Singapore Artificial Intelligence (AI) maturity in the Asia Pacific region, according to the Asia/Pacific AI Maturity Study 2024 conducted by IDC and commissioned by Intel.
Drivers for growth
Singapore’s AI competitiveness and innovation are driven by its strategic position as a regional hub, growing AI startup ecosystem, academic institutions, and substantial government backing. Key sectors driving AI adoption and spending in Singapore include the banking, financial services, and insurance (BFSI) sectors, and the retail industry.
Bringing AI everywhere
IDC forecasts regional AI spending growth to reach US$90.7 billion by 2027 from US$25.5 billion in 2022, at a CAGR of 28.9%
However, the study revealed that only 19% of the region's AI investments have been allocated to generative AI (GenAI), with 81% channeling investments towards predictive and interpretative AI applications.
By 2025, IDC also predicts that 75% of enterprise data will be generated and processed at the edge and outside of traditional data centres and the cloud, highlighting the rise in edge AI as the majority of organisations in APAC plan to increase edge IT spending in 2024.
"To truly bring AI everywhere, the technologies used must provide accessibility, flexibility, and transparency to individuals, industries, and society at large,” said Intel’s VP and CTO for Asia Pacific and Japan, Alexis Crowell.
