Global economy

AI growth and governance

05/10/2021 PNG

Venture capital investment in artificial intelligence technology increased 20-fold between 2012 and 2020. This scaling up of AI cuts through all sectors of the economy, including transport, healthcare, business, digital security and others.

The transport sector alone saw USD 18 billion of VC funding in 2020 with mobility and autonomous vehicles taking center stage in global efforts to scale up broader sustainable mobility drives, up from less than USD 4 billion in 2014. VC investment in healthcare and biotechnology almost reached USD 12 billion in 2020, compared with less than USD 1 billion in 2014. Other sectors that have seen a notable influx of VC investment include business processes, digital security, marketing and logistics.

However, governments and other actors must think hard about policies that best harness the power of technology with people in mind – ensuring that technology serves people, rather than the other way around. The OECD AI Principles sets standards in the use of AI that focuses on human-centered values and nurturing trust, complementing existing OECD standards in areas such as privacy and responsible business conduct.

Ultimately, they could play a vital role in bolstering efforts to support inclusive growth, sustainable development – and individual well-being.

See also: Explore OECD AI Principles