China’s AI market to reach 11.9 billion U.S. dollars by 2023, paper

The Artificial Intelligence market in China could reach 11.9 billion US dollars in 2023, according to a document released by the global market intelligence company International Data Corporation (IDC) and QbitAI a Chinese media dedicated to artificial intelligence, released during the conference on the technological future MEET2020.

This is the first document produced in China that focuses on the applications of artificial intelligence and summarizes the trends and the main guidelines of the AI ​​market in the country.

In 2019, China holds around 12% of the global market share and is the world’s second-largest market.

China’s AI market is expected to account for 12 percent of the global total in 2019, with an annual growth of 64 percent, making it the world’s second-largest AI market.

The United States accounts for a 57% share of the global market.

The AI market is in a very dynamic phase. Recently the technology of artificial intelligence has often been absorbed in traditional industrial sectors.

Many companies have invested hundreds of millions of dollars in the sector.

Beijing, Shanghai, Shenzhen, and Hangzhou are the main industrial hub for AI technology.

White paper data shows that the scale of local government investment is still the largest in 2019.

With the development of AI technology in recent years, the scale of investment by professional service providers and retailers has caught up.

The fields of manufacturing, medical treatment, and telecommunications are increasing rapidly, and AI application scenarios are becoming more and more abundant.

In 2019, artificial intelligence applications include anti-fraud tech in the financial field, biometric authentication, intelligent customer service, etc.

For the future, artificial intelligence applications with great potential include cross-industry video services, business process automation, intelligent network service robots in the financial sector, marketing interactions in the service sector, supply chain forecasting in the retail industry, assisted clinical diagnostic decisions in the medical industry, and virtual assistants.

73% of respondents said that companies have introduced multiple AI technology capabilities to better meet business needs.

The paper also forecast that the market would reach 4.25 billion dollars by 2020, with an estimated annual growth rate of 51.5 percent.