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Future of AI technology

Preparing for the future requires a concerted effort from all stakeholders – including industry leaders.

From challenges to opportunities: How EY and AI work hand in hand

6.

Future of AI technology

The future of AI technology holds immense promise, with advancements unfolding across various sectors and geographies. From breakthroughs in natural language processing to innovations in computer vision and robotics, the potential applications of AI are unfathomable. However, navigating this rapidly evolving landscape requires foresight and strategic planning.

Tomorrow’s winners are those organizations that are making bold moves today. By staying abreast of AI developments and investing in emerging technologies, businesses can gain a competitive edge and drive innovation. Moreover, preparing for the future requires a concerted effort from all stakeholders, including policymakers, industry leaders, and educators.

Is investing in AI a top priority for businesses? Across Europe, almost four out of ten respondents (38%) say “yes, it is.” This is most often the consensus among employees in Switzerland (57%), Spain (54%), Italy (48%), and France (46%). Respondents in Austria (22%) and Germany (25%) are much less likely to agree.

From an industry perspective, respondents from the financial services (49%), oil and gas (44%), and agriculture (44%) sectors most often report that AI will be a top investment priority for their company. Far fewer employees in the government and public sector (17%) expect major investment. Response rates in the health sciences and wellness (20%) and professional services (26%) practices were similarly low.

What are the future possibilities of AI? Some 82% of respondents from the financial services and technology, media and telecommunications sectors are optimistic about the technology’s development possibilities. Clear majorities of respondents working in energy (80%), advanced manufacturing and mobility (77%), agriculture (73%), and insurance (72%) likewise share this opinion.

As the development and adoption of AI continue to accelerate, European businesses must embrace this transformative technology with both caution and optimism. By removing barriers to adoption, expanding the frame with respect to the benefits, prioritizing workforce development and upskilling, investing in technical capabilities and people, and preparing for the future with astute strategic foresight, organizations can unlock the full potential of AI and drive sustainable growth in the digital age. Together, let us harness the power of AI to shape a brighter and more prosperous future for all.