Europe Lagging Behind in Artificial Intelligence: Hot Discussion in Davos
The World Economic Forum in Davos is buzzing with the hot topic of artificial intelligence, but one significant factor is being noticed – the lack of European companies in the discussions. Last year, ChatGPT stirred enthusiasm at the forum, but many still find the concept of artificial intelligence abstract. However, the industry has now seen a surge in the interest and importance of artificial intelligence.
There are concerns in political circles that artificial intelligence could lead to the widespread spread of false information, particularly in the upcoming super election year of 2024. As a result, European participants at the Davos Forum are discussing how European companies can avoid missing out on the development opportunities in artificial intelligence.
Establishing global rules for artificial intelligence has been a significant point of discussion. Nick Clegg, president of global affairs at Facebook’s Meta, expressed relief that the initial panic from artificial intelligence has passed. However, the challenge remains in setting global rules, as various countries have different stances on transparency and privacy regulations. For instance, China utilizes facial recognition for monitoring people, while the EU is on the verge of imposing restrictions on this practice.
In comparison, the United States and China are seen as far ahead of Europe in the investment and development of artificial intelligence. Representatives from major tech companies such as Google, Microsoft, Meta, and Intel were actively participating in discussions at Davos, yet European companies were noticeably absent.
SAP technical director Jürgen Müller admitted that while Germany excels in basic research, it is not at the forefront of commercializing artificial intelligence technology. A study by consulting firm McKinsey revealed that the United States has 35 large-scale artificial intelligence companies, while Europe only has three. Additionally, there is a significant gap in investment, as Europe invested $1.7 billion in artificial intelligence last year, while the United States invested a whopping $23 billion.
As discussions and debates continue at the World Economic Forum in Davos, it is evident that the topic of artificial intelligence will continue to be a focal point for both political and industry leaders. The concern that Europe may be lagging behind in artificial intelligence development has sparked conversations about how European companies can step up to compete on a global scale.
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