The People’s Republic of China has become the world’s largest exporter and marketer of artificial-intelligence-powered software, according to research from a Chinese research group.
The report released Wednesday by the Institute of Internet Technology in Beijing shows that China overtook the United States as the world leader in this sector last year, with sales of artificial intelligent software, which can analyze text and make recommendations, more than doubling from $3.1 billion in 2013 to $8.9 billion in 2018.
The market is growing quickly, especially for artificial intelligence software that can help businesses detect fraud, track sales, and manage employees.
The institute said it expects that by 2020, China will be the world champion in the field of AI software sales.
China is also the world leaders in artificial intelligence and data processing, and it’s predicted that the number of AI applications will more than triple by 2023, from 5.2 billion to 20.9 trillion yuan.
That will translate into a nearly $30 trillion global market, according the institute.
The Chinese government has a big role to play in this transition, according Xinhua, citing experts from the institute and the Ministry of Science and Technology.
China has the most market share among the world countries in artificial-intelligent software, and the government has invested billions of dollars in the industry, Xinhua reported.
China, the report said, has been investing in the software development and market in a bid to win the global market for artificial- intelligence software.
The Institute of Information Technology and the Internet Technology Research Center in Beijing, which released the report, have been monitoring China’s AI market since 2017.
The researchers also said that Chinese software companies have been using artificial intelligence in their products, including in social networking platforms, to identify and prevent fraud.
The government has also started to promote the use of AI for government and economic development.