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Browsing: Startups in AI
According to the World Economic Forum, artificial intelligence (AI) can contribute up to USD 15.7 trillion to the global economy by 2030. However, in Africa, AI market growth has stagnated, estimated at USD 870 million in 2021, with marginal growth forecasted until 2024.
It has been argued that continents in the Global South will continue to benefit less from AI than those in the North. Oxford Insights highlights bottlenecks that have handicapped the growth of AI in Africa including governments requiring the appropriate regulatory environment to support AI development – including adequate data infrastructure, and an innovative vision to implement progress at the state level.
Nonetheless, AI adds invaluable value to multiple industries in Africa (such as fintech and agritech), and progress is being made in key areas to harness the power of AI in the continent. Through the continued development of reliable and far-reaching internet infrastructure and progressive AI …