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China's application and software AI market reached $2.89b in 2019, where's India in 2019?
(China Daily) China is estimated to record $2.89 billion last year and its artificial intelligence and application market will hit $12.75 billion by 2024, at 39.9% annual growth over six years, estimates International Data Corporation, a multinational research and marketing services firm based on technology today. (China Daily)
The IDC report has examined the Chinese AI industry in depth and noted that the application of AI technology has already become the engine of growth within the sector.
As of this year, almost 100 Chinese companies have established AI-related laboratories and research institutes, carrying out dozens of smart construction joint projects.
The market size for machine views was $1.46 billion in 2019, with development largely guided by the security sector and the "Cyber Brain of Town" ventures. Increasing demands in office, business center and industrial parks had been shown by face recognition technology widely employed in identifying identities during the new coronavirus outbreak.
Chinese start up company SenseTime, with nearly 20% of market share and preceded by Megvii, Cloudwalk and Yitu Tech, is the leading computer vision group.
In terms of the voice and semantics applications market scale last year amounted to $1.22 billion. The interests of the public in smart home electronics brought opportunity for market growth and industrial growth was also stimulated by the sound transcription used in customer service and in court proceedings.
iFlytek, a well-known smart speaker, had the largest share of the market in 2019, with Baidu-and Ali Cloud apps experiencing solid growth year after year.
Computer education, also one of the trend points in 2019, reported $205.1 million in market size. In this area, applications are still limited due to the lack of scientific talent and capital.
Lu Yanxia, IDC Chinese Emerging Technology Research Associate Research Director, noted that AI is open to wide-ranging perspectives in China. New project infrastructure facilitates the construction of IA and the virus outbreak has also speeded up digital market transformation, "she said.
Lu indicated that businesses should develop AI applications that can be widely used in various scenarios, as well as enhance the capacity to make developments in new areas, in order to increase their market share further.
Source: By Zhao Shiyue | chinadaily.com.cn
