14th July 2023

RecTech innovation: Too important to be left to market forces

AI, RecTech

Which nations are leading the AI supremacy race?

The latest wave of Artificial Intelligence (AI), including generative apps based on large-scale natural language processing (NLP) technologies such as ChatGPT, has been making waves across the world for several months now.

The recruitment industry has a large stake in how AI develops and where it takes the sector, so it is worth discussing where and how the future of RecTech is being shaped across the world.

Western developed economies often have a very narrow angle of view of the world, a bit like seeing everything through a zoom lens. Despite wielding a greater proportion of the world’s economic wealth, the fact is that western developed economies comprise a minority proportion of the global population.

Between them, China and India’s combined population is some 2.8 billion people, around 35% of the 8 billion global total, and these nations are poised for economic ascendancy. A large part of their economic fate in the coming years is indexed to how successfully they harness their massive workforces. There is little doubt that RecTech will play a vital role in recruiting people with the right skills and qualities to drive economic growth.

The leading global players in the development of AI

The field of AI is highly competitive and rapidly evolving, with significant contributions coming from various countries and regions around the world. In the battle for AI supremacy, different nations excel in different aspects of AI research, development, and application.

The leaders are some of the biggest national and regional players and have made substantial investments and advancements in AI. They have vibrant research communities, leading technology companies, and supportive policies.

The United States has a long-standing tradition of innovation and is the center of operations for prominent AI research institutions and tech giants. China, on the other hand, has been making significant strides in AI research, development, and deployment, backed by government initiatives and substantial investments. Europe boasts renowned research institutions and focuses on ethical AI development and regulation.

However, it’s not just about these major gravitational centres of AI development. Within the EU umbrella, Germany, Switzerland and Finland have significant activity going on. Other countries, including India, Israel, Canada, Japan, Singapore and South Korea also contribute notably to the field of AI, with thriving research ecosystems and emerging AI startups.

Despite geopolitical clashes, most global players recognise the need for harmony to support shared economic interests, and there is a strong desire for cooperation; consequently, international collaborations and knowledge sharing play a vital role in advancing AI globally.

There can be little doubt that other developed economies like the UK and Australia have an influential role to play. Private enterprises in these countries are investing in AI research and development and are creating AI-driven products and services that people use worldwide. However, in terms of government intervention, it seems they fall short of what the leading nations are doing.

RecTech innovation: The ones to watch!

When it comes to recruitment, there are a number of countries with advanced AI software companies and technologies. These could well end up in tomorrow’s RecTech products and services, or end up shaping the job market in various niches, segments or sectors. Some of the most influential include:

AI and RecTech: Too important to be left to market forces?

These are just some of the countries that have advanced RecTech software companies. The field of RecTech is rapidly evolving, and it is likely that new and innovative companies will emerge from all over the world in the years to come.

Some of the main factors behind the advancement of AI and RecTech software companies in these countries include:

The level of interest from the governments of the leading countries in AI development clearly demonstrates that these nations attach a great deal of importance to AI. Governmental interventions have a tendency to disrupt a market by giving the companies involved a competitive advantage. This suggests that the race to achieve AI supremacy is far too important to be left to the whims of market forces.

In some ways, the race to develop artificial general intelligence (AGI), an AI that can learn to accomplish any intellectual task that human beings or animals can perform, is a bit like the 20th Century Space Race. In the 1960s, sending humans to the moon and returning them safely to Earth was a technological goal that would assert the superiority of one nation over another; however, it wasn’t limited to technology, it would also prove the superiority of the approach to economics, politics and philosophy.

Some countries, including the UK and Australia have shown a certain level of interest in AI, especially in its governance and regulation. For 2023, the UK has committed around £1 billion of government funding towards AI research. But this may simply be playing catch up. If these nations want to exert a greater influence and give their AI and RecTech software segments the best chance of success, they should take note that they really need to do more!

Keep up to date on the AI and RecTech race with ETZ

The automation features of ETZ RecTech tools promote efficiency and have paved the way for the emergence of sophisticated AI NLP search and selection tools that are emerging to power the front side of agency operations.

ETZ’s leading ETZ’s leading timesheet and invoicing solution streamlines the back office processing of your recruitment agency. Our complementary solutions, ETZ Comply for onboarding and document management, and Caspian for business intelligence, give agencies further capability to streamline and uncover opportunities. To find out more, call us on +61 (0) 405 458 821 or book a demo.

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