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New Zealand has long been seen as a leader in the artificial intelligence (AI) industry, with experts hailing the country’s unique environment and culture as ideal for the development of innovative AI technologies and solutions. However, in recent years, the country has faced numerous challenges in its AI industry, including a shortage of skilled workers and a lack of investment in the sector. In this article, we’ll look at the current state of AI in New Zealand and some of the issues facing the industry.
AI in NZ Economy
The New Zealand economy is heavily reliant on the artificial intelligence sector, with the country currently employing more than 18,000 AI professionals. This number is expected to grow significantly in coming years as the application of AI continues to expand in areas such as healthcare, finance, retail, and agriculture. Artificial intelligence is also being utilised in research and development, and as a result, a growing number of organisations are investing in and experimenting with AI-based solutions.
AI Industry Challenges
Despite the potential benefits of AI, the industry is facing numerous challenges in New Zealand. The first issue is the shortage of skilled workers, with many organisations unable to find enough qualified AI engineers and developers. This has led to a backlog in project delivery and a lack of innovation, as there are not enough people with the necessary technical skills to develop groundbreaking solutions.
Another issue is the lack of investment in the sector, with many organisations reluctant to spend money on AI-based solutions amid concerns about their long-term cost-effectiveness and reliability. There is also a lack of awareness among businesses about the potential of AI, with many failing to realise the benefits of deploying AI solutions.
Finally, the regulatory landscape in New Zealand is still in its early stages, meaning there is no clear framework or regulations to ensure the ethical use of AI-based solutions.
Opportunities in the NZ AI Sector
Despite these challenges, there are still plenty of opportunities for the growth of the AI industry in New Zealand. Firstly, the country’s proximity to Australia and the United States, combined with its relatively small population, makes it an ideal location for businesses to test and deploy AI solutions without a huge investment.
Secondly, the Government has invested heavily in research and development, meaning that organisations are able to take advantage of the latest developments in AI technology. This has enabled the growth of cutting-edge solutions in areas such as healthcare and finance, which are transforming industries and improving lives.
Finally, the New Zealand Government is encouraging businesses to invest in AI solutions by offering tax incentives and grants for businesses developing solutions in areas such as healthcare and agriculture.
Conclusion
The artificial intelligence industry in New Zealand is facing some challenges, such as a lack of skilled workers and a lack of investment in the sector. However, these challenges also create numerous opportunities for the country’s AI industry, with the Government increasingly investing in research and development and offering incentives to organisations deploying AI-based solutions. As a result, there is a great potential for the growth of the AI industry in New Zealand, and many businesses are taking advantage of the opportunities available. New Zealand is primed to become a global leader in AI innovation, and organisations should take advantage of these opportunities to ensure their success.