Artificial intelligence market in Azerbaijan grows by more than 37% annually - Deputy Minister

Sahib Alakbarov, Azerbaijan

© APA | Sahib Alakbarov, Azerbaijan's Deputy Minister of Economy

# 25 September 2023 10:18 (UTC +04:00)

"Artificial intelligence market is estimated to be worth $136 billion in 2022 and is expected to grow at a CAGR of 37.3% from 2023 to 2030," said Sahib Alakbarov, Azerbaijan's Deputy Minister of Economy, at the event "Artificial intelligence in the new generation economy: challenges and opportunities", APA reports.

According to him, the Guidelines recommended by the World Economic Forum for the procurement of artificial intelligence-based solutions can be considered as one of the important steps towards the formation of the ecosystem: "It can provide a useful framework for institutions that want to purchase artificial intelligence solutions, and in addition, it can make an important contribution to the formation of standards in the mentioned processes in the next stages and to the activities of state institutions that carry out regulatory control in this field."