Singapore is well on its way to advance its Smart Nation vision following the government’s push to transform the way people live, work and play in the digital age. As Singapore works towards being a model smart city, AI adoption is becoming more critical in both public and private sectors. In fact, AI plays such an integral role in the country’s development. According to a report by Accenture, AI is predicted to double Singapore’s annual economic growth rate from 3.2 percent to 5.4 percent by 2035, translating to an additional US$215 billion in gross value added (GVA).
To harness the potential of AI, the government has set up a national program and will invest over US$110 million over the next five years to enhance Singapore’s AI capabilities. This includes partnerships among local research institutes, start-ups and companies to develop AI products, create tools and develop talent to drive the country’s AI efforts.
According to Seagate’s Data Pulse: Maximising the Potential of Artificial Intelligence survey, organisations in Singapore echo the government’s sentiments on the need to integrate AI to boost productivity and innovation as part of the smart nation push. However, there are many considerations on their road to AI adoption:
- More than half of organisations in Singapore have implemented AI (63%) and 9 in 10 are planning to adopt more AI solutions in the next 12 months
Given Singapore’s extensive digital infrastructure, AI is currently deployed in more than one area of business for many organisations, which includes IT (60%), customer support (49%), supply chain and logistics (48%) as well as product innovation and R&D (41%).
- Organisations need support in implementing AI and 93% agree they could do more if they had the right AI talent
76% of respondents struggle to know where and how to start in their AI journey, citing these areas of challenges: getting the right IT infrastructure (15%), commitment from management (16%), the need for higher budget allocation for AI (18%) and having clear strategy and direction in the company (15%).
- 9 in 10 agree there is an increasing need for more data storage solutions with growing AI implementation
In a complex smart nation ecosystem, organisations need to work towards building more sophisticated IT infrastructures given how crucial data is for the rollout of AI. The increase in data generation from a wider implementation of AI calls for more robust data storage solutions so that organisations can better manage their data in an efficient and secure manner.
About Data Pulse: Maximising the Potential of Artificial Intelligence
The study consists of 600 respondents comprising senior IT professionals in Australia, China, India, Singapore, South Korea and Taiwan. Each market had 100 respondents across multiple industries such as ICT, Retail, Manufacturing, Construction, Financial Services and Logistics. Seagate commissioned SPARC International to conduct the market research from December 2017 to January 2018.