificial intelligence (AI), but more investment in these disruptive technologies could help drive Europe’s industry in the not-so-distant future.
“AI is a priority for transforming industry. This, and other automation processes offer enormous potential for transforming European society in terms of innovation and for helping to solve key societal challenges,” writes Bernd Dittmann in The Parliament Magazine.
According to Ditmann, Europe is lagging the U.S. and China in terms of investment in artificial intelligence, but the European Economic and Social Committee (EESC) is pushing for more innovation. It will be the hot button issue discussed at the third Industry Days event, taking place in Brussels on February 6, 2019.
“We need pan-European norms and standards for AI, just as we have food and household appliances,” stressed Catelijne Muller, EESC member and president of the temporary study group on AI.
The impact of AI is compelling and global management firm Accenture modeled this in conjunction with Frontier Economics. The research looked at the size of 12 developed economies in 2035, which shows expected economic growth under current assumptions as well an AI scenario showing expected growth once the impact of AI dilutes itself into the economy.
The U.S. came out on top, but various European countries followed.