CCI releases market study on AI and Competition Law
CCI has released a Market Study on Artificial Intelligence and Competition about how the use of AI is quickly changing market dynamics in various industries. The study highlights the advantages of AI in boosting efficiency, creativity, and consumer experience but it also warns that widespread AI use may present significant competition risks such as algorithmic collusion, discriminatory pricing, and market dominance. CCI in its study advises businesses to actively monitor AI decision making, implement transparency measures, and perform self-audits of their AI systems for competition compliance in order to mitigate these risks. The research suggests several regulatory actions such as improving CCI's technical capacity, establishing a specialised think tank on AI and digital markets, improving regulatory cooperation and holding stakeholder conferences and advocacy workshops.