(MENAFN- AzerNews) The digital transformation is important for every economy -including Azerbaijan that is currently developing local generativeartificial intelligence, Azerbaijani Minister of Economy MikayilJabbarov told the China Global Television Network (CGTN), Azernews reports.

“It was the first country in the CIS and the region to set upthe Affiliate Center for the Fourth Industrial Revolution (C4IRAzerbaijan) which along with other private and public andgovernmental agencies was spearheading the increase of the speed ofdigitalization specifically in economy, but also in other areas ofAzerbaijan.

We are developing local generative AI, similarly, AI solutionsare being applied by our leading blue chips companies, bothstate-owned and private-owned, but this is a space where speed ofchange is a speed of light. Raising awareness is also necessary interms of providing the right bridges between education and economy,human capital information are necessary elements in order to notonly to stay in the race but also to make sure it impactspositively the economic development and prosperity of the nation,”the minister noted.

Generative AI can improve industrial automation, develop newsoftware code, and improve transportation safety by automaticallysynthesizing video, audio, images, and more. This initiative isaimed at stimulating the development of artificial intelligenceplatforms that speak fluent Azerbaijani language and hostAzerbaijani content.

Analysts have varying estimates of the size of the artificialintelligence (AI) market. According to the most conservativeestimates of MarketsandMarkets, the volume of the global AI marketin 2023 amounted to $150.2 billion. Next Move Strategy Consultingestimates the global artificial intelligence market to be worthmore than $200 billion.

The most optimistic data is from the Indian consulting companyFortune Business Insights - according to its forecasts, the AImarket will grow from $515.31 billion in 2023 to $2 trillion by2030. At the same time, according to analysts, the average annualgrowth rate will range from 21.6 to 36.8%. According to GoldmanSachs, the economic impact of AI technologies could reach $7trillion globally over the next ten years.

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