Global Artificial Intelligence to Grow to $15.7 trillion in 2030, UAE Forecasts

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Michael Olugbode in Abuja

United Arab Emirates (UAE) has estimated the global market value of Artificial Intelligence (AI) by 2030 to grow to $15.7 trillion.

The Arab country, which is targeting a collaboration with Nigeria in this area, said it is planning to use AI to boost its Gross Domestic Product (GDP) by 35 percent and reduce government costs by 50 percent.

Speaking at a webinar on Artificial Intelligence organized by the UAE embassy with the theme: ‘Moving Ahead, The Future is Artificial Intelligence’, the country Ambassador to Nigeria, Dr. Fahad Obaid Al Taffaq, said: “Artificial Intelligence is a wide-ranging tool that enables people to rethink how we integrate information, analyze data, and use the resulting insights to improve decision-making process.

“Artificial Intelligence can be seen in our everyday lives. Today, most of us use navigational devises and computer search engines…The benefits of AI are increasing year by year.”

He said: “In October 2017, the UAE Government announced the UAE Strategy for Artificial Intelligence. The strategy, which is billed as the first of its kind, is intended to achieve the UAE Centennial 2071 objectives; boost government performance, and establish itself as an incubator for AI innovation. Also, in 2019, the UAE launched the Mohammed Bin Zayed University of Artificial Intelligence, the first graduate-level on research-based Artificial Intelligence University in the world…The UAE estimates that by 2030, AI will have a global market value of $15.7 trillion, boosting the UAE’s GDP by 35 percent and reducing government costs by 50 percent.”

According to Taffaq, “As I speak, the UAE is currently hosting the GITEX Technology Week 2020 in Dubai with over 1, 200 innovative tech enterprises and startups from 60 countries participating and providing a platform for international technology visionaries, industry innovators and global investors to unlearn pre-COVID-19 strategies, rethink and shift perspectives for the next set of opportunities arising in today’s world.”

The ambassador, while welcoming the participants, who included the Nigerian Minister of Communications and Digital Economy, Isa Ali Pantami; Minister of State for Science and Technology, Mohammed Abdullahi; UAE Minister for Artificial Intelligence, Omar Bin Sultan Al Olama, among others to the webinar, said: “This is a very important topic of AI and its impact in our future. I hope that today’s panel session allows us to not only share ideas and explore potential areas for collaboration, but to also build on it. I look forward to hearing the meaningful discussions today.”

Both Nigeria’s Minister of Communications and Digital Economy, and Minister of State for Science and Technology disclosed that Nigeria has made massive progress in Artificial Intelligence under the present administration, and would be willing to work with the government of UAE as well as other countries in this area.