China’s AI market spending to cover 10% of world total in 2023: report

According to a recent report from International Data Corporation (IDC), spending in China’s artificial intelligence (AI) industry is predicted to reach $14.75 billion in 2023, making up about 10% of the world’s total. The IDC forecasted that the compound annual growth rate of China’s AI market would surpass 20% during the 2021-2026 period, with China’s AI market value expected to reach $26.44 billion in 2026. IDC emphasized the importance of innovation and upgrading of AI technology for the better landing of application scenarios, stating that enterprises’ enthusiasm for digital transformation would also stimulate diversified demand in the Chinese market.

Sources: CGTN