S’pore to surpass the US in AI investments

AI investment by the Singapore government is about 16% more compared to the US.

Singapore registered the highest sum in AI investments against the gross domestic product (GDP), with a relatively modest investment of $9.4b (US$7b) in the last five years compared to other nations.

According to AIRPRM's report with data from OECD and the World Bank, this equates to more than 15.0% of Singapore's relative wealth per thousand dollars of GDP. In 2023 alone, the country invested $2.5b (US$1.9b) in AI.

Following closely behind is Sweden, allocating 14.1% of its GDP towards the development of AI. In contrast, the US invests approximately 12.9% of its GDP in AI infrastructure, while the UK trails behind at 8.3%.

When assessing AI investment on an international scale in comparison to the US, Singapore once again takes the lead. At 116.3%, the rate of AI investment by the Singaporean government surpasses their US counterparts by around 16% in relative terms per billion dollars of GDP.

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How the region compares

Simultaneously, the Asia Pacific region significantly contributes to the total AI market size, accounting for 23.93%. Notably, Japan and South Korea play pivotal roles in the AI landscape, with valuations of $27.1b (US$20.2b) and $21.85b (US$16.3b), respectively, as of 2022.

Despite their influence, Asian countries, led by South Korea and China at 85% and 82%, respectively, tend to exhibit greater subjective knowledge of AI.

However, only a quarter (25%) of Japan's population possesses a high or moderate understanding of AI, marking the lowest reported figure in KPMG's comprehensive study.

The yearning to broaden AI knowledge is most fervently expressed in China, where an overwhelming 96% of the population seeks more information, closely followed by Israel at 94%.

In contrast, just over half (55%) of Japan's population expresses a similar desire, representing the lowest reported figure in the study.

($1.00 = US$1.34)

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