GVH acknowledged the "broad-ranging economic and social benefits" of AI, but said the rapidly advancing technology also presented "significant risks".
The watchdog said only the biggest tech companies had the resources to develop AI at present, which could distort competition in digital sectors of the economy later on. AI could also put consumers in a more vulnerable position as businesses take the collection and application of user data "to a new level", it added.
GVH expects to announce the results of the analysis around the middle of July.
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