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TRENDSArtificialintelligence(AI)inSingaporeCHAPTER

01OverviewEstimatedworldwidespendingonartificialintelligence(AI)-centricsystemsin2023,byindustry(inbillionU.S.dollars)GlobalspendingonAI2023,byindustrySpendinginbillionU.S.dollars01020304050607080BankingRetail20.6419.71ProfessionalServicesDiscretemanufacturingProcessmanufacturingOther16.0214.6310.9371.923Description:Spendingonartificialintelligence(AI)variedgreatlyacrossindustriesin2023,withthebankingandretailindustriesdeliveringthelargestAIinvestmentsin2023.WorldwidespendingonAI-centricsystemswasestimatedat154billionU.S.dollarsin2023acrossallindustries.Thebankingsector'sinvestmentsamountedto20.6billionU.S.dollars,thehighestacrosstheobservedindustries.Itwasfollowedbyretail,withaninvestmentvalueof19.7billionU.S.dollars.Thefinancialsector's[...]

ReadmoreNote(s):Worldwide;2023Source(s):IDC;StatistaArtificialintelligence(AI)marketinterestgrowth2015to2023,byshareofcompaniesGrowthofmarketinterestinAIglobally2015-2023,byshareofcompanies18%16%14%12%10%16.63%10.31%9.53%7.6%8%5.78%5.74%20206%4%2%0%3.04%20170.81%20160.71%2015201820192021202220234Description:In2015barelyapercentileofcompaniesmentionedAIintheirRussell3000earningscalls.Thishasradicallychangedin2023withover16.5percentofcompaniesmentioningtheconceptofAIintheircalls.Onlyin2022and2020didthementionsdropsomewhat,thoughtheoverallgrowthoftheamountofmentionshasbeensteady.ReadmoreNote(s):Worldwide;2015to2023;ShareofcompaniesmentioningAIonRussell3000earningscallsSource(s):GoldmanSachsLeading20artificialintelligence(AI)countriesin2023,byresearchcapacityMain20AIcountries2023,byresearchcapacityAIresearchcapacityscore020406080100120UnitedStatesChina10054.7SingaporeSwitzerlandUnitedKingdomAustralia48.841.338.134.434CanadaGermanyFinlandNetherlandsIsraelSouthKoreaSweden29.327.427.124.824.322.45Description:TheUnitedStateshadthestrongestcapacityforresearchamongtheleading20AInationsworldwidein2023.Ithasarankingof100,comparedwithitsnearestcompetitorChinaatjustaround54.Ingeneral,Europehasthestrongestshowing,withmostnationsontherankinghailingfromEurope.Computersciencestillmale-drivenResearchrequireseducatedandskilledindividualstodoitandinthemodernworld,computerscienceeducationisstillmale-dominated.BothinEuropeandthe[...]

ReadmoreNote(s):Worldwide;2023Source(s):TortoiseMediaGovernmentartificialintelligence(AI)readinessindexrankingsworldwidein2023,bycountryGovernmentAIreadinessindexrankingsworldwide2023,bycountry90

84.881.9778.5777.3777.0776.0775.658070605040302010075.2675.0874.4773.9173.8972.7172.5572.3770.9470.8670.4270.2569.8269.5969.4168.7168.5768.286Description:Accordingtothegovernmentartificialintelligence(AI)readinessindexrankings,theUnitedStates(U.S.)isthehighest-rankedcountryontheworldwideindexin2023,withanindexscoreof84.8.ThismeansthattheU.S.isconsideredthecountrybestsituatedintheworldtoimplementAIwithinpublicservices,fromhealthcaretoeducationtotransportation.OthernoteworthycountrieswithhighindexeswereSingapore,theUnitedKingdom,andFinlandcominginatsecond,third,andfourth[...]ReadmoreNote(s):Worldwide;2023Source(s):InternationalDevelopmentResearchCentre;OxfordInsightsCHAPTER

02InvestmentsNumberofventurecapitalinvestmentsinartificialintelligence(AI)inSingaporefrom2014to2023VenturecapitalinvestmentnumberinAISingapore2014-20232001801601401201008017517015012912710356604020031171820142015201620172018201920202021202220238Description:In2023,therewere129capitalinvestmentsinartificialintelligence(AI)inSingapore.Inthatyear,theinvestmentvalueinthissegmentofthecountryreachedabout2.02billionU.S.dollars.ThevalueofventurecapitalinvestmentinAIinSingaporepeakedin2021,reachingabout2.32billionU.S.dollars.ReadmoreNote(s):Singapore;2014to2023Source(s):OECDAveragesizeofventurecapitalinvestmentsinartificialintelligence(AI)inSingaporefrom2014to2023(inmillionU.S.dollars)VenturecapitalinvestmentaveragevalueinAISingapore2014-2023181614121613108.98.4864207.34.643.93.43.120142015201620172018201920202021202220239Description:In2023,theaveragesizeofventurecapitalinvestmentsintoartificialintelligenceinSingaporereachedabout16millionU.S.dollars.Thatwasthehighestvaluerecordedovertheperiodmeasured.

ReadmoreNote(s):Singapore;2014to2023Source(s):OECDValueofventurecapitalinvestmentsinartificialintelligence(AI)inSingaporefrom2014to2023,byindustry(inmillionU.S.dollars)VenturecapitalinvestmentvalueinAISingapore2014-2023,byindustryMedia,socialplatforms,marketingBusinessprocessesandsupportservicesDigitalsecurityFinancialandinsuranceservicesHealthcare,drugsandbiotechnologyMobilityandautonomousvehiclesLogistics,wholesaleandretailITinfrastructureandhostingRobots,sensors,IThardware1,2001,00080060040020001,106574465410184394292272152258244221892141651401233921

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53201420152016201720182019202020212022202310Description:In2023,thevalueofventurecapitalinvestmentsintoartificialintelligence(AI)startupsinthelogistics,wholesaleandretailindustryinSingaporereached574millionU.S.dollars.Inthatyear,theinvestmentvalueinthissegmentinthecountryamountedto2.01billionU.S.dollars.ReadmoreNote(s):Singapore;2014to2023Source(s):OECDCHAPTER

03ReadinessArtificialintelligence(AI)readinessindexscoreofSingaporein2023,bysectorArtificialintelligence(AI)readinessindexSingapore2023,bysector10086.5908070605040302010053.6GovernmentreadinessBusinessreadiness12Description:In2023,inanindextoassessartificialintelligence(AI)readiness,Singaporescored86.5outofahundredforgovernmentreadiness,and53.6forbusinessreadiness.GovernmentreadinessisbasedonvariousindicatorstoassesstheleveltowhichpublicsectoractorsenableAIthroughfundsandframeworks.Consumerreadinessisdefinedbythewayconsumersperceive,understandandtrustAI.BusinessreadinessrepresentsthelevelofequipmentintheprivatesectortoadoptAI.

ReadmoreNote(s):SingaporeSource(s):SBusinessartificialintelligence(AI)readinessindexinSingaporein2023,bycategoryBusinessAIreadinessindexSingapore2023,bycategoryAIreadinessindexscoreoutoften012345678910VenturecapitalavailabilityandvaluationCompaniesadoptionofemergingtechnologiesBusinesssophistication9.38.96.6KnowledgeandtechnologyoutputsCreativeoutputs4.93.9Labour-marketreconfigurationduetodigitaltransformationNumberofAIstart-ups2.1213Description:In2023,amongthedifferentcategoriesmeasuringthebusinessartificialintelligencereadinessinSingapore,venturecapitalavailabilityandvaluationscoredthehighestwithanindexscoreof9.3outoften.Thisindexmeasuresthesize,value,anddynamicsofventurecapital.Intheglobalartificialintelligencereadinessindex,businessreadinessscored53.6outofahundredinthecountry.ReadmoreNote(s):SingaporeSource(s):SRankinginthegovernmentAIreadinessindexofSingaporein2022and2024RankinginthegovernmentAIreadinessindexofSingapore2023-20243.53.02.52222.01.51.00.50.020222023202414Description:In2023,SingaporerankedinsecondplacegloballyintheGovernmentAIReadinessIndex,indicatingastabilityofthecountry'srankinginthisindexfromtheyearsbefore.TheGovernmentAIReadinessIndexaimstoexplorehowreadyagovernmentiswhenitcomestotheimplementationofArtificialIntelligenceindeliveringpublicservicestotheircitizens.ItlooksatthegovernmentalandtechnologicalprocessofacountrythatcontributestotheAIreadiness.ReadmoreNote(s):Singapore;2022to2024Source(s):OxfordInsightsGovernmentartificialintelligence(AI)readinessindexscoreinSingaporein2024,bycategoryGovernmentAIreadinessindexSingapore2024,bycategoryAIreadinessindexscoreoutof10030

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500102060708090100DataandinfrastructurepillarGovernmentpillar93.1490.96TechnologysectorpillarOverallscore68.6584.2515Description:In2024,amongthedifferentcategoriesmeasuringthegovernmentartificialintelligencereadinessinSingapore,dataandinfrastructurescoredthehighestwith93.14outof100.Accordingtothesameindex,thecountryrankedsecondgloballyforAIgovernmentreadiness.ReadmoreNote(s):SingaporeSource(s):SCHAPTER

04AdoptionRateofadoptionanddeploymentofartificialintelligenceinenterpriseinSingaporein2024AdoptionrateinbusinessofAIinSingapore202460%50%40%30%53%41%20%10%0%DeploymentrateExplorationrate17Description:In2024,Singaporehadanartificialintelligence(AI)deploymentrateof53percent.Accordingtothesamesource,thiswashigherthantheglobaladoptionlevel,andamongthehighestAIadoptionratesintheworld.ReadmoreNote(s):Singapore;2024Source(s):ExplodingTopics;IBMRateofadoptionanddeploymentofartificialintelligence(AI)inenterpriseinSingapore2023,bytypeAdoptionrateinbusinessofAIinSingapore2023,bytypeShareofrespondentsMycompanyhasactivelydeployedAIaspartofitsbusinessoperationsMycompanyisexploring,buthasnotdeployed,AIinitsbusinessoperations53%41%Mycompanyisnotcurrentlyusing,orexploringtheuseof,AIinitsbusinessoperations6%18Description:AccordingtoasurveyconductedinSingaporeinNovember2023,morethanhalfofITprofessionalsindicatedthattheircompanyactivelydeployedartificialintelligence(AI)aspartofbusinessoperations.Incomparison,onlysixpercentofrespondentsindicatedthattheircompanywasnotusingorexploringtheuseofAIinbusinessoperations.ReadmoreNote(s):Singapore;November8to23,2023;148respondents;BaseITprofessionalsatenterprisesSource(s):IBM;MorningConsultRateofadoptionofgenerativeartificialintelligence(AI)inenterpriseinSingapore2023AdoptionrateinbusinessofgenerativeAIinSingapore2023ShareofrespondentsWeareactivelyimplementinggenerativeAIWearecurrentlyexploringgenerativeAI43%41%WearenotexploringnoractivelyimplementinggenerativeAIDonotknow/Notsure11%5%19Description:AccordingtoasurveyconductedinSingaporeinNovember2023,43percentofITprofessionalsindicatedthattheircompanyactivelyimplementedgenerativeartificialintelligence(AI).Incomparison,only11percentofrespondentsindicatedthattheircompanywasnotexploringorimplementinggenerativeAI.ReadmoreNote(s):Singapore;November8to23,2023;148respondents;BaseITprofessionalsatenterprisesSource(s):IBM;MorningConsultNumberofresearchpublicationsonartificialintelligence(AI)inSingaporeinfrom2014to2023NumberofAIresearchpublicationsSingapore2014-20238,0007,0006,0007,1856,3376,3205,9445,4024,7555,0004,3364,2463,9794,0003,0002,0001,00003,659201420152016201720182019202020212022202320Description:In2023,atotalof7185researchpublicationsonartificialintelligence(AI)wererecordedinSingapore,indicatingasignificantincreaseinthenumberofresearchpublicationsonthistopicfromtheyearbefore.Incomparison,thenumberofpublicationsonAIinthecountryreached3,659in2014.ReadmoreNote(s):Singapore;2014to2023Source(s):OECDCHAPTER

05StartupsNumberofnewlyfundedartificialintelligence(AI)companiesworldwidein2023,byregionNewlyfundedAIcompanies2023,byregion1,000897900800700600500400300200100012210476595845444342292421171522/statistics/1472609/newly-funded-ai-companies-by-regionAsof2023,theUnitedStatesofAmericareportedthehighestnumberofnewlyfundedartificialintelligence(AI)companiesworldwide,reachingupto897newcompanies.?Chinacameinsecond,withabout122newlyfundedAIcompaniesin2023.ReadmoreNote(s):Worldwide;2023Source(s):Quid;StanfordUniversityLeadingstartupsinartificialintelligence(AI)basedonnumberofinvestmentdealsinSingaporeasofJanuary2025LeadingAIstartupsbasedonnumberofinvestmentdealsSingapore2025Numberofdeals02468101214TraxTechnologySolutionsPte.Ltd.Carro129AdvanceTechnologyPte.Ltd.PropertyGuruPte.Ltd.87BolttechDigitalBrokerageSingaporePte.Ltd.623Description:AsofJanuary2025,TraxTechnologySolutionsPte.Ltd.wastheleadingartificialintelligence(AI)startupinSingapore,havingscored12investmentdealswithatotalvalueofabout1.07billionU.S.dollars.ThevalueofventurecapitalinvestmentinAIinSingaporepeakedin2021,reachingabout2.3billionU.S.dollars.ReadmoreNote(s):Singapore;asofJanuary2025Source(s):OECDLeadingstartupsinartificialintelligence(AI)basedoncapitalinvestmentvalueinSingaporeasofJanuary2025(inmillionU.S.dollars)LeadingAIstartupsbasedoninvestmentvalueSingapore2025ValueofinvestmentsinmillionU.S.dollars02004006008001,0001,200TraxTechnologySolutionsPte.Ltd.Carro1,074653AdvanceTechnologyPte.Ltd.BolttechDigitalBrokerageSingaporePte.Ltd.PropertyGuruPte.Ltd.63547442724Description:AsofJanuary2025,TraxTechnologySolutionsPte.Ltd.wastheleadingartificialintelligence(AI)startupinSingapore,withatotalcapitalinvestmentvalueofabout1.07billionU.S.dollars.ThevalueofventurecapitalinvestmentinAIinthecountrypeakedin2021,reaching2.5billionU.S.dollars.ReadmoreNote(s):Singapore;asofJanuary2025Source(s):OECDCHAPTER

06ConsumerbehaviorOpinionsofconsumersonwhetherartificialintelligence(AI)hasimprovedproductivityattheirworkplaceinSingaporeasofDecember2023ConsumeropinionsonAIimpactonproductivityatworkplaceSingapore202360%53%50%40%30%20%20%10%0%6%Improvedproductivity*NoimpactonproductivityHinderedproductivity**26Description:AccordingtoasurveyconductedinDecember2023,morethanhalfofrespondentsfromSingaporesaidthatartificialintelligence(AI)toolssuchasChatGPTandDall-Ehadimprovedproductivityattheirworkplace.Onlysixpercentsaidtheyhadhinderedproductivity.ReadmoreNote(s):Singapore;December2023;501to2,023;18yearsandolder;Surveyconductedin17countriesSource(s):YouGovShareofconsumerswhofavoreddisclosureofAIusageinadvertisingbybrandsinSingaporeasofJanuary2024OpinionontransparencyofAI-generatedadsSingapore2024Shareofrespondents20%0%10%30%40%50%60%VirtualbrandambassadorGenerateproductimages66%66%Editproductimages58%Copywriteads/productdescriptionsDecideadmediaplacements/targeting57%56%27Description:AccordingtoasurveyconductedinJanuary2024onartificialintelligence(AI)adoptioninadvertising,66percentofrespondentsinSingaporebelievedthatbrandsshoulddiscloseifanadhasbeencreatedusingAI,especiallyifitusesavirtualambassador,ortogenerateproductimages.ThesamesurveyfoundthatfewerthanhalfofconsumersinSingaporeexpresseddiscomfortwithbrandsleveragingAI.ReadmoreNote(s):Singapore;January2024;500to2,040*;18yearsandolder;onlyamongrespondentswhoindicatedbeing"fairlycomfor