AI to generate $680bn profit for telecom industry in next 15 years

November 20, 2024 (MLN): Over the next 15 to 20 years, artificial intelligence (AI) is estimated to generate up to $680 billion for the telecommunications industry, said John Hoffman, CEO of the Global System for Mobile Communications Association (GSMA) Ltd. on Wednesday.

Hoffman was citing a McKinsey report when making the remarks in a speech that he delivered at the opening ceremony of the 2024 World Internet Conference Wuzhen Summit, as APP reported.

He added, AI is emerging as a powerful force with the potential to transform business and society on an unprecedented scale.

About 81% of telecom operators around the world are testing generative AI solutions, and "Chinese operators are one of the leaders in the space, with big investments, strong government support and a booming tech landscape," Hoffman said.

“China Mobile, China Telecom, and China Unicom have already made huge strides in AI research and applications. Their solutions are transforming public services, supply chains, and healthcare," he said.

For instance, an intelligent computing service platform has been launched in northwest China to assist local flood control efforts.

While, an AI database in the country's southwest is committed to the protection and development of cultural diversity.

Across the world, Hoffman said, over 150 million people could have their lives improved by mobile big data and AI solutions in the next 5 years.

Noting that AI brings responsibilities alongside opportunities, Hoffman called for greater attention to the ethical and sustainable development of AI technology.

The summit, themed "Embracing a people-centred and AI-for-good digital future, building a community with a shared future in cyberspace," will last until Friday.

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