Digital transformation is crucial for every economy, including Azerbaijan, which is now producing its own generative artificial intelligence.

"Analog AI solutions are being implemented by leading 'blue-chip' companies - both state-owned and private sector firms. It's a space where everything changes at the speed of light, so I believe investments in this sector will continue. Moreover, there's a need to enhance education to ensure a proper bridge between education and the economy. Information about human capital is not just for staying competitive but also ensuring its positive impact on the country's economic development and prosperity," the minister said.

Local artificial intelligence According to him, Azerbaijan was the first country to establish the Center for Analysis and Coordination of the Fourth Industrial Revolution (4SIR), which guides the process of accelerating digitalization not only in the economy but also in other areas of Azerbaijan in collaboration with other private, state, and government agencies.

Reportedly, generative artificial intelligence can enhance industrial automation, generate new program codes, and increase transportation safety through the automatic synthesis of videos, audios, images, and more. This initiative aims to stimulate the development of AI platforms that speak Azerbaijani and possess content relevant to Azerbaijan.

Analysts have various estimates regarding the size of the artificial intelligence market. According to the most conservative calculations by "MarketsandMarkets," the global artificial intelligence market is estimated to reach $150.2 billion in 2023. "Next Move Strategy Consulting" estimates the global artificial intelligence market to be over $200 billion. The most optimistic data comes from Fortune Business Insights in India. According to its forecasts, by 2030, the artificial intelligence market will increase from $515.31 billion in 2023 to $2 trillion. At the same time, analysts believe that the average annual growth rate will range from 21.6% to 36.8%. According to Goldman Sachs' forecast, the economic impact of artificial intelligence technologies could reach $7 trillion globally over the next 10 years.