The U.K. Competition and Markets Authority (CMA) announced on Monday that it will conduct a review of the country’s artificial intelligence (AI) market. The review will be focused on assessing how AI is currently being used and how it might be used in the future, with the goal of ensuring open and competitive markets that don’t end up being unfairly dominated by a few big players.
The CMA’s review will look at a number of areas, including the use of algorithms in decision-making, the role of data in the development of AI, and the impact of AI on competition in different markets. The review will also consider the potential risks associated with the use of AI, such as bias and discrimination.
“We want to make sure that the U.K. remains a world leader in the development and use of AI, while at the same time ensuring that the benefits of this technology are shared fairly across society,” said Andrea Coscelli, the CEO of the CMA. “Our review will help us to understand how AI is being used today and how it might be used in the future so that we can ensure that competition in this market remains open and fair.”
The review comes at a time when AI is becoming increasingly important in many different industries, from finance and healthcare to transportation and retail. AI is being used to automate a wide range of tasks, from customer service and logistics to fraud detection and medical diagnosis. However, there are concerns that the increasing use of AI could lead to a concentration of market power in the hands of a few big players, which could stifle innovation and competition.
The CMA’s review is likely to be welcomed by many in the industry, who have been calling for greater regulation of AI. “We believe that AI has the potential to revolutionize many industries, but we also recognize that there are risks associated with its use,” said Paul Lee, a partner at the law firm Latham & Watkins. “The CMA’s review will help to ensure that these risks are properly managed and that competition in the AI market remains open and fair.”
The review is expected to take up to a year to complete and will involve extensive consultation with a wide range of stakeholders, including industry experts, consumer groups, and academics. The CMA will also work closely with other regulatory bodies, such as the Information Commissioner’s Office (ICO), which is responsible for regulating data protection and privacy in the U.K.
The ICO has already published guidance on the use of AI in decision-making, which emphasizes the need for transparency, accountability, and fairness. The ICO has also called for the development of “explainable AI,” which would allow people to understand how AI systems make decisions and to challenge those decisions if necessary.
The CMA’s review will build on this guidance and will aim to provide more detailed recommendations for how AI should be regulated in the U.K. “We want to make sure that the benefits of AI are realized in a way that is fair and transparent, and that takes account of the risks and challenges that this technology presents,” said Coscelli.