The global Information Technology (IT) sector has been growing ever since the beginning of the Fourth Industrial Revolution (4IR). Various advanced technologies such as Artificial Intelligence (AI), Blockchain, cloud computing, Robotic Process Automation (RPA), big data, and Machine Learning (ML) are being used by IT-based organisations to increase productivity and improve customer experience. This phenomenon has led to the massive growth potential of the IT sector which is expected to be worth around USD 5 trillion by 2021 and is speculated to be growing at a faster rate in future as evidence suggests.
Bangladesh, one of the fastest-growing economies in the world, is also experiencing considerable growth in its IT sector. Automation technologies are largely being used by the telecom, banking, pharmaceutical, and ready-made garment industry in Bangladesh. As the world is getting more digitised, Bangladesh also needs to expand its IT infrastructure to keep up with the 4IR. The country needs to tap into the huge potential of Artificial Intelligence (AI) solutions such as machine learning, decision support systems, automated data analysers and others that heavily influences digital growth.
Artificial intelligence alludes to the capacity of machines to perform psychological errands like reasoning, seeing, learning, critical thinking and basic leadership. At first, considered as an innovation that could imitate human insight, AI has developed in manners that far surpass its unique origination. With extraordinary advances made in information accumulation, handling, and calculation control, astute frameworks would now be able to be conveyed to assume control over an assortment of assignments, empower network and improve profitability. As AI’s capacities have significantly extended, so have its utility in a developing number of fields. Bangladesh is embracing Artificial Intelligence (AI) for the digitalization of the nation. The digitization process started a decade earlier. Now AI would work as an accelerator. Future technologies like artificial intelligence, robotics, big data, blockchain, and IoT will be widespread.” This is the seed for this AI strategy paper. This is the inspiration for the coming years. Technology is a necessity. The future depends on it. Future technology is a promise. Bangladesh is committed to walking through the path. Now Bangladesh’s slogan to address AI is “AI for Innovative Bangladesh”.
Artificial Intelligence has a great impact on the economy as well as it offers substantial benefits. This is the time to invest strategically in different types of AI applications for the countries. If repetitive tasks and the role of human will be automated, this will increase GDP gain and improve labor productivity. As per Accenture research in 12 developed economies countries, AI has the power to double annual economic growth rates in 2035 changing the nature of work and creating a new relationship between man and machine. Labor productivity can be increased by up to 40 percent by enabling people to make efficient use of their time. PWC said that 45% of total economic gains by 2030 will come from stirring customer demand and product modification. With more than 163 million of the population in 1, 47,570 km2 area has more than 40 million students, Bangladesh is facing significant challenges with employment issues. The fear factor for AI is losing job opportunities. AI will replace human skills. As a result, heavily populated countries with mostly low-level skills like us might find it difficult to survive. According to the world economic forum, AI and Robots would create many jobs than they displace. Because of AI and related technologies, economic growth will boost up than ever before and create many additional job opportunities. The fourth Industrial Revolution is expected to create 133 million new roles.
Korea have a large industry for AI. Partner companies and business firms looking for expansion or const optimization can explore the available opportunities that keep presenting with time. We can work jointly as part our initiative to support and enhance the cooperation on multiple areas of AI sector in Bangladesh.
Technology and trade are binding the world together. Globalization over the last few decades has pulled many nations out of poverty. Industrialization has propelled few countries as international powerhouses.
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