Globally, many countries have already invested heavily in AI development programmes, led by the US and Europe. However, Asia is also emerging as a strong region for its immense potential for AI application.
The AI market in the Asia Pacific was estimated at around US $450 million in 2017 and is expected to grow at CAGR of 46.9% by 2022. Asia’s AI growth will soon overtake the US as the biggest hub of innovation centres due to a strong growth rate.
China’s capabilities with AI is also seen to counter US technology giants (Google, Facebook, Microsoft). China’s search engine Baidu is now leading the charge when it comes to AI, with huge investments in startups and attracting talent from its American counterparts. It has a Silicon Valley Lab that competes with legacy giants such as Facebook and Microsoft for the best talent.
Complemented by the private sector, Asian government investments in education and digital economy to produce AI-driven competitive technologies position Asia to become the world’s AI powerhouse.