AI revenue to cross $29 billion in APAC in 2024: GlobalData

The study by GlobalData’s Market Opportunity Forecasts Model for AI has suggested that the revenue of AI platforms will increase at the annual growth rate (CAGR) of 26.8

AI revenue to cross $29 billion in APAC in 2024: GlobalData
AI revenue to cross $29 billion in APAC in 2024: GlobalData

AI revenue to cross $29 billion in APAC in 2024: GlobalData

A number of governments in the Asia-Pacific (APAC) region are trying to benefit from digital disruption by enhancing the capabilities of artificial intelligence (AI). Due to this, government policies may drive the AI platform revenues in APAC to $29.3billion in 2024, GlobalData, a leading data, and analytics company has said.

The study by GlobalData’s Market Opportunity Forecasts Model for AI has suggested that the revenue of AI platforms will increase at the annual growth rate (CAGR) of 26.8% between 2019 and 2024. Countries like India, China, and Japan will have nearly two-thirds of the overall revenue by 2024. Of these, China will account for approximately 37% alone.

Rohit Sharma, the 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.”

AI, for the last couple of years, has witnessed a number of government-led initiatives and policies. China has built a number of AI research centers. India’s neighboring country is also investing in improving the quality of AI research with a number of initiatives like China’s New Generation AI Development Plan. Apart from this, China is also hoping to allocate $950 million annually to fund strategic AI projects.

Singapore has also been the early adopters of AI. The country has been a major factor in driving AI development. The country has entered into an agreement with Microsoft to develop intelligent chatbots which can help in setting up of tech-based human-like customer services. The country has also joined hands with Microsoft and Intel to launch AI4E, a workshop to make participants understand AI in a better way.