BEIJING – China will become a major impetus to global artificial intelligence (AI) development and contribute 15.6 percent of the market scale by 2024, according to a recent report.
China’s AI market will hit $6.27 billion in 2020, according to the 2020-2021 evaluation report on China’s AI computing power development, jointly released by global market research firm International Data Corporation (IDC) and cloud computing and big data supplier Inspur Group.
Over the next four years, the market scale of China’s AI sector will maintain a compound annual growth rate of 30.4 percent to reach $17.22 billion by 2024, according to the report.
AI application has developed rapidly since 2019. Computer vision remains the largest AI application in China, with a market share of 40.6 percent in 2019.
In terms of industry application penetration, the internet industry firmly dominates the market, followed by the telecom and manufacturing industries. In the first half of this year, AI application advanced quickly in the medical industry and saw a sharp increase, according to the report.