The impact of Artificial Intelligence on emerging markets

Artificial Intelligence (AI) and the fourth Industrial Revolution have been dominating global discussions among leaders. AI has the potential to solve complex problems such as fraud detection, cancer diagnosis, and more. CNBC Africa recently spoke with Ankur Prakash, Vice President for New Growth and Emerging Markets at Wipro, to delve into how AI will impact emerging markets like South Africa. Prakash highlighted that AI is not a threat to jobs but rather a tool that can enhance productivity and efficiency. He emphasized that AI will create higher-quality jobs and allow for upskilling opportunities. The continuous development of AI is reshaping daily tasks and experiences, from spell-checking to self-driving cars. While developed economies are at the forefront of AI adoption, emerging markets like South Africa are also making significant strides. Sectors such as finance and mining in South Africa are embracing AI to improve operational efficiency. Prakash emphasized the importance of using AI responsibly, ensuring it enhances human lives without replacing essential human interactions. The human element remains crucial in AI's evolution, with a focus on skill development and fostering a healthy ecosystem where AI complements human endeavors.