Mikayil Jabbarov: Azerbaijan developing local generative AI

The digital transformation is important for every economy - including Azerbaijan that is currently developing local generative artificial intelligence, Azerbaijani Minister of Economy Mikayil Jabbarov told the China Global Television Network (CGTN), Report informs.

“It was the first country in the CIS and the region to set up the Affiliate Center for the Fourth Industrial Revolution (C4IR Azerbaijan) which along with other private and public and governmental agencies was spearheading the increase of the speed of digitalization specifically in economy, but also in other areas of Azerbaijan.

We are developing local generative AI, similarly, AI solutions are being applied by our leading blue chips companies, both state-owned and private-owned, but this is a space where speed of change is a speed of light. Raising awareness is also necessary in terms of providing the right bridges between education and economy, human capital information are necessary elements in order to not only to stay in the race but also to make sure it impacts positively the economic development and prosperity of the nation,” the minister noted.

Generative AI can improve industrial automation, develop new software code, and improve transportation safety by automatically synthesizing video, audio, images, and more. This initiative is aimed at stimulating the development of artificial intelligence platforms that speak fluent Azerbaijani language and host Azerbaijani content.

Analysts have varying estimates of the size of the artificial intelligence (AI) market. According to the most conservative estimates of MarketsandMarkets, the volume of the global AI market in 2023 amounted to $150.2 billion. Next Move Strategy Consulting estimates the global artificial intelligence market to be worth more than $200 billion.

The most optimistic data is from the Indian consulting company Fortune Business Insights - according to its forecasts, the AI market will grow from $515.31 billion in 2023 to $2 trillion by 2030. At the same time, according to analysts, the average annual growth rate will range from 21.6 to 36.8%. According to Goldman Sachs, the economic impact of AI technologies could reach $7 trillion globally over the next ten years.