The UAE ranked sixth globally in optimism about artificial intelligence, according to a global survey conducted by IFS, an enterprise cloud software company.
More than 1,700 senior decision makers from the manufacturing, communications, aerospace and defence, services, construction and engineering, and energy and resources sectors participated in the survey.
The survey revealed a positive relationship between skills and optimism about AI, with countries that are likely to invest significant amounts in skills over several years generally being more optimistic about AI, with France, the UAE, Norway, Australia, Sweden and Japan leading the way.
- Maturity of strategies
The survey found that optimism about AI is a direct indicator of the maturity of each company’s AI strategies, with companies with revenues between $200 million and $500 million being the most optimistic, while the UK and US were the least optimistic.
The countries most optimistic about artificial intelligence are: Norway, Sweden, France, Australia, Japan, the UAE, Canada, Denmark, Finland, Germany, the United Kingdom, and the United States of America.
The adoption of AI technologies is expected to significantly impact growth, productivity and competition, with tangible implications for the balance of power between countries.
Research shows that companies with revenues over $500 million ranked only third in optimism, due to a clear polarization in strategy, data readiness, and skills. In fact, the polarization in AI readiness has led to 25% of this group believing that the benefits of AI will be realized within 12 months, while laggards do not expect to see the benefits for at least three years.
In contrast, the study found that mid-sized companies ($50-$200 million) are less optimistic about AI, because they have fewer resources and skills to deploy in the technology today, and therefore plan over a longer period of time to benefit from mature technologies.
- Strong data foundation
“At first glance, the low optimism of some respondents might suggest that we are heading for disappointment, especially after the huge hype around AI over the last 18 months,” said Christian Pedersen, Chief Product Officer, IFS. “But what we are actually seeing is that businesses are differentiating themselves and their positioning around AI, with organisations that have built a strong data foundation, invested in skills and integrated sustainability into their strategy feeling optimistic about the technology because they can see the benefits quickly. It is important for leaders to see AI as a strategy, not a tool.”
“The research provides direct evidence that the market is dividing into those who have adopted AI and those who have not,” Pedersen added.
Pedersen stressed that the expected return of AI, which could add up to $4.4 trillion to annual corporate profits, is putting pressure on companies to adopt and adapt to the technology. But the lack of a clear strategy means AI initiatives are at risk of stalling.