Barriers to AI Adoption and Their Influence on Technological Advancement in the Manufacturing and Finance and Insurance Industries

Artificial Intelligence (AI) has the potential to significantly improve various industries by enhancing performance, reducing costs, improving health and safety, and addressing skill shortages. However, several barriers hinder the widespread adoption of AI, including high costs, lack of skills, government regulations, and technological skepticism. This paper examines these barriers and their influence on technological advancement in the finance and insurance, and manufacturing sectors. The data for this study is sourced from a survey conducted in several OECD countries, providing insights into the current state of AI adoption and the impact of the COVID-19 pandemic on AI investment. Through descriptive statistics, factor analysis, regression analysis, and MANOVA, this study identifies common barriers and motivations for AI adoption and compares these factors across different industries. The results highlight the specific challenges faced by each sector, which can help businesses and industry stakeholders understand and address the obstacles to adopting AI.