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AI’s potential for businesses hindered by skills shortage, studies reveal

TL;DR

  • AI’s potential hindered by talent shortage.
  • SMEs face AI adoption challenges.
  • Ethical AI and regulation crucial.

Artificial intelligence (AI) is undoubtedly a game-changer for businesses worldwide, offering a plethora of opportunities. However, two recent studies have shed light on a significant obstacle hindering its widespread adoption – a shortage of skilled professionals.

High demand for AI, but talent shortage persists

In a comprehensive study conducted by Paris-based tech and startup event Viva Technology (VivaTech) in collaboration with consultancy company Wavestone, it was revealed that over 95% of more than 1,000 surveyed companies across France, Germany, the United Kingdom, and the United States consider the integration of new technologies crucial for maintaining their competitiveness.

 Among these technologies, AI stands out as the most promising, with over 60% of companies ranking it at the top, followed by cybersecurity and cloud computing.

François Bitouzet, Managing Director of VivaTech, emphasized, “What slows them down is not the financing; it’s more a question of talent. They [businesses] tell us that 45% of them are afraid of not having the talent to carry out these digital transformations.”

SMEs face challenges in AI adoption

Another report by Amazon Web Services (AWS) supports the notion that AI adoption has immense potential for economic growth. It forecasts €600 billion in economic growth for Europe. However, small to medium-sized enterprises (SMEs) expressed significant barriers to adopting AI technology, including the challenge of finding the right talent, regulatory concerns, and implementation costs.

Tanuja Randery, Managing Director of AWS Europe, Middle East, and Africa (EMEA), remarked, “Europe stands on the brink of an unprecedented opportunity. SMEs account for more than half of Europe’s GDP, and confronting the challenges that are holding back their digital journey is vital.”

Ethical concerns and regulatory framework

While companies are eager to embrace AI, they are also mindful of the potential pitfalls associated with the technology. The VivaTech study highlights that 77% of firms believe they should act responsibly when using AI, emphasizing the importance of privacy and ethical considerations. Many businesses expect governments to establish a regulatory framework to ensure responsible AI use, creating a level playing field for all.

François Bitouzet added, “They believe that governments have a role to play in establishing a level playing field, one that is the same for everyone.”

AI’s impact on other technologies

Interestingly, while AI gains momentum, other technologies such as blockchain face diminished popularity. Companies are prioritizing cybersecurity, AI, and cloud computing over blockchain. Paradoxically, AI may breathe new life into blockchain technology. 

Generative artificial intelligence, for instance, introduces the possibility of creating images and fake news, prompting the need for industrial-scale verification and authentication solutions. This convergence between AI and blockchain could redefine their roles in the digital landscape.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Emman Omwanda

Emmanuel Omwanda is a blockchain reporter who dives deep into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), and more. His expertise lies in cryptocurrency markets, spanning both fundamental and technical analysis.

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