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How Growing Artificial Intelligence (AI) Governance Will Evolve Over the Next Five Years: A Global Study By iResearch Services

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Artificial Intelligence and machine learning are changing the way we and the organizations work, the future will likely see some gigantic changes in the next 5 years. Artificial Intelligence could also produce more job opportunities and can support organizations in managing the workforce.

Artificial Intelligence could create more jobs if people are ready to adapt and work smarter. “AI will add more to global GDP by 2030 than the combined current output of China and India,”- research by PwC. But there is fear in people that Artificial Intelligence and automation will overtake their jobs, leading to a high level of unemployment.

“Between 400 million and 800 million individuals across the globe could be “replaced” by automation and need to find new jobs by 2030,”– report by McKinsey, management consulting firm.

Global Study on AI Governance By iResearch

In the global study conducted by iResearch, 1350 C-level executives were surveyed across 7 different industries in 12 countries to study how growing technology trends- artificial intelligence governance, hyper-automation, extended reality (XR), extended edge, and cloud will evolve over the next five years.

The research is focused on the growing need for business leaders to take responsibility for governing, innovating, integrating, and adopting new emerging technologies for the better functioning of their organization.

Key Findings of Global Study on AI Governance By iResearch

65% of respondents feel that the current level of AI governance is not sufficient for AI’s growth in organizations.

27% of respondents don’t have designated leaders for AI governance and only 25% are managing as a formal policy at the C-suite level.

75% of respondents expect that the government will be largely responsible for the AI governance. 53% are anxious that the external or government intervention will hold back the innovation.

52% of respondents believe that the Covid-19 and lockdowns forced them to search for more opportunities to infuse automation into their businesses. Hyper automation helps in workflow management and typically the areas in which the company put their efforts to reduce costs and increase efficacies in the difficult times like pandemic.

61% believe that hyper-automation can be beneficial in the next five years in improving case management and workflow management.

26% see the huge impact of hyper-automation in the supply and distribution chains and 64% of respondents believe hyper-automation will have a huge impact on the supply and distribution chains.

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Written by Hardik Tokas

Hardik Tokas is a law graduate from GGSIPU, Delhi. He is an analytical thinker, an active team player who is proactive in legal research and writing, and has highly motivated enthusiasm for business, start-ups, and entrepreneurship. He has the vision to deliver excellent support to the visionary entrepreneurs and educate them in all legal compliances of applicable laws considering their business level and long term growth. He is a goal-oriented professional and a valuable member of the organization.

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