AI in Asia-Pacific is Estimated to Touch US$43.7 Billion by 2023

The market of AI in Asia-Pacific is mainly driven by technological advancements in countries like China, India, Japan, Australia and South Korea

The market of AI in Asia-Pacific is estimated to grow from US$18.7 billion in 2018 to US$43.7 billion in 2023 at a CAGR of 13.0% during the forecast period. The AI market is mainly driven by technological advancements in countries like China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific.

Artificial intelligence (AI) focuses on simulating human intelligence for building smart machines capable of performing tasks that require human intelligence. It has the potential of planning, learning, recognizing human-like speech, and solving problems based on past experiences. It includes hardware components such as chipsets with high computing capabilities. On the other hand, the software components of AI include core technologies like deep learning, machine learning (ML), natural language processing (NLP), and augmented and virtual reality (AR/VR).

Today, big data, which is generated exponentially every hour, becomes a treasurable asset to many organizations. To be competitive in a dynamic data-driven and web-centric market, most of the high-tech companies such as Google, Apple, Intel, IBM, Microsoft, etc. employ big data analytics (BDA) to mine insights within their big data to drive productivity, effectiveness, and efficiency.

On the other hand, artificial intelligence (AI) has grown rapidly from a nascent stage to an intermediate one in the last decade. AI is a youthful field in Computer Science in building an autonomous machine that intends to replace humans with daily activities. Robots mimic human behaviour and frequently perform dangerous tasks. AI scientists seek to create autonomous machines such as humanoid robots that have the capability of reasoning as human common sense.

Rising digitalization in healthcare, telecommunication, automotive, and banking, financial services, and insurance (BFSI) sectors is positively influencing the utilization of AI-integrated systems in the Asia Pacific region. Moreover, AI programs are employed for analysing large amounts of data and obtaining insights for increasing operational efficiency and improving the consumer experience. Apart from this, escalating demand for intelligent virtual assistants and the expanding 5G infrastructure are bolstering the market growth in the region. Other factors strengthening the market growth include the sudden outbreak of coronavirus disease (COVID-19), which has propelled pharmaceutical vendors to invest in the research and development (R&D) of AI.