Artificial intelligence (AI) technology is accelerating exponentially and dramatically changing how companies operate on a global scale. AI innovation and optimization is driving business processes and operations — and companies are dedicating more resources to developing, procuring or acquiring AI tools and strategies.
The global AI market was valued at $69 billion in 2021 and is forecast to grow to more than $422 billion by 2028, according to Zion Market Research. The use of AI in end-user sectors including healthcare, manufacturing and automotive in the United States, China, Japan, South Korea, and Australia is fueling this expansion.
Industry-wide AI-driven applications are being introduced in key business sectors such as automotives, insurance and financial services, logistics, healthcare, retail and ecommerce, advanced manufacturing and media and entertainment.
Here are several examples of how AI technologies are emerging in both the public and private sectors:
There is an urgency to set regulations and guidelines before AI technologies create societal harm if misused.
The White House issued a set of AI guidelines last October as a blueprint for federal legislation or regulation. The National Institute of Standards & Technology (NIST) has issued a voluntary framework designed to help U.S. organizations manage AI risks that can impact individuals, organizations and society. The framework is focused on a set of trustworthiness considerations, such as the explainability and mitigation of harmful bias into AI products, services and systems.
Congress has held numerous hearings on AI. But there is no comprehensive federal legislation on AI and a divided Congress is unlikely to align around an AI ethics bill this year.
Instead, the U.S. has a patchwork of current and proposed AI regulatory frameworks and several states may consider AI regulation — most notably the states which have been first-movers on enacting data privacy laws.
In the absence of regulations, are self-policing and voluntary standards sufficient or does the U.S. need new formal rules and laws designed to protect consumers and society from abusive harm?
While Congress may consider legislation this year, the Federal Trade Commission (FTC) already has some authority to act. The FTC is focused in these areas: