Asia Pacific Artificial Intelligence (AI) Market Insights Forecasts to 2032.

• The Asia Pacific Artificial Intelligence (AI) Market Size was valued at USD 34.5 Billion in 2022.
• The Market is Growing at a CAGR of 38.9% from 2022 to 2032.
• The Asia Pacific Artificial Intelligence (AI) Market Size is expected to reach USD 928.9 Billion by 2032.
• Asia Pacific is expected to Grow the fastest during the forecast period.

The Asia Pacific Artificial Intelligence (AI) Market Size is expected to reach USD 928.9 Billion by 2032, at a CAGR of 38.9% during the forecast period 2022 to 2032.

Market Overview

Artificial intelligence (AI) has come to prominence as a revolutionary technology, transforming businesses and influencing societies all around the world. The Asia Pacific area is currently in the spotlight of AI development. The Asia Pacific region has become a hub for AI innovation and adoption, contributing to a broad tapestry of dynamic cultures, various financial markets, and a never-ending drive for technical improvement. China, Japan, South Korea, India, Singapore, and Australia are among the Asia Pacific economies investing extensively in artificial intelligence (AI) technologies and services. Through extensive national AI programs and considerable financing, their governments are strongly encouraging artificial intelligence research and development. China, for example, has established a high intent for itself: to be the world's foremost nation in AI by 2030. Singapore's national AI policy, likewise, wants to employ AI to empower its workers, enhance living conditions, and grow business organizations. The Asia-Pacific region is well-positioned to lead in the global artificial intelligence (AI) market, owing to supporting government regulations, a robust AI ecosystem, competent talent, and an emphasis on ethical AI application.

Report Coverage

This research report categorizes the market for Asia Pacific Artificial Intelligence (AI) Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Asia Pacific Artificial Intelligence (AI) Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Asia Pacific Artificial Intelligence (AI) Market.

Driving Factors

The Asia Pacific artificial intelligence (AI) market is efficiently increasing, attributable largely to factors such as rising digitization across various industries, supportive government initiatives, and major funding for AI startups and development. In addition, the market is being driven by the rapid progress of AI and associated technologies such as machine learning, natural language processing, and robotics and its applications Also, the increasing digital transformation of sectors generates massive volumes of data, which provides the driving force for the adoption of artificial intelligence. Furthermore, governing bodies around the Asia Pacific region have implemented laws and programs to encourage AI creation and implementation. These initiatives frequently include subsidies for AI research, growth of infrastructure, and recruitment and retention of talent, thus, creating an encouraging environment for the expansion of the AI market.

Artificial Intelligence (AI) will likely have an essential function in facilitating the development of smart cities as urbanization rises in the Asia Pacific region. Artificial intelligence can be employed in a variety of applications, including traffic control, public safety, energy management, and citizen services in such smart cities. Additionally, the rising penetration of smartphones and the mounting demand for home automation systems have driven the need for intelligent virtual assistants, which is propelling the Asia Pacific artificial intelligence (AI) market. Moreover, the region is experiencing an increase in financing for AI firms. Venture capitalists, corporate investors, and governments are sending resources into AI startups, encouraging creativity and entrepreneurial activity in the field of artificial intelligence.

Market Segment

• In 2022, the software segment is expected to hold the largest share of Asia Pacific Artificial Intelligence (AI) market during the forecast period.

Based on the offering, the Asia Pacific Artificial Intelligence (AI) Market is classified into hardware, software, and services. Among these, the software segment is expected to hold the largest share of the Asia Pacific Artificial Intelligence (AI) market during the forecast period. The software subsection includes AI platforms, tools, and apps that enable the creation, installation, and operation of artificial intelligence (AI) applications. These software applications simplify data preparation, model training, and rollout. AI software serves to create, build, and execute artificial intelligence models and applications. Growing demands for automation, data-driven decision-making, and superior consumer experiences across multiple industries in the Asia Pacific region are driving the market for AI software, including AI platforms, tools, and apps.

• In 2022, the machine learning segment is influencing the largest CAGR over the forecast period.

On the basis of technology, the Asia Pacific Artificial Intelligence (AI) Market is segmented into machine learning, robotics, image processing, speech recognition, natural language processing, cognitive computing, and other technologies. Among these segments, the machine learning segment dominates the largest market share over the forecast period, due to its broad range of applications across various industries and its foundational role in many AI technologies. Machine learning, a category of AI, entails the implementation of algorithms that learn from data and enhance its accuracy periodically. It is widely utilized in the Asia Pacific for a variety of applications such as predictive analytics, recommendation systems, and identifying fraudulent activity. Its adaptability and a broad variety of uses across industries have aided in its dominance.

• In 2022, the banking and financial service & insurance segment accounted for the largest revenue share of more than 38.7% over the forecast period.

On the basis of end-use, the Asia Pacific Artificial Intelligence (AI) Market is segmented into technology & telecommunications, banking, financial service & insurance, retail, media & entertainment, automotive & transportation, agriculture, resources & utilities, manufacturing, healthcare, education, and others. Among these, the banking and financial service & insurance segment dominates the market with the highest revenue share of 38.7% over the forecast period. In the Asia Pacific area, the banking, financial services, and insurance industry is a key consumer of artificial intelligence (AI) solutions. The significant advantages of artificial intelligence to improve operations, customer service, and decision-making in multiple domains lead to their huge market share. AI is used in the BFSI sector for fraud detection, credit scoring, risk management, and customer service. Artificial intelligence (AI) can analyze massive volumes of financial data to detect fraudulent transactions, assess credit risks, and automate client interactions via chatbots and virtual assistants.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Asia Pacific Artificial Intelligence (AI) Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• ZuAI
• Megvii
• Baidu
• Zhipu AI
• Cyclone Robotics
• Finology
• ADVANCE.AI
• Ubtech Robotics
• Bolttech
• Huawei
• Alibaba Cloud
• IBM Corporation
• iFLYTEK
• DJI
• Tata Elxsi
• Hyperlink InfoSystem
• Kellton Tech
• Cinnamon AI
• G3 Global Berhad
• LeapMind Inc.
• Think Analytics India
• Samsung Electronics Co., Ltd.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• On June 2023, Qraft Technologies ("Qraft"), a leading Seoul-based invest-tech company developing artificial intelligence investing solutions, has signed a Memorandum of Understanding (MoU) with BNP Paribas Global Markets Asia Pacific to develop innovative investment solutions for BNP Paribas' Global Markets clients in the region based on Qraft's AI-powered investment platforms.

• On March 2023, Tech Data, a TD SYNNEX subsidiary, has established a strategic alliance with Simplifai, a leader in AI (artificial intelligence) solutions. Tech Data will offer Simplifai's cutting-edge automation solutions in key countries across Asia Pacific and Japan as part of this cooperation, expanding its comprehensive range of AI solutions and cloud-native technology.

• On December 2022, EY has announced the official launch of the EY APAC Tech Lab ("Lab"), a new, cutting-edge incubator and engineering lab in Shenzhen, China, designed to satisfy the particular needs of the developing Asia-Pacific market through rapid innovation. The Lab aspires to maximize the inventive potential of EY businesses and clients by using the power of emerging technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), blockchain, 5G, and Web3.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Asia Pacific Artificial Intelligence (AI) Market based on the below-mentioned segments:

Asia Pacific Artificial Intelligence (AI) Market, By Offering

• Hardware
• Software
• Services 

Asia Pacific Artificial Intelligence (AI) Market, By Technology

• Machine Learning
• Robotics
• Image Processing
• Speech Recognition
• Natural Language Processing
• Cognitive Computing
• Other Technologies    

Asia Pacific Artificial Intelligence (AI) Market, By End-Use

• Technology & Telecommunications
• Banking, Financial Service & Insurance
• Retail
• Media & Entertainment
• Automotive & Transportation
• Agriculture
• Resources & Utilities
• Manufacturing
• Healthcare
• Government & Education
• Others

Asia Pacific Artificial Intelligence (AI) Market, By Country

• China
• Japan
• India
• South Korea
• Taiwan
• Rest of the Asia Pacific