AI to grow by 30% annually in Africa, experts say

Artificial Intelligence (AI) is transforming business in every sector and Africa, with the technology predicted to grow on the continental bloc by 30 percent annually over the next six years, according to tech experts.

The development is projected to bring financial growth to about $17billion by 2030, according to Statista analysts.

Microsoft Africa president Lillian Barnard says “AI can unlock a continent brimming with investment opportunity.”

“Africa has long been recognized for its formidable growth prospects and AI is the long-awaited key to help unlock that potential,” she observed.

In light of the opportunity Africa presents, Microsoft recently invested $1.5billion in G42, an AI implementer, to accelerate AI development in growing economies such as Africa.

This massive AI rush is combined with a rapidly growing population exceeding 1.5billion people on the continent, of which 70 percent are under the age of 30. This creates a potent recipe for AI acceleration.

Dr Adel Alsharji, the chief operating officer of Presight says Africa’s AI journey is gaining momentum, and this progress highlights the continent’s readiness to explore and harness the potential of AI for driving economic growth and addressing local challenges.

“AI-related jobs in Africa alone are expected to grow by 200 percent by 2025,” he noted on Friday.

Barnard added that the AI-powered innovation seen today is poised to reinvent every aspect of society from healthcare to financial services, manufacturing and beyond.

“If Africa is to benefit from the paradigm shift currently sweeping the globe, we must make the promise of AI real for people and organisations across the continent – and do so responsibly,” she says.

However, AI also highlights gaps in talent development, venture allocation, policy and infrastructure.

But crucial challenges and opportunities of AI will be discussed at the 2024 AI Everything Expo by GITEX Africa from May 29-31 in the Moroccan city of Marrakech.