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How can Malaysia leverage AI for growth and not see it as a threat?



As Malaysia embraces the AI revolution, it faces both challenges and opportunities to reshape its workforce and economy

With rapid advancements in artificial intelligence (AI), Malaysia stands at the threshold of a transformative era. As AI technologies permeate various sectors, including healthcare, finance, and manufacturing, the Malaysian workforce is poised for significant changes.


According to a report by Precedence Research, the global AI market is projected to reach approximately US$2,575.16 billion by the year 2032, showing significant growth from the current value of US$454.12 billion in 2022. This translates to a compound annual growth rate (CAGR) of 19 per cent from 2023 to 2032. 


AI-powered technologies have garnered widespread recognition for their ability to revolutionise various industries. From enhancing operational efficiency to driving innovation and improving customer experiences, AI holds the promise of reshaping how businesses operate and compete in the modern landscape. Its applications span across diverse domains, including healthcare, finance, manufacturing, retail, and beyond.


However, despite these staggering numbers, only 13 per cent of organisations in Malaysia are fully prepared to deploy and leverage AI-powered technologies. This statistic underscores a significant gap between the potential benefits of AI and the readiness of businesses to embrace them.


Several factors contribute to this gap, including a limited understanding of AI’s applications and benefits, concerns about implementation costs and complexity, a shortage of skilled talent proficient in AI, and organisational inertia or resistance to change.


 

Addressing concerns of professionals: AI as a threat


As Malaysia delves deeper into the AI landscape, it’s clear that despite its growing accessibility, there remain substantial concerns impeding its widespread adoption in workplaces. These include technological limitations, risks to privacy and security, resistance stemming from cultural factors, and a shortage of AI-skilled professionals. In light of these concerns, it’s reasonable that many businesses approach AI cautiously, thus limiting the realisation of its full potential.


A study showed that 62 per cent of respondents in Malaysia are worried that AI will replace their jobs, but 84 per cent would delegate as much work as possible to AI to lessen their workloads. This indicates a complex mix of fear and acceptance towards AI in the workforce.


It suggests that while there is concern about job security, there is also recognition of the potential benefits of AI in increasing efficiency and productivity. This underscores the evolving landscape where individuals grapple with the prospect of automation reshaping traditional employment structures, even as they recognize its potential to enhance operational effectiveness.


Assessing the level of awareness among Malaysians regarding AI technologies is crucial. Understanding the perceived benefits and concerns surrounding AI adoption helps shape public discourse. The role of public discourse, education, and media in shaping perceptions cannot be overstated. Increased understanding and adoption of AI can propel Malaysia towards its goal of becoming a high-income nation.


Enhancing productivity, innovation, and competitiveness through AI integration is key. Leveraging AI for inclusive growth and addressing socioeconomic disparities is imperative. Aspirations for AI education and skills development in Malaysia include promoting AI literacy and fostering a culture of innovation and entrepreneurship.


 

AI technologies and how they’re shaping Malaysia’s AI landscape


The adoption of AI technologies has the potential to significantly contribute to Malaysia’s economic growth by unlocking new sources of productivity, efficiency, and innovation across various sectors. AI-powered solutions can automate repetitive tasks, optimise processes, and enable data-driven decision-making, thereby enhancing overall productivity and competitiveness. As businesses leverage AI to streamline operations and create value, they can drive economic expansion, attract investment, and stimulate job creation.


AI technologies have the potential to revolutionise productivity across a wide range of sectors in Malaysia, including manufacturing, healthcare, finance, agriculture, transportation, and services. By leveraging AI-driven automation, predictive analytics, and intelligent decision support systems, businesses can optimise processes, improve resource allocation, and deliver more personalised and efficient services to customers. This increased productivity not only drives economic growth but also enhances the quality of goods and services available to consumers.


Collaboration with educational institutions, government agencies, and industry partners is crucial for progress. For us at Ever AI Technologies, this collaborative spirit, aiming to break down traditional barriers to AI access and knowledge, is what drives our mission to democratise AI in Malaysia and beyond. By fostering a culture of innovation and inclusivity, we believe that Malaysia can truly harness the power of AI for sustainable growth and development. 


 

Towards a bright future with AI and innovation


As Malaysia embraces the AI revolution, it faces both challenges and opportunities to reshape its workforce and economy. By fostering awareness, addressing concerns, and promoting education and innovation, Malaysia can harness the transformative power of AI to drive sustainable growth and prosperity. Many companies stand at the forefront of this journey, committed to empowering Malaysians with the knowledge and skills needed to thrive in the AI-driven future.


 

Conclusion:


Malaysia’s journey into the AI landscape is characterised by potential, challenges, and opportunities. With the right strategies and collaborations, Malaysia can navigate this revolution successfully, transforming its workforce, economy, and society for the better. As the nation moves forward, embracing AI with awareness and foresight will be key to unlocking its full potential.

 

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