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| Over the last decade, Artificial Intelligence (AI) has made great advances and influenced almost all fields of work. Today AI systems are deployed by the majority of online platforms as well as by different types of industries, ranging from manufacturing to health, finance, wholesale, and retail.
| Governments all over the globe have also started using AI solutions, from more basic forms to increase their productivity to chatbots or more sophisticated systems (based on automated decision making, facial recognition, etc.) in critical services such as the criminal justice system, customs, or immigration control.
While, at times, AI adoption has been met with reluctance, more recent developments have shown the great potential of AI solutions. Thus, from a market perspective, in this decade, only AI is expected to grow twentyfold. Starting from its value of nearly 100 billion U.S. dollars in 2021, AI is expected to reach nearly two trillion U.S. dollars by 2030.
| Understanding that AI is not just a hype of the moment but potentially a revolutionary technology, many governments, and international organisations have started developing AI regulatory frameworks. In this context, one of the most important legal instruments is currently developed within the European Union – the AI Act. The Act is planned to be adopted by the end of 2023 with the potential to be applied from 2024 or 2025. As the first legal instrument adopted worldwide, it has the potential to become a standard setter for all those who want to develop, trade, or use AI systems worldwide. Nevertheless, the EU is not the only international organisation working to regulate AI; thus, multiple processes are happening in parallel, potentially generating further uncertainty for companies interested in investing in AI technologies.
| Over the last decade, Artificial Intelligence (AI) has made great advances and influenced almost all fields of work. Today AI systems are deployed by the majority of online platforms as well as by different types of industries, ranging from manufacturing to health, finance, wholesale, and retail.
| Governments all over the globe have also started using AI solutions, from more basic forms to increase their productivity to chatbots or more sophisticated systems (based on automated decision making, facial recognition, etc.) in critical services such as the criminal justice system, customs, or immigration control.
While, at times, AI adoption has been met with reluctance, more recent developments have shown the great potential of AI solutions. Thus, from a market perspective, in this decade, only AI is expected to grow twentyfold. Starting from its value of nearly 100 billion U.S. dollars in 2021, AI is expected to reach nearly two trillion U.S. dollars by 2030.
| Understanding that AI is not just a hype of the moment but potentially a revolutionary technology, many governments, and international organisations have started developing AI regulatory frameworks. In this context, one of the most important legal instruments is currently developed within the European Union – the AI Act. The Act is planned to be adopted by the end of 2023 with the potential to be applied from 2024 or 2025. As the first legal instrument adopted worldwide, it has the potential to become a standard setter for all those who want to develop, trade, or use AI systems worldwide. Nevertheless, the EU is not the only international organisation working to regulate AI; thus, multiple processes are happening in parallel, potentially generating further uncertainty for companies interested in investing in AI technologies.
