December 6, 2024

Regulatory uncertainty is holding back AI adoption – here’s what the industry needs going forward

In this article:

Regulatory Uncertainty Stifling AI Adoption: AWS highlights that a lack of regulatory clarity is a significant barrier to AI adoption in Europe, potentially delaying the realization of €600 billion in economic benefits by 2030.
Compliance Concerns Impact Investments: 21% of European businesses cite compliance issues as a barrier, a figure that jumps to 45% among those already utilizing AI. This leads to businesses with concerns investing 48% less in AI over three years than those without such barriers.
Challenges with Existing Frameworks: AWS points out that outdated regulations and the slow adaptation of regulatory frameworks to match the pace of AI innovation hinder scaling and adoption.
Definitional Issues: Clarifying how AI systems are defined within regulatory contexts is crucial, as ambiguity in definitions adds to compliance challenges.
Economic and Strategic Impacts: These barriers not only slow AI adoption but also reduce the competitive advantage of European businesses in a rapidly advancing technological landscape.

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