ZURICH - Artificial intelligence (AI) is permeating almost every aspect of life in advanced economies. From governments to businesses to individuals, AI’s reach is sweeping, and its implementation is proving transformational. But the benefits are not just being felt in the developed world. AI is forecast to contribute US$15.7 trillion to the global economy by 2030, delivering socioeconomic value to all sections of society over the coming years. And a substantial share of this total will accrue to emerging economies, where AI is already helping to address deep-rooted problems.

The enormous sums being invested in AI illustrate the potential many see in this new technology. According to estimates by the International Data Corporation, global spending on AI is expected to surpass US$79 billion by 2022.

The reason so much money is being invested in AI is obvious: the worldwide business value to be derived from it is expected to soar to US$3.9 trillion by 2022, more than three times the US$1.2 trillion in value it generated in 2018. And it is not just that businesses are benefiting from adopting AI. They are also key agents of change, enabling millions in the developing world to benefit from increased efficiencies, both incremental and far-reaching.

Owing to AI’s sophistication, many believe it lends itself better to applications in developed economies. But AI is perhaps even more relevant in emerging markets, which are exploiting the opportunities it creates to produce significant social and economic gains. AI is enabling new products and models that are helping the poorest move up the economic ladder through solutions that leapfrog existing technologies.