APAC artificial intelligence market shows huge growth potential
Needless to say, artificial intelligence has become a global phenomenon, and its growth potential is especially huge in the Asia Pacific region.
According to a recent report by research firm Tractica, the AI market in the APAC region, including software, hardware and services, will grow from US$6 billion in 2017 to $136 billion by 2025.
The report further indicated that AI is one area where APAC can lead the rest of the world. “Traditionally, the APAC region has lagged North America and Europe in terms of technology adoption. However, artificial intelligence is most likely the one technology area where APAC could be the leading region globally within the next decade,” it said. “The APAC region holds 60 percent of the world’s population and, therefore, any major technological shifts like those being heralded by AI are likely to shape the future of the region.”
Aditya Kaul, Research Director at Tractica, adds that within APAC, AI has a major role to play in transforming healthcare, agriculture, and education where AI will help find better cures for diseases, democratize access to healthcare, improve crop yields, and help personalize education for all. “AI is also likely to boost traditional industries like telecom, retail, advertising, automotive, business services, and the consumer market. The public sector is also expected to be one of the biggest beneficiaries of AI in APAC, helping cities leapfrog their Western counterparts in terms of smart intelligent services and improved standards of living,” he said.
China especially will play a leadership role in the AI arena. According to the report, by the end of the forecast period, China is projected to comprise 70 percent of the market, followed by Japan, South Korea, India and the rest of APAC.
“Most of the impetus for AI growth in the Asia Pacific region will come from China, as it pushes the accelerator on its plans to become a science and technology powerhouse and recognizes the role of AI in driving its ambitions,” Kaul said. “While China is leading most of the headlines, countries like Japan, South Korea, India, Taiwan and Singapore have also shifted their focus toward AI, all of them announcing national AI strategies.”
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