With a market value projected to reach US$1.87 trillion by 2030, the AI industry has been rapidly transforming the global tech space, spurring increased demand for innovation in automation.
The adoption of artificial intelligence (AI) is increasing across industries as its potential to transform and expedite growth becomes more apparent. However, trust in AI systems varies significantly across different countries, which may impact its adoption.
According to Finbold, as of 2023, the estimated market share of AI is US$207.9 billion, and it is projected to exceed the US$1 trillion threshold for the first time in 2028 at US$1.06 trillion and reach US$1.87 trillion by 2030.
India ranks first among countries with the highest level of trust in AI systems, with a score of 75%, with China coming in second at 67%, followed by South Africa at 57%. Singapore takes the fifth spot with a score of 45% and the United States comes in sixth at 40%.
The Asia Pacific AI Readiness Index found that Singapore, Japan, and India take up the top three spots in business readiness, with Hong Kong, New Zealand, Australia, Vietnam, and Malaysia in the middle of the pack.
Singapore maintains its top position in APAC, with businesses across financial services, healthcare, tourism, and transport and logistics sectors well equipped to adopt AI.
The rapidly growing demand for automation is likely to increase the need for AI services, as many businesses seek to optimise their operations to reduce costs and increase efficiency. AI-powered automation tools can help achieve these goals with the increasing availability of data from various sources allowing for the development of more sophisticated AI algorithms, further driving this growth.
However, ethical concerns surrounding AI systems cannot be ignored, and addressing these concerns is crucial to ensuring that the industry achieves its full market potential while gaining the necessary trust to succeed.
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