Technology

US Business Leaders Address AI Impact and Regulation Sentiments in Recent Survey

Published

2 months ago

July 16, 2024

COLLEGE PARK, Md., July 16, 2024 /PRNewswire/ — As robust as artificial intelligence (AI) capabilities have become, it is still very much in its infancy. With governments formulating strategies for AI regulations, the onus is on U.S. businesses to successfully adapt to AI policies as they emerge, says Research Professor Kislaya Prasad at the University of Maryland’s Robert H. Smith School of Business.

As academic director of the school’s Center for Global Business, Prasad surveyed 885 U.S. business executives and middle managers from for-profit companies. Published as “AI Use and Regulation: A Survey of U.S. Business Executives,” the findings shed light on executive sentiments, revealing both the concerns and support surrounding AI adoption and governance.

The report begins with five key takeaways:

Considerable concern exists about job displacement and is foremost in financial services and insurance and telecommunications.Strong support is evident for AI regulation, including mandates for transparency about AI use, explaining autonomous decisions and undergoing third-party auditing for bias in algorithms.Strong support exists for restrictions on export of key AI technologies.”Powering chatbots” and “coding” are identified as the most important uses for Generative AI, which was already widely used across sectors by November 2023.While “improving customer experience” and “improving operations” are key drivers of AI adoption, major reasons for non-adoption are an “absence of a clear use case or perceived need” and “limited technical expertise of resources.”

Survey respondents were chosen primarily based on the ability to provide diverse responses and viewpoints on AI implementation across industries. Respondents spanned eight sectors comprising roughly half of the U.S. private sector workforce: financial services and insurance, healthcare and biotechnology, hospitality and leisure, information technology, manufacturing, retail trade, telecommunications and transportation. A ninth category, “Other,” was included to represent individuals outside the eight main sectors.

Collectively, almost 58% of respondents reported that their firms had incorporated AI into their business practices in some capacity, 35% reported in the negative, while the remaining 7% stated they were unsure about the level of AI integration at their company.

The report further addresses job displacement, support level for AI regulation and export restrictions, sentiments on the patentability of AI-assisted creations and intellectual property infringement, AI use by sector, and the drivers and hurdles associated with AI adoption.

More on the key takeaways

Job displacement concerns weigh heavily on executives. Regarding the potential adverse impact of AI on career prospects over the next five years, roughly 20% of respondents expressed that they were either very or extremely concerned. These worries resonated with 47% of participants from the financial services and insurance sector, and with 32% in telecommunications. Additionally, 27.5% of respondents with less than 15 years of work experience and 26% of respondents who identified themselves as AI decision-makers at their respective companies share this concern. Although there is discernable concern among people directly involved with AI in their work, “it’s not clear if this stems from more intimate knowledge of AI’s possibilities or from being in more vulnerable roles,” writes Prasad.

A strong backing for AI regulations exists. The Biden Administration’s 2023 Executive Order on AI aimed to establish new standards for AI safety and security, create privacy safeguards and promote innovation and competition in business. Over the past five years, 17 states have enacted 29 bills on AI regulation promoting similar principles. As for the extent of support among executives for regulation of AI-based systems, respondents were asked about three types of mandates—transparency about AI use and data collection, explainability of autonomous decisions by AI algorithms and third-party auditing for the presence of algorithmic bias in AI algorithms. Approximately 75% of responses declared to strongly or somewhat supporting regulation mandating transparency, with algorithmic bias regulation held in a similar regard. About 72% of respondents strongly or somewhat supported explainability regulations.

Resounding support for restrictions on exporting key AI technologies. In addition to the 2023 Executive Order on AI, the U.S. Department of Commerce strengthened export controls on AI technology, targeting the sales of advanced chips and chip making equipment to China. According to Secretary Gina Raimondo, the goal was to limit China’s “access to advanced semiconductors that could fuel breakthroughs in artificial intelligence.” Support for those policies was apparent among survey respondents, with almost 60% strongly or somewhat supporting restrictions. Firms with 10% or greater international sales supported AI technology export restrictions more significantly. Manufacturing led all sectors by a sizable margin, with 70% of its respondents strongly or somewhat supporting restrictions on exports of cutting-edge AI technology. Older respondents, people concerned about AI-related job displacement and those with high trust in the government are more likely to support export restrictions, too.

Generative AI has the early lead in AI adoption within business. When asked about the AI technologies implemented by their companies, 39% shared that generative AI, followed by computer vision (30%) and machine learning (27%), were in use. Firms with a significant global presence proved to be the most intensive users of AI for generative tasks. Among respondents from these firms, 33% said they used generative AI for chatbots, while 32% used it for marketing purposes and 30% for text generation. Regarding the decision-making tasks that currently use an autonomous decision system, respondents regularly cited inventory management, logistics, personalization and recruiting.

Customer experience and operations efficiency improvements are at the core of AI adoption. Drivers and hurdles, overall, were similar across sectors. However, at companies where AI is in use, those two drivers appeared among 66% and 72% of responses, respectively. Hurdles selected by more than 35% of firms with adopted AI technologies included high initial costs, difficulty recruiting skilled professionals and the challenge of integrating AI with existing IT infrastructure. As for companies where AI technology was not adopted, the two most cited reasons were the absence of a clear use case or perceived need for the technology and limited technical expertise or resources to implement and manage the technology.

“There is great similarity in patterns of use of AI across sectors, although levels vary widely. Information technology, telecommunications, financial services and insurance, and manufacturing have much higher levels of AI use than, say, retail and e-commerce,” Prasad says.

However, AI is being used in similar ways everywhere, he adds. “Moreover, sentiments towards AI and its regulation are similar across sectors.”

Funding from the U.S. Department of Education through a Title VI grant under the CIBE program contributed to this research.

About the University of Maryland’s Robert H. Smith School of Business

The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact Greg Muraski, gmuraski@umd.edu

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SOURCE University of Maryland’s Robert H. Smith School of Business

Technology

Arandell Corporation Completes Acquisition of Maple Grove Operations

Published

50 mins ago

September 24, 2024

MENOMONEE FALLS, Wis., Sept. 24, 2024 /PRNewswire/ — Saothair Capital Partners (“Saothair”), a private equity firm focused exclusively on investing in middle-market manufacturing and industrial companies, announced today that its portfolio company Arandell Corporation (“Arandell”) has acquired the business and assets of the Maple Grove, MN, facility (“Maple Grove“) from the CJK Group.

Arandell is one of the nation’s leading providers of high-quality catalog and brochure printing, mailing and logistics.

Maple Grove was previously acquired as part of CJK Group’s acquisition of Kodi Collective from LSC Communications in February of 2024.

Arandell’s existing facility and corporate office are based in Menomonee Falls, WI, and for over 100 years, Arandell has built a reputation in the marketplace for providing exceptional service and print quality along with effective solutions for postal optimization and logistics for many leading brands, retailers and other clients.

Already one of the largest printers in the country, by the addition of the Maple Grove facility, Arandell significantly increases its available capacity – complementing the ongoing expansion at the Menomonee Falls facility – and provides an even wider range of print and binding solutions to its customers to support their needs and help manage costs. With over 200 employees, the Maple Grove operations include a large double-web press platform that can efficiently run lightweight paperstocks and a bindery that offers significant capacity for both flat and letter marketing mail.

Sandy L. Ford, President and CEO of Arandell, said, “We are tremendously excited to welcome the Maple Grove team to Arandell. Maple Grove has a great reputation for quality and reliability, and their capabilities are a perfect complement to our Menomonee Falls facility, allowing us to grow across both locations. Arandell is committed to being the leading provider of print mail solutions in the marketplace, and this acquisition represents a milestone for our organization in that mission.”

Kevin Madden, Managing Partner of Saothair, added, “We are thrilled to provide the necessary support for Sandy and the Arandell team as they expand their capabilities in the marketplace and provide our customers with the quality and reliability they expect from Arandell.”

Legal counsel to Saothair and Arandell was provided by Jenner & Block.

About Saothair Capital Partners

Saothair is a private investment firm focused exclusively on investing in middle-market manufacturing and industrial businesses facing unique financial or operational challenges. Saothair makes controlling equity investments in companies across various industries, including paper & packaging, plastics, metals processing, automotive, building products, healthcare-related products, food & beverage, and other manufacturing. Saothair works in partnership with each key stakeholder invested in the business’s long-term success. For more information, please see www.saothair.com.

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SOURCE Saothair Capital Partners, LLC

Technology

Silicones Market Positioned for Significant Growth, Expected to Reach $23.3 Billion by 2029

Published

50 mins ago

September 24, 2024

Silicones: Driving Innovation Across Industries with High-Performance Applications in Construction, Manufacturing, and Transportation. BCC Research Study Projects 6.0% CAGR, with Market Growth from $17.4 Billion in 2024 to $23.3 Billion by 2029.

BOSTON, Sept. 24, 2024 /PRNewswire/ — “According to the latest BCC Research study, the demand for “Silicones: Global Markets” is expected to grow from $17.4 billion in 2024 and is projected to reach $23.3 billion by the end of 2029, at a compound annual growth rate (CAGR) of 6.0% during the forecast period of 2024 to 2029.”

The report provides an in-depth analysis of the global silicone market, focusing on its wide-ranging industrial applications in sectors such as transportation, construction, personal care, energy, healthcare, and electronics. It examines critical parameters evaluated by industries and regulatory bodies, given the ongoing advancements and expansions within these sectors. BCC Research has segmented the silicone market by product form—silicone elastomers, fluids, resins, gels, and others—and by end-use industries, including industrial processes, construction, personal care, transportation, energy, healthcare, and electronics. The report offers detailed market estimations in terms of value (in millions of dollars) and volume (in kilotons), with 2023 as the base year and forecasts extending from 2024 to 2029. Additionally, it covers regional market sizes across Asia-Pacific, Europe, North America, and the Rest of the World (RoW), while discussing market strategies, ESG development, regulatory landscape, key players, and driving forces shaping the industry.

The relevance of this report is underscored by the rapidly growing markets in sectors like construction, transportation, and electronics, all of which are driving a heightened demand for binding and coating substances. This surge is directly elevating the need for silicone products, a critical material in these industries. Moreover, with the rising concerns over pollution and environmental impact, the recycling of silicone has gained importance, opening doors for sustainable silicone products that can help reduce the carbon footprint. This shift not only creates new opportunities for businesses to enter the market but also highlights the essential role of silicone in the continued expansion of global industries.

Please click here for more details on “The Global Market for Silicones Report.”

The following factors drive the global market for silicones:

Surge in the Construction and Automotive Industries: Silicones are heavily used in construction for their sealants, adhesives, and coatings because they are durable and withstand harsh weather conditions. In the automotive sector, silicones are crucial for making gaskets, hoses, and other parts that need to handle hot temperatures and tough environments. As these industries expand, the demand for silicones naturally increases.

Increasing Demand for Silicone in Energy and Electronics Industries: In the energy sector, silicones are important for renewable technologies like solar panels and wind turbines, where they provide essential insulation and protection. For electronics, silicones are used to encase and protect delicate components, ensuring devices are reliable and long-lasting.

Growing Silicone Usage in Healthcare and Medical Applications: The healthcare industry relies on silicones for many uses, such as in medical devices, implants, and prosthetics, thanks to their compatibility with the human body and their flexibility. They are also used in wound care products and drug delivery systems, which help improve patient outcomes.

Rise of Silicone Recycling: With increasing environmental concerns, recycling silicones is becoming more common. This helps to minimize waste and reduce the environmental impact of silicone production. This trend is driven by stricter regulations and a growing emphasis on sustainability among manufacturers and consumers.

Request a sample copy of the global market for silicone reports.

Report Synopsis

Report Metrics

Details

Base year considered

2023

Forecast Period considered

2024-2029

Base year market size

$16.5 billion

Market Size Forecast

$23.3 billion

Growth rate

CAGR of 6.0% for the forecast period of 2024-2029

Segment Covered

Product Form, End User, and Region

Regions covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Countries covered

China, India, Japan, the U.S., Canada, Mexico, Germany, Spain, and France

Key Market Drivers

• Surge in the construction and automotive industries.

• Increasing demand for silicone in energy and electronics industries.

• Growing silicone usage in healthcare and medical applications.

• Rise of silicone recycling.

Key Interesting Facts About the global market for silicones:

Silicone is a versatile material used in scar treatment due to its beneficial properties.Silicone gel helps balance growth factors, hydrate skin, and protect scarred tissue from bacteria.It regulates collagen synthesis, reducing scar tissue formation over time.Silicone scar treatment products come in sheets, strips, and gels for unique needs.These products are recommended by healthcare professionals and can be used at home effectively.

The global market for silicones report includes in-depth data and analysis addressing the following important queries:

What is the projected market size and growth rate of the market?
– The estimated size of the silicones market will be $23.3 billion by 2029, with a CAGR of 6.0%.

What are the key factors driving the growth of the market?
– Expansion of the construction and automotive industries worldwide
– Increasing demand from packaging, furniture, footwear, and appliance industries

What segments are covered in the market?
– The market is segmented based on product form, end-user, and region. Segmentation based on product form: the market is segmented into silicone elastomers, silicone fluids, silicone resins, silicone gels, and others. Based on end use, the market is segmented into construction, transportation, electronics, personal care and consumer goods, healthcare, industrial processes, energy, and others. Regional estimates and forecasts comprise North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

By end-user, which segment will dominate the market by the end of 2029?
– The construction segment silicone market will continue to dominate the market by the end of 2029.

Which region has the highest market share in the market?
– Asia-Pacific holds the largest market share due to the extensive presence of key players in this region and the high demand for automotive and electronics applications. Additionally, China and the Southeast Asian region have been among the largest utilizes of the technology.

Some of the Key Market Players Are:

ASAHI KASEI ADVANCE CORP.BRB INTERNATIONALCHT GERMANY GMBH DOWDUPONTDYSTAR SINGAPORE PTE. LTD.ELKEM ASAEVONIK INDUSTRIES AGINNOSPECKCC SILICONE CORP.MITSUBISHI SHOJI CHEMICAL CORP.SHIN-ETSU CHEMICAL CO. LTD.SILCHEM INC.SPECIALTY SILICONE PRODUCTS INC.WACKER CHEMIE AG

Browse More Related Reports:

Global Markets for Adhesives & Sealants or Joining and Fastening: This report provides a comprehensive overview of the global adhesives and sealants market, emphasizing their critical role across various industries including transportation, woodworking, packaging, construction, medical and healthcare, and consumer goods. With growing industrialization driving demand, advancements in adhesive and sealant technologies, such as hot melt, solvent-based, and silicone formulations, are crucial. The market analysis includes segmentation by type, technology, chemicals, curing techniques, and end-use sectors, forecasting market growth from 2024 to 2029 across key regions like Asia-Pacific, Europe, North America, and the Rest of the World (RoW). Key players, market strategies, and environmental, social, and governance (ESG) considerations also feature prominently in this assessment of the market landscape.

Elastomers: Applications and Global Markets: This report provides comprehensive insights into the global elastomers industry, detailing the several types of elastomers, such as thermosets and thermoplastics, and the processes associated with them, including injection molding, extrusion, adhesive, and coating. It also examines the key end-use industries that rely on elastomers, such as automotive, industrial, medical, consumer goods, and building and construction. The report offers market estimates based on manufacturers’ total revenues, with projected revenue values presented in constant U.S. dollars. Additionally, the market is segmented by region, covering North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW).

Directly purchase a copy of the report with BCC Research.

For further information or to make a purchase, please get in touch with info@bccresearch.com.

About BCC Research

BCC Research provides objective, unbiased measurement, and assessment of market opportunities with detailed market research reports. Our experienced industry analysts’ goal is to help you make informed business decisions, free of noise and hype.

Corporate HQ: 50 Milk St. Ste 16, Boston, MA 02109, USA

Email: info@bccresearch.com,

Phone: +1 781-489-7301

For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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SOURCE BCC Research LLC

Technology

GDT Expands Collaboration Capabilities with MDS Acquisition

Published

50 mins ago

September 24, 2024

DALLAS, Sept. 25, 2024 /PRNewswire/ — Global IT solutions provider General Datatech (GDT) announced that it has acquired MDS Global IT (MDS) to expand its international collaboration and contact center practice.

MDS’s deep expertise in Cisco Unified Collaboration and Unified Contact Center Enterprise complements GDT’s industry-leading capabilities in networking, data center modernization, and security. MDS adds customers in the healthcare, retail, banking, technology, and manufacturing industries to GDT’s large existing client base. The combined capabilities and significant scale of GDT and MDS together create new opportunities for customers on both sides.

“GDT continues making strategic business investments to scale our capabilities, meet the growing digital transformation needs of customers, and expand global market share,” said Shawn O’Grady, Chair and CEO of GDT. “We look forward to welcoming MDS’s clients and employees to GDT. We believe both parties will benefit from our expanded capabilities and scale, especially in segments like modern networking, security, and hybrid data center.”

“MDS brings a long list of strong customer relationships and deep capabilities in the collaboration and contact center space through its US- and India-based resources,” said Kyle Dziubinski, CEO of MDS. “I’m thrilled to bring the strength and breadth of capabilities of GDT to our existing customer base.”

About GDT

As a global IT solutions provider, GDT accelerates its clients’ digitalization and business goals by transforming and modernizing platforms, networks, and cybersecurity through industry-leading infrastructure solutions, deep expertise, and flexible service delivery models.

GDT has a 26-year heritage and a global workforce, including its Indian Technology Center in Bangalore. Partners consistently recognize GDT for expertise across its solution stack. GDT maintains over 450 certifications with the world’s best-known technology providers. GDT’s history, knowledge, and global reach provide the foundation for developing rich, sustainable services and solutions that push its people to the forefront of IT thought leadership and expertise.

Follow GDT on LinkedIn and visit www.GDT.com.

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