Exploring the Artificial Intelligence scene in Singapore
what
- Potential collaborations on AI innovation and solutions with Singapore stakeholders
- Potential market expansion for AI companies in Singapore
how
- In 2023, the Singapore government announced an update to the original National AI Strategy from 2019 to build on the existing initiatives and strategy the nation has in developing its AI sector to emerge as a global leader in the field. Alongside the strategy update, a whole range of investments was also announced, including S$1 billion in investments across the next 5 years to further develop the AI sector via growing the AI talent pool, securing advanced chips to support AI growth, and infrastructure development such as the upgrading of broadband speeds.
- AI talent has grown significantly in Singapore, by 565% between 2016 and 2022, and there are various initiatives and programmes to attract and grow the AI capabilities, such as IMDA’s SG Digital Scholarship, and the GenAI Sandbox for SMEs launched by IMDA and EnterpriseSG
- Based on a study by IMDA, the Singapore AI market is expected to grow from a US$960 million market in 2022 to a US$16 billion market by 2030, with average AI investments size by venture capitalists increasing from approximately US$4 million in 2019 to approximately US$16 million in 2023 according to data by OECD
- Sweden has a vibrant startup scene and is also one of the forerunners of AI globally. Thus, there is a strong potential for Swedish AI solution providers to leverage on the increased investments and developmental programmes in Singapore’s AI sector to collaborate with Singapore stakeholders on opportunities within the healthcare, financial services, manufacturing, transportation, and education spaces.
call to action
- There will be a study outlining the AI landscape and opportunities in Singapore, released by Business Sweden in Aug 2024
- Join the webinar discussing the findings of the report, as well as a discussion of the AI landscape in Singapore in Aug 2024 alongside the planned report launch
- For more information: clarence.cha@business-sweden.se