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Laxman Pai, Opalesque Asia: By 2030, Artificial intelligence (AI) is expected to add $15.7tn to the global economy, a figure greater than the combined GDP of China and India. Of this sum, $6.6tn will likely be the result of increased productivity gains, while consumption-side effects are estimated to contribute $9.1tn.
Preqin data shows that the number of venture-backed AI deals in Asia-Pacific (APAC) has largely trended upward from obscurity in 2014 to reach new highs in recent years.
Deal-makers completed a record-breaking 861 such transactions in APAC in 2019. And despite the significant headwinds posed by COVID-19, overall deal count and total transacted value rose 19% and 24% respectively compared to H1 2019, registering 400 deals and $5.2bn of financings in the first half of 2020.
According to Preqin, the resilience of AI deal activity in times of extreme market uncertainty highlights the industry's ubiquity in a cross-industry application, and its strategic role in shaping the digital transformation of APAC economies.
According to PwC, China and Developed Asia alone will reap more than 50% of this growth potential. The largest economic benefactor of AI innovation globally will be China, which is expected to observe a boost of $7.0tn or 26% of its GDP, with Developed Asia seeing gains of $0.9tn or 10.4% of its GDP in the next decade.
Such immense promise in AI applications has driven a surge of private capital into the sector, as more start-ups se...................... To view our full article Click here
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