Robocap: AI market is on the brink of a seismic shift

Robocap: AI market is on the brink of a seismic shift

Artificial Intelligence

Institutional investors and wealth managers believe that the artificial intelligence (AI) market is on the brink of a seismic shift. 

This is according to a new global survey of pension funds, insurance asset managers, family offices and wealth managers with combined assets under management of $1.183 trillion, where nearly all (99%) of respondents say they agree with this view. The study was commissioned by fund manager Robocap - the leading investor in robotics, automation and AI listed stocks.

More than a quarter (28%) of investors and wealth managers surveyed strongly agree that groundbreaking advances in computer power, big data and next gen models will cause an explosion of investment in AI-driven automation, precision medicine, autonomous systems, and ethical AI governance, and almost three quarters (71%) slightly agree with this view.

Despite strong predictions for market growth globally, 35% of institutional investors and wealth managers questioned strongly agree and 65% slightly agree that regulation in the UK and EU around AI and robotics is too stringent which has curtailed creativity and innovation. This compares to other markets such as the US and China where more relaxed legislation has been to the benefit of leading AI and robotics companies based there.

While believing regulation has stifled AI and robotics in the UK, respondents to the survey expressed some concern about these markets.  Eight out of ten investors surveyed are concerned about privacy and data security, while nearly three-quarters (71%) are worried about technological vulnerabilities and potential for AI to be hacked or manipulated highlighting the growing importance of cyber security.

Two-thirds of respondents say they are most concerned about autonomous AI systems making decisions without human intervention, while 61% are focused on the potential for job displacement and a negative impact on employment.  A further 59% are concerned about the ethical implications and potential misuse of AI; 58% believe the technology could be adversely used for surveillance or control purposes; 45% are concerned about the unintended consequences and unforeseen risks of AI deployment; 42% are focused on the uncertain long-term societal impacts of AI; and nearly one-fifth (18%) have concerns about the potential for AI to outperform or surpass human capabilities.