Digital Transformation of the Global Economy and the Fourth Industrial Revolution

Digital Transformation of the Global Economy and the Fourth Industrial Revolution

Digital Transformation of the Global Economy and the Fourth Industrial Revolution. Advancements in treating COVID-19 and Data Network Effects.

How is the current race for artificial intelligence domination?

Many are asking this question as the United States, China, and Europe compete for global leadership in AI. The wave of innovation is cutting across the globe with companies adopting and deploying AI as digital transformation takes place.

The adoption of artificial intelligence in the retail sector is accelerating with the transformation in product management systems. Millennials continue to record the highest spending power in the consumer market and this in turn is influencing the adoption of artificial intelligence in retail.

There is hope for treatment of COVID-19 as the pandemic continues with scientists developing EIDD-2801, a drug that will change the approach of treating the virus. The reduction of damages in the lung section makes EIDD-2801 effective according to scientists with the drug expected for clinical trials.

These and more insights on our Weekly AI Update

Digital Transformation of the Global Economy

The United States reaped tremendous economic benefits from the last wave of digital innovation, becoming home to some of the world’s most successful tech companies, such as Amazon, Apple, Facebook, Google, Intel, and Microsoft.

Meanwhile, many parts of the world, including the European Union, paid an economic price staying on the sidelines. Recognizing that missing the next wave of innovation — in this case, AI — would be similarly problematic, many nations are taking action to ensure they play a large role in the next digital transformation of the global economy.

China, the European Union, and the United States are now emerging as the main competitors for global leadership in AI¹. Indeed, China, which achieved success in the Internet economy in part by shutting out U.S. firms, has clearly stated its ambition of achieving dominance in AI — both to increase its competitiveness in industries that have traditionally been vital to the U.S. and EU economies, and to expand its military power.

Moreover, the EU’s coordinated plan on AI states that its “ambition is for Europe to become the world-leading region for developing and deploying cutting-edge, ethical and secure AI.” The outcome of this race to become the global leader in AI will affect the trio’s future economic output and competitiveness, as well as military superiority.

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