Current research predicts a substantial increase in the global market size for artificial intelligence (AI) technologies, touching an estimated $1,811.75 billion by the year 2030. According to Grand View Research, the Compound Annual Growth Rate (CAGR) from 2023 to 2024 alone is expected to be 37.3%. Key factors driving this growth include rising investments in AI technologies, an increased demand for processing large amounts of data, and the urgent need to manage the energy consumption of AI technologies.
This rapid advancement in artificial intelligence can be compared to other significant technological revolutions such as harnessing electricity. A recent interview by Nathan Hager of Bloomberg Daybreak outlines this comparison by stating that if the impact of harnessing electricity is rated as 100, AI’s impact could be gauged as a 95 on the same scale. The ubiquity of AI, as it becomes an integral part of everyday life akin to utilities, demands a thorough understanding and usage by all.
Yet, as the pervasiveness and capabilities of AI increase, questions relating to its definition and legal standing grow more poignant. One such question attempts to determine the moment a ‘smart’ computing system or advanced software program qualifies as AI in the eyes of regulatory or judicial authorities. Similarly puzzling is deciding when an individual is merely using an AI-based tool for creating art or innovating technology, rather than being the author or inventor.
These multifaceted issues are explored in depth in a detailed article, which also considers the prevailing guidelines from administrative bodies and courts available here.