A recent study conducted by KPMG has shed light on the reluctance of Australians to embrace artificial intelligence (AI) despite its potential to revolutionise various aspects of daily life.
The report indicates that 71 per cent of Australians surveyed harbour concerns about the long-term impact of AI on society, while one-third expressed apprehension due to the perceived lack of adequate regulations in place.
AI expert, Dr Michael Kollo, underscored the significance of this hesitation, pointing out that Australia’s slow adoption of the technology might lead to a potential “brain drain,” with talented individuals, companies, and innovative ideas seeking opportunities overseas in more AI-centric regions.
“Australia isn’t known for being at the forefront of technical innovation, and this cautious approach could hinder our growth and development,” warned Dr. Kollo.
Despite the reservations, Dr Kollo urged Australians to seize the potential benefits of AI, sharing seven predictions that highlight how the technology is poised to transform lives in the coming years.
Among the forecasted transformations are AI-driven robot teachers, the rise of self-driving vehicles with advanced safety features, and the adoption of AI-powered diagnostic tools in healthcare to improve diagnoses and patient outcomes. Additionally, AI applications are expected to streamline customer interactions for small businesses, revolutionise weather prediction capabilities, enhance fraud detection in financial services, and even reshape the music industry by assisting musicians in creative decision-making.
As part of the growing interest in AI, Dr Kollo is scheduled to be a keynote speaker at #CapTech2023, a highly anticipated event that aims to bring together industry leaders, innovators, and investors to explore growth opportunities in Australia. The event is set to take place in Sydney over four days in October, attracting more than 500 attendees, including delegates from India, the Middle East, China, and Hong Kong, who recognize Australia’s potential for significant business ventures.
Last year’s #CapTech event resulted in four successful major investment deals and the signing of over $180 million AUD worth of Memorandum of Understanding (MOU), indicating the high stakes and potential of AI-driven opportunities for Australia’s economic growth and prosperity.
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