Self-driving vehicles, dating apps able to give relationship advice, humanoid robots that crack jokes and get upset… With a market expected to reach $35,870 million by 2025 globally from its direct revenue sources, artificial intelligence (AI) is not just the subject of science fiction books but a very real possibility for everyday life.
In the ASEAN region, AI adoption rates are currently on the rise and growth has almost doubled in comparison to last year, according to a study carried out by IDC . Top AI uses in Southeast Asia include algorithmic market forecasting and automated asset and infrastructure management.
Indonesia and Thailand are the undisputed regional leaders at the time of adopting AI. The bronze medal goes to Singapore, which lately has been taking serious steps to position itself at the forefront of the AI market. By embracing the technology the country could start defeating its present economic challenges of slowing growth, falling capital investment, soft workforce growth and decelerated productivity.
AI could also potentially reinvigorate the state-island’s economy and boost its industrial profits. According to a recent report by Accenture, AI could add up to US$215 billion in gross value added across 11 industries by 2035. There’s no doubt that Singapore’s government is talking business when it comes to AI adoption.
Last year, a national initiative called AI Singapore was set “to catalyse, synergise and boost Singapore’s AI capabilities to power [Singapore’s] future, digital economy.”
The programme is driven by a government-wide partnership involving the National Research Foundation (NRF), the Smart Nation and Digital Government Office (SMART), the Economic Development Board (EDB), the Infocomm Media Development Authority (IMDA), SGInnovate, and Integrated Health Information Systems. It also brings together Singapore-based research institutions and AI startups and companies.
During its launch, the NRF announced that it will invest up to S$150 million (US$111 million) in the programme over a five-year period. And although there are still burning ethical issues surrounding the AI project and many more will keep emerging as it develops, Singapore is ready to embrace this priceless opportunity for its population and economy. […]