Business process outsourcing (BPO) transactions are on the rise, with bullish forecasts from industry analysts including a projected revenue annual growth rate (CAGR 2023–2027) for the global BPO market of 6.48%, reaching a market volume of $450 billion by 2027 and global revenue exceeding $500 billion by 2030, and the North American market alone projected to achieve 8.9% CAGR 2023–2030.
Tech & Sourcing @ Morgan Lewis
TECHNOLOGY TRANSACTIONS, OUTSOURCING, AND COMMERCIAL CONTRACTS NEWS FOR LAWYERS AND SOURCING PROFESSIONALS
The recent rise in popularity of generative AI–powered applications such as ChatGPT poses important copyright issues for individuals and businesses with respect to content creation, including the scope of rights with respect to commercial use, content publication, potential liability for infringement, and content enforcement.
The UK government published its first National Quantum Strategy (the Strategy) on March 15, setting out £2.5 billion (over $3 billion) in funding quantum research and naming a quantum computing industry as a strategic priority for the United Kingdom. The following day, the science and technology committee of the UK House of Commons (the Committee) announced a new inquiry on turning quantum technologies into commercial products. As quantum-focused startups proliferate, UK policymakers are demonstrating their intent to enable early-mover advantages in the sector.
The UK government published a white paper on March 29 setting out a “pro-innovation” UK regulatory framework for artificial intelligence (AI). The framework centers upon five cross-sectoral principles, of which implementation will be context-specific to the use of AI, rather than the technology itself. The government does not propose introducing a new regulator or any new legal requirements on businesses, instead leveraging existing powers of UK regulators and their domain-specific expertise.
OpenAI has introduced its artificial intelligence (AI) language model, ChatGPT, to the world. ChatGPT interacts with users in a conversational manner to create human-like text in response to prompts. The use cases of this potentially disruptive technology appear to be limitless as it has the ability to generate text on a wide variety of topics, including contract drafting. Naturally, lawyers and nonlawyers alike are considering whether ChatGPT is useful as a contract drafting tool.
ChatGPT and subsequent artificial intelligence (AI) programs have been in the headlines recently. Not as common is the discussion of the cost associated with developing and operating such AI tools or if such AI is right for every job.
At the end of November, OpenAI released an artificial intelligence (AI) chatbot tool called ChatGPT, which has been called an “iPhone moment in AI” due to its potential to disrupt the technology industry. Although chatbots are a relatively common tool in today’s world, ChatGPT differentiates itself through its ability to instantaneously explain complex concepts in simple terms and to generate creative content from scratch, among other things.
On October 11, the Bank of England (BoE), the Prudential Regulation Authority (PRA), and the UK Financial Conduct Authority (FCA) (together, the Supervisory Authorities) published a discussion paper (DP5/22) on the safe and responsible adoption of artificial intelligence (AI) in financial services (Discussion Paper). The Discussion Paper forms part of the Supervisory Authorities’ AI-related program of works, including the AI Public Private Forum and is being considered in light of the UK government’s efforts towards regulating AI.
Although data security concerns may have held back early adoption, the COVID-19 pandemic accelerated cloud usage and digital transformation within public service organizations in many countries around the world. In a recent study, Accenture surveyed 364 public service executives at both the local and federal levels in six countries—Australia, Canada, Germany, Singapore, the United Kingdom, and the United States—to learn about the public sector’s cloud adoptions strategies.
The White House Office of Science and Technology recently published The Blueprint for an AI Bill of Rights: Making Automated Systems Work for the American People (the Blueprint), a set of five principles to help guide designers, developers, and deployers of AI in the design, use, and deployment of automated systems with the goal of protecting the public’s rights.