👍Philippines should Leverage Artificial Intelligence for a Bite at Huge Global AI Pie, $407 Bln by 2027

   

Short link: https://wp.me/paaccn-r2Y

By EDD K. USMAN | Twitter: @edd1819 | Instagram: @bluestar0910 | Facebook: SDN – SciTech and Digital News

DAVAO CITY (SDN) — In 2022 the global market for artificial intelligence (AI) was placed at US$89.9 billion. By the year 2027 this is seen to grow to a whopping $407.0 billion at a 36.2 percent Compound Annual Growth Rate (CGAR).

The head of the Philippine Council for Industry, Energy and Emerging Technology (PCIEERD, the Innovation Council of the Department of Science and Technology (DOST), Executive Director Dr. Enrico “Eric” C. Paringit, cited these figures today, Tuesday, here at the 1st AI Pinas Research and Development (R&D) Conference and Workshop 2023. He cited figures from Research and Markets and IDC.

So, it’s not surprising that he suggested the Philippines should take this as a cue to deep dive into AI to benefit the Filipinos from the emerging technology’s huge potential.

“In this light, Philippines should leverage its AI programs because AI has the potential to significantly enhance the country’s economic growth, social development, and global competitiveness,” emphasized Paringit.

Related: DOST 2-Day Conference on Artificial Intelligence Kicks Off in Davao City, March 14

PCIEERD Executive Director Enrico C. Paringit (right) and DOST-XII Regional Director Sammy Malawan. (Photo: SDN — SciTech and Digital News)

PCIEERD organized the two-day event with University of the Philippines (UP) Mindanao headed by Chancellor Lyre Anni Murao as co-host here at Acacia Hotel. The event is boosted by a battery of foreign and Filipino speakers discussing various topics. Filipino researchers are presenting several of their AI-focused projects funded by the Innovation Council.

Not that the government was not supportive. On the part of the government, support for the AI sector is seen in R&D projects, which showed that since 2017, the PCIEERD chief said DOST have already invested Php480 million in AI industry for 16 projects being presented by their respective researchers at the conference.

He noted how companies across the globe are leveraging AI that saves them cost and time savings, which translates to competitive advantage and giving them faster and more accurate consumer behavior data analysis that in turn helps fuel the AI market’s expansion.

“It is also projected that Asia Pacific spending on Artificial Intelligence will reach $32 billion in 2025 with Banking, State/Local Government, Professional Services, Discrete Manufacturing, and Retail as the Top 5 industries that will prioritize AI in the next five years,” he said in his Welcome Remarks.

She pointed out the need for AI in the industries, agriculture, education, healthcare, and government services that lead to a competitive economy, as well as more responsible and effective public services.

Paricularly, she mentioned what AI can do for the private and public sectors, saying the country needs AI in the industries, agriculture, education, healthcare, , and government services for an economy that can compete, a more responsive and effective public services, huge potential to contribute to improving operational efficiency in various fields, like in healthcare, retail, manufacturing, banking, and others.

Related: DOST High on Artificial Intelligence, to Unveil Advances in AI via Davao City Conference, Workshop

Gregory Gabrenya (left), Business Development Executive, IBM Quantum/IBM Research, and Edward Barth, Ph.D., Business Development Executive, Research & Technology Alliances, IBM Corporate IP Licensing at the 1st AI Pinas Conference. (Photo: SciTech and Digital News)

Paringit mentioned various sectors that would benefit from AI’s ability to help improve their efficiency and effectiveness, such as healthcare, education, transportation, agriculture, and finance, among others.

He mentioned other benefits the country can derive from AI, including improving the quality and accessibility of public services, creating new job opportunities, attracting foreign investment, and increasing overall productivity and competitiveness in the world market.

DOST and its four Sectoral Council unveiled AI R&D Roadmap and Sectoral Plan in 2021

Not only that, AI carries the potential to help the country address pressing social and environmental challenges, such as climate change, poverty, and inequality, he added.

UP Mindanao’s Murao agreed with the optimism that Paringit exuded about AI potentials.

“In this age of digitalization and 4th Industrial Revolution (4IR), “AI has the potential to reshape the Philippine market by delivering more businesses and organizations — more convenient, more accurate, more efficient, and more useful tools for operations and production,” the UP Mindanao chancellor said.

As is acknowledged by tech experts and researchers, AI, like has two sides,

PCIEERD, UP Mindanao, and Advanced Science and Technology Institute (ASTI), another DOST attached agency are organizers of the conference/workshop aimed, said Paringit, (a) creating awareness on the value and applications of AI and AI Robotics in solving pressing and national concerns, such as global and industry needs; health and education; mobility, environment and disaster risk reduction; robotics and industries; smart and sustainable communities and cities; Industry 4.0; creativity and innovation; and ethics and governance (b) providing collaborative environment among the participants and identifying priority themes and areas for the formulation of a National AI R&D Program for possible support in Current Year 2025; (c) reviewing and updating the DOST AI R&D Roadmap; (d) documenting inputs, insights and practices in AI and AI Robotics R&D.

On the second and final day (Wednesday) of AI Pinas, participants will gather for a workshop to give them an opportunity to “exchange information, ideas, and experiences regarding the application of AI to improve operation efficiency in both public and private IEE sectors.”

They will also go over the AI Roadmap with an eye to updating it to conform with fast emerging changes in the technology world.

The DOST, PCIEERD and the three other Sectoral Councils of the department launched publicly the AI R&D Roadmap and Sectoral Plan on June 24, 2021, containing its goal, objectives, and priority action plans to get people and information closer together. (✓)

Don't be shy, comments are welcome! Thank you.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: