China: AI market to reach $11.9 bln by 2023

Monday-2019-12-09 | 03:03 pm arabian_international
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International Data Corporation (IDC) and Qbit for artificial intelligence predicted that the AI market in China would reach $11.9 billion by 2023.

According to a white paper released, 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.

It said Chinese enterprises increased their investment in AI technology this year, adding that its application scenarios have become richer.

The potential areas of the market will focus on fields including service sector, health care and telecommunications.

The paper pointed to some of the challenges facing AI development including the lack of AI technicians,
high-quality data sets, the unclear application scenarios and high project costs.

Additionally, it predicted that the market would reach 4.25 billion dollars by 2020, with an estimated annual growth rate of 51.5 percent.