Artificial Intelligence Revenue in APAC to Surpass $29 Billion in 2024: GlobalData

  • China, Japan, and India will account for two-thirds of the overall revenue by 2024
  • In 2018, India had announced a national program on AI with special focus on research

Supportive government policies are expected to drive the AI platform revenues in APAC to $29.3 billion in 2024 as per data and analytics company GlobalData. It said that governments all over the Asia-Pacific (APAC) region are attempting to benefit from the wave of digital disruption by using artificial intelligence (AI) capabilities.

An analysis of GlobalData’s Market Opportunity Forecasts Model for AI showed that the revenue of AI platforms will grow at a compound annual growth rate (CAGR) of 26.8 per cent between 2019 and 2024. The further said that China, Japan, and India will account for two-thirds of the overall revenue by 2024. China, alone will account for approximately 37 per cent.

Rohit Sharma, senior technology analyst at GlobalData said, “Governments continue to embrace AI, with a view to empower themselves and their citizens by creating intelligent processes. Some of the potential usage areas where implementation or increased use of AI will have a significant impact include healthcare, education, and law enforcement.”

National program on AI launched in India

Over the past couple of years, AI has seen multiple instances of government-led initiatives and policies. China has created manyAI research centres and it is investing in improving the quality of AI research through various initiatives like China’s New Generation AI Development Plan. The Chinese Ministry of Industry and Information Technology also plans to allocate $950m annually to fund strategic AI projects.

India recently signed a memorandum of understanding (MoU) with the Central Board of Secondary Education (CBSE) to empower nearly one lakh students with AI integration in its education system. In 2018, India had announced a national program on AI with special focus on research.

National AI Framework in Malaysia

Singapore teamed up with Microsoft to develop intelligent chatbots that can deliver a set of tech-based human-like customer services. Its Ministry for Communications and Information has also collaborated with Microsoft and Intel to launch AI4E. It is a workshop to make participants aware of AI.

In July 2019, the Malaysia Digital Economy Corp (MDEC) announced the establishment of an AI unit to support the setting up of the National AI Framework. In May 2019, all the students enrolled in universities and technical schools were mandated to go through a beginner-level AI course. Australis has also invested AU$29.9m in 2019 to improve and develop the country’s AI sector and other emerging technologies.

Sharma adds, “The development of AI and its application areas continue to evolve, providing significant benefits to the society. Government support in terms of favorable policy frameworks and increased adoption of AI will not only enhance the service delivery and governance capabilities for citizens but also help drive the adoption of AI across other sectors in APAC.”