The AI market is expected to skyrocket to $4.8 trillion by 2033, making it a dominant force in the frontier technology sector. This represents a 25-fold increase from 2023, with AI's share of the global frontier technology market projected to quadruple from 7% to 29%.
Artificial intelligence is transforming industries, from content creation and product design to automated coding and customer service. Its impact is being felt across the globe, with many countries recognizing the need to invest in AI infrastructure, data, and skills to harness its full potential.
However, the benefits of AI remain highly concentrated, with just 100 companies, mainly in the US and China, accounting for 40% of global research and development spending. Furthermore, 118 countries, mostly in the Global South, lack representation in AI governance discussions, limiting global inclusivity.
The AI-driven automation may widen inequality and reduce the competitive advantage of low-cost labor in developing economies. To address these concerns, there are calls for industry commitment to establishing an AI equivalent public disclosure mechanism, creating a global shared facility to provide equitable access to AI infrastructure, and promoting open data and open-source models.
As AI continues to evolve, it is essential to strengthen the capacity of developing countries to seize the benefits of AI through South-South cooperation and knowledge sharing. By working together, we can ensure that the benefits of AI are shared by all and that its development is guided by principles of inclusivity and fairness.
