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    Artificial Intelligence could transform economies worldwide

    Lakisha DavisBy Lakisha DavisFebruary 19, 2025
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    Artificial Intelligence could transform economies worldwide
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    Artificial intelligence (AI) technology is having a massive impact worldwide and the trend looks set to continue for the foreseeable future.

    A recent report from Crunchbase highlighted that global venture funding in 2024 edged above the previous year’s totals, with AI showing the biggest leap in amounts year to year.

    Close to one-third of all global venture funding went to companies in AI-related fields, making it the leading sector for funding.

    Funding to AI-related companies reached over $100 billion, almost double the $55.6bn which was invested in the industry during the previous 12 months.

    AI on course to be a game-changer in online gaming

    Numerous industries are ripe for innovation in AI, but they desperately need employees who are fully-equipped to unlock its true capabilities.

    For instance, the global iGaming sector offers a plethora of opportunities. AI is already used in the development of online slots, helping to make the games far more immersive.

    Using generative AI, development firms are able to create more engaging games with individual storylines and challenges, making every experience unique.

    Customer support and financial technology are among the other innovative ways AI is having a significant impact on the way the iGaming industry operates.

    The technology is also a potential game-changer for responsible gaming. AI-driven systems can help monitor player behaviour to identify unusual patterns.

    These have the power to deliver real-time interventions for players, such as spending limits and enforced breaks, making the iGaming environment safer for everyone.

    AI can help to establish a positive framework for gambling in jurisdictions where the practice has traditionally been frowned upon, such as the Middle East.

    The United Arab Emirates (UAE) has been leading the charge in the region to jump on the gaming bandwagon having established a new organisation to oversee the industry.

    The General Commercial Gaming Regulatory Authority (GCGRA) has already issued licences to several companies which extensively use AI to support their operations.

    Collaboration the name of the game in AI

    Countries which wish to capitalise on AI’s potential must establish academic programmes and vocational training centres to produce more qualified talents.

    By forging partnerships with acclaimed universities worldwide and collaborating with tech companies, they can put themselves at the forefront of AI innovation.

    Significant investment must be ploughed into developing tech infrastructure. Nations could use expansive cloud computing and data centres as the perfect platform for AI adoption.

    The UAE is undoubtedly a great example of this in action having invested significant resources into developing 5G networks and data hubs that drive AI initiatives.

    By encouraging start-ups and entrepreneurs with grants, incubators and less restrictive regulations, other countries can follow the UAE’s lead and ultimately reap significant benefits.

    Nations could establish AI research centres to address the ongoing climate and water crisis, while urban planning is another issue the technology can help to rectify.

    Governments must consider concerns about data privacy and algorithmic bias, establishing clear guidelines and ethical frameworks to build public trust in AI applications.

    Embracing AI can help nations to diversify their economies, thus reducing their previous reliance on resources which may become scarce in the future.

    While the journey to becoming a leader in AI presents numerous challenges, the potential rewards are mouth-watering. AI can unlock new industries that deliver unprecedented economic growth.

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    Lakisha Davis

      Lakisha Davis is a tech enthusiast with a passion for innovation and digital transformation. With her extensive knowledge in software development and a keen interest in emerging tech trends, Lakisha strives to make technology accessible and understandable to everyone.

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