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Singapore surpasses US in AI investment: Study

A new study has revealed that Singapore’s Artificial intelligence (AI) investment rate has outpaced the US by 16 per cent per thousand $GDP.

This is despite the US being the largest investor in AI, with US$328,548 million spent in the last five years.

Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

As of 2023, the AI market size was valued between US$136.55 billion and US$454.12 billion. The largest share is in North America, with an estimated value ranging from US$87.18 billion to US$167.3 billion, accounting for more than a third (36.84 per cent) of the global AI market share.

Also Read: DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion

Asia Pacific contributes significantly (23.93 per cent) to the total AI market size. Japan and South Korea, in particular, are key players in AI, valued at US$20.2 billion and US$16.3 billion, respectively, as of 2022.

The survey was conducted in December 2023 and engaged 6,000 US adults.

The global AI market is an economic powerhouse worth almost US$455 billion. The market size could exceed US$2.5 trillion by 2032 at a compound annual growth rate of +19 per cent.

According to the report, the predominant workplace use of AI is email spam filters, utilised by 78.5 per cent of respondents. Around three in five (62.2 per cent) workers employ chatbots for customer service questions.

For the complete study on AI statistics, please find the link here.

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Image credit: Canva

This article was first published on January 24, 2024

The post Singapore surpasses US in AI investment: Study appeared first on e27.

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