The Asia Pacific is expected to increase spending on artificial intelligence (AI) systems by 39.6% per annum between 2018 and 2023, according to research firm International Data Corporation (IDC).
The region is expected to up to $21.4 billion by 2023 from $6.2 billion in 2019 following a 54% increase between 2018 and 2019.
The increase in spending is owing to industries investing aggressively in projects that utilise AI systems capabilities.
China is expected to deliver more than 71% of the Asia/Pacific regional spending on AI systems in 2019, led by the state/local government and retail industries.
Other countries in Asia Pacific (excluding Japan & China) like Korea with a 5.4% share, followed by Australia with a 5.1% share, are slowly gaining momentum in the adoption of AI-enabled solutions and deployment.
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Ritika Srivastava, an associate market analyst at IDC in the Asia Pacific, said: “Artificial intelligence has an impact across many industries with widespread utilisation but still at a nascent stage in Asia/Pacific. From providing chatbots for better customer service to improve the efficiency of operations and tasks for their business models, industries like Banking, Retail and professional services are spending in this technology at scale says,”
“Not surprisingly, China is the primary source of investments in AI systems in Asia, as it remains a priority very much for the government and state organisations as well as a small number of aggressive digital native enterprises like Tencent, Baidu and Alibaba. Elsewhere in Asia, although experimentation is common, enterprise deployment of AI is still relatively rare, and much remains to be done if Asia/Pacific companies hope to compete with major players in China and the US,” added Dr. Christopher Marshall, Associate Vice President at IDC Asia/Pacific.
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