CMS’s ‘Scottish Business and the New World Order’ conference, staged in September, examined dramatic changes in geopolitics, trade, social attitudes and technology and their global economic impact. This included a focus on AI, examining the uncertainty and opportunities it presents for companies in Scotland.
According to a report by UN Trade and Development, the global AI market is set to grow in value from $189bn in 2023 to $4.8tr by 2033, a 25-fold increase in just a decade.
While this technology raises some legitimate concerns, it is also proving a force for good: improving healthcare, supporting climate change solutions, and delivering business efficiencies to power global economic growth.
Scotland is well placed to grasp the AI opportunity. It boasts some world-leading companies including Aveni.ai, Talking Medicines and Codeplay Software.
These and other Scottish AI operators are delivering new forms of innovation for businesses and organisations across the globe.
The next challenge is to make AI solutions more accessible and affordable to small and medium-sized businesses, a development that would significantly benefit Scotland’s economy across multiple sectors.
The UK and Scottish governments must work closely in partnership with the AI sector to support its growth. This includes helping facilitate investment into infrastructure required to power data centres, and strategic planning to ensure secure and reliable energy sources.
Our education system must also be suitably aligned to help young people maximise the opportunities presented through AI, as consumers, workers and as potential future technology entrepreneurs.
While it carries some significant risks that need to be carefully managed as we continue to develop the sector, AI offers huge potential for Scotland in both economic and societal terms.
Given its phenomenal growth prospects, we must ensure that we leverage our existing expertise to help grow our position as a world leader in all aspects of AI.
Partner Content in association with CMS