- Only 27 countries have national approaches to AI
- Regulatory frameworks would limit risk for the AI field
The global race to reach artificial intelligence (AI) prowess is predominately centered on research and development while neglecting policy implementation, says BloombergNEF.
According to BNEF’s national digitalization ranking, released this month, only 27 countries have AI policies or committees in place. Even fewer of those policies relate to the application of AI.
If AI policy is uncertain it will reduce the likelihood of industrial corporations investing in AI applications, due to the risk of a change in future regulation. Government needs to be proactive in setting policies for AI, especially in the industrial space, to address ethics, standards and data sovereignty.
If more governments adopt policies like those of Germany and Singapore, BNEF believes this will lead to more scalable AI applications in industry.
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