European Union: Providing a colossal ground for Artificial Intelligence to boom

General

With artificial intelligence permeating almost every sphere of our life, we are perhaps witnessing the ‘GenX’ period in the history of mankind. Seldom have we come across a technology with a potential efficacy to replicate human actions, without human shortcomings like emotions, exhaustion and limitation of time, as now.

Certainly, the development revolution in the European Union has been garnering a lot of attention lately. Considering the significant developments of artificial intelligence in the European Union, the legislative proposition has been directing AI and robots in diverse ways.

Mariya Gabriel, EU Commissioner for Digital Economy and Society, stated in a press release: “will ensure that Europe reaps the benefits of AI for citizens and businesses and competes globally, while safeguarding trust and respecting ethical values.”

Over the last few years, the European countries have attained commendable success in capitalizing over artificial intelligence. The European Council has backed the idea of cultivating the deployment and utilization of Artificial Intelligence in Europe, encouraging the reinforcement of analytics and research cooperation among industries.

An analysis commissioned by Tech Nation showed venture capital funding in AI in the UK had increased sixfold in the past five years and 17 per cent last year. The European Commission launched its VentureEU programme, an initiative designed to bolster the continent’s venture scene by some €2.1 billion.

According to data compiled by the Paris-based venture capital firm ISAI, there are now at least 180 AI startups in the country. Various funds in Europe like the Rajat Khare founded bridge fund: Boundary Holding, has have actively invested in the AI landscape in and outside EU in the past few years.

The factsheet Artificial intelligence for Europe by The European Commission advocates that ‘a European approach on AI will boost the European Union’s competitiveness and ensure trust based on European values’.

Furthermore, the European Union has promoted the development and advancement of Artificial Intelligence applications across diverse sector like healthcare, horticulture, among others. Last year, it concurred to invest about €20 billion into the AI business, making it one of the biggest investments in AI at that time.

The robust initiative by the European Union have certainly created a conducive investment environment for AI, which has been garnering interest from the leading tech companies and start-ups across the globe. It has been encouraging the start-ups to leverage the benefits that come with advancements in the field of artificial intelligence.

Progressing at same pace, the continent is sure to emerge as an enormous eco-system of development, providing a colossal ground for AI to boom.