Azerbaijan developing localised artificial intelligence
A ministerial statement

ECONOMICS  26 March 2024 - 15:51

Digital transformation is important for every economy, including Azerbaijan, which is now developing local generative artificial intelligence.

According to Report, Azerbaijani Economy Minister Mikail Jabbarov told Chinese TV channel CGTN.

"Similar artificial intelligence solutions are being applied by our leading blue chips, both state-owned and private companies. This is a space where things are changing at the speed of light, so I think investment in this area will continue. Awareness is also needed in terms of providing the right bridges between education and the economy. Information on human capital is a necessary element to not only stay in the race but also to make sure that it has a positive impact on the economic development and prosperity of the nation," the minister said.

He said Azerbaijan was the first country in the CIS and the region to establish the Centre for Analysis and Coordination of the IV Industrial Revolution (4SIM), which together with other private, public, and governmental institutions is leading the process of increasing the speed of digitalization, particularly in the economy, but also in other areas of Azerbaijan.

Generative artificial intelligence can improve industrial automation, develop new software code, and improve transport safety through the automatic synthesis of video, audio, images, and more. The initiative aims to encourage the development of artificial intelligence platforms that speak fluent Azerbaijani and host Azerbaijani content.

Analysts have different estimates of the size of the artificial intelligence (AI) market. According to the most modest calculations of MarketsandMarkets, the volume of the global AI market in 2023 was $150.2 billion.

Next Move Strategy Consulting estimates the global AI market at more than $200 billion. Indian consulting company Fortune Business Insights has the most optimistic data - according to its forecasts, the AI market will grow from $515.31bn in 2023 to $2 trillion by 2030. At the same time, analysts estimate a compound annual growth rate of 21.6 to 36.8 per cent. According to Goldman Sachs forecast, the economic effect of AI technologies may reach $7 trillion globally in the next ten years.

Caliber.Az