In recent years, Artificial Intelligence (AI) has been labelled as part of the fourth industrial revolution, with industries in Australia seeing a surge in investment in AI technologies.
Investment in AI capabilities in Australia is projected to grow to AU$1.98 billion (US$1.42 billion) by 2025, that’s a compounded annual growth rate (CAGR) of 22 percent per annum from 2016’s AU$333 million (US$239 million) figure.
AI will drive enormous budget savings in Government Administration, National Security, Healthcare, Education, Financial Markets and services, Mining, Infrastructure and Logistics. This growth in the emergent technology comes with its own sets of risks – from an immature legal framework to limited knowledge, buy-in, implementation and execution of the technology. Certainly, companies that invest in skills development and technical competence of AI will benefit, and those that don’t run the risk of falling victim to it.
With this in mind, Future AI Summit Australia 2021 brings Government agencies and industry leaders to advance discussions and share key learnings in advancing their AI journey to gain a competitive advantage and adapt to a world driven by AI.
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