Singapore takes the top spot for artificial intelligence (AI) readiness in Asia Pacific, according to the most recent Asia Pacific AI Readiness Index by customer relationship management (CRM) solutions provider Salesforce.
The city-state was ranked first in terms of how ready its government, businesses and consumers are to adopt AI technologies, ahead of 10 other markets in the region.
It rated most highly in government readiness, scoring 81.5 points, followed by Australia (74.2) and Japan (71.6). Its strong commitment, robust policy and regulatory framework for AI put it in an ideal position to maximise the impact of AI on its economy.
As for business readiness, Singapore scored 49.7 points, followed closely by Japan (48.4) and India (47.3). Indicators measured include digital adoption by businesses, business sophistication as well as knowledge and creative outputs. Companies in financial services, healthcare, tourism, and transport and logistics sectors in Singapore were found to be well-equipped to adopt AI.
Consumers in Singapore were also found to be more aware, have a better understanding, and are more keen to adopt AI products and services than their peers. As such, Singapore scored 65.9 points, ahead of Thailand (63.9) and Hong Kong (63.1), in terms of consumer readiness for AI.
AI is expected to contribute approximately US$15.7 trillion to the world’s GDP by 2030, a US$2 trillion increase from 2019. In Singapore, the AI market is projected to reach US$960 million in 2022, and US$16 billion by 2030.
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“In Singapore, whole-of-government strategies are guiding the development of AI ecosystems, and the use of AI is becoming ubiquitous,” says Sassoon Grigorian, senior director of Government Affairs & Public Policy, APAC and Japan, Salesforce.
He continues: “The report recommends a number of measures to boost economies’ effective use of AI. These include having a national AI strategy backed by robust principles; growing AI ecosystems and investing in talent; ensuring trust, as well as applying AI for social good.”
Yeong Zee Kin, assistant chief executive, Data Innovation and Protection of Infocomm Media Development Authority (IMDA), and deputy commissioner of the Personal Data Protection Commission (PDPC) in Singapore, says: “Amidst an upward trend in AI-enabled products and services…trustworthy AI needs to also transit from principles to practice. The development of standards for trustworthy AI will sustain a progressive environment for the benefit of consumers.”
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“The report mentions that international cooperation on AI frameworks, principles, and standards is growing. Singapore will continue to actively support the adoption of AI while balancing both innovation and public trust through a multi-stakeholder approach," he adds.
Photo: Unsplash
