NOT many are familiar with the concept of artificial intelligence (AI). AI is the general term used for computing systems that emulate human cognitive functions such as identifying patterns to solve problems.
An often misused catch-all term, AI comprises machine learning, deep learning, big-data analytics, augmented intelligence, automation, and some types of robotics – a range of methods for machines to mimic and expand upon a growing range of human mental processes.
Many opined that AI is augment human capacities, however, AI is having and will continue to have a large effect on the economy.
A report by Tractica Llc in 2017 forecasted AI to be most likely the one technology area where Asia-Pacific (APAC) could be the leading region globally within the next decade given it holds 60% of the world’s population.
Therefore, any major technological shifts like those being heralded by AI are likely to shape the future of the region.
Analysis from Tractica – a market intelligence firm – indicated that the AI market in the region (including software, hardware, and services) would grow from US$6 bil in 2017 to US$136 bil by 2025 with China representing 70% of the region’s AI market.
Apart from economy, AI is poised to have a major effect on sustainability, climate change and environmental issues. Also, AI is contributing to fight the COVID-19 pandemic.
A recent APEC Business Advisory Council (ABAC) report revealed that AI has a role to play in mitigating both the short and long-term effects of the COVID-19 pandemic on Asia-Pacific Economic Cooperation (APEC) economies.
From automated health diagnostics in hospitals to smart recruitment processes in organisations, the report entitled Artificial Intelligence in APEC finds that this technology is creating new, previously unforeseen jobs, products and services that will contribute to the post-COVID-19 economic recovery.
“As we release this report, APEC economies are facing the twin threats of a global pandemic and an economic crisis that will leave its mark on our communities for years to come,” said 2020 APEC Business Advisory Council chair Datuk Rohana Mahmood.
Also, the report examines how AI is being adopted and applied across the region and makes key recommendations calling for closer policy collaboration between business and governments.
Of the surveyed APEC economies, the report found that most already have plans, policies or programmes devoted to driving or supporting AI ecosystems.
In fact, the report highlights some of the AI-related innovation already underway across the region, including finding ways to help patients suffering from locked-in syndrome to communicate with the world by a team of engineers at a university in the Philippines.
In another notable innovation which will benefit the farming industry, a Japanese corporation is trying to improve the efficiency of farming by automatically aggregating and analysing sensor data and satellite images to provide farmers with farm management recommendations.
In addition, a group from New Zealand developed AI-powered crocodile-spotting drones to keep swimmers safe in Australian rivers.
“AI technologies have the potential to significantly impact businesses and communities across our economies,” Rohana explained.
“We believe that APEC can serve as an effective forum for member economies to collaborate on ways to maximise the benefits of AI and promote inclusive growth while ensuring its use in a responsible and ethical manner.”
Meanwhile, the report suggests that APEC policymakers will need to draft new policies, revise existing ones, confront new questions, address new needs and reassess its impact as AI becomes more widely accepted, adopted and used for innovation.
“With the cooperation of the public and private sector, a coordinated future of AI will increase the Asia-Pacific region’s competitiveness and further facilitate regional integration,” the report noted.
As it is, AI is already well on its way to transforming the Asia-Pacific, thus driving social and economic growth across all key sectors. – Jan 17, 2021
