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?AI to add US$15.7 trillion to world economy in a decade?

The Saudi Emerging Technologies Forum will be chaired by Majed Alshodari, CISO at the ACIG group. (Image source: SETF)

Artificial Intelligence (AI) could contribute up to US$15.7 trillion to the global economy in 2030, more than the current output of China and India combined, a PwC report has stated

Of this, US$6.6 trillion is likely to come from increased productivity and US$9.1 trillion from benefits to consumers, the report added.

Annual growth in AI contribution is expected to range from 20-34 per cent per year across the Middle East, with the fastest growth in Saudi Arabia, the UAE, and Egypt.

The PwC?s report estimates that the Middle East is expected to accrue two per cent of AI?s total global benefits in 2030. This is equivalent to US$320bn where the largest gains are expected to accrue to Saudi Arabia as AI is expected to contribute more than US$135.2bn to the economy in 2030, equivalent to 12.4 per cent of GDP.

The report states that the UAE is expected to see the largest impact of almost 14 per cent of 2030 GDP. AI contribution in Egypt is expected to reach US$42.7bn in 2030, equivalent to 7.7 per cent of Egyptian GDP.

To meet the demand for having a global platform gathering world-class technology experts, the Saudi Emerging Technologies Forum will take place from 11-13 November 2019 in Kempinski Hotel in Riyadh.

The aim of the forum is to address the deployment of emerging technologies and the 2030 plan for digital transformation that will power cities and economies of the fourth?industrial?revolution.?

The forum will be chaired by Majed Alshodari, CISO at the ACIG group, and will feature 10 exclusive certified workshops on the latest applications of IoT, IIoT, AI implementation for 2030 vision, data science, cybersecurity, enterprise architecture, cloudification, blockchain for government services, AR/VR, RPA implementation, deep learning (DL), machine learning (ML) and coding 4.0.

Mohammed Mahnashi, information security advisor of the Saudi Ministry of foreign affairs, said, ?Saudi Vision 2030 relay on an ambitious yet achievable blueprint that reflects our country?s strengths and capabilities and depends on the technology to achieve the vision goals."

"I believe that the forum is a vital event to attend, to listen and discuss with experts in Saudi national transformation programme," he added.

Exclusively at the event, Khaled Abusalem, chairman of Saudi Aramco?s UAV and robotics standards committee, will talk about the company?s fourth industrial revolution centre in Dahran.