Add 'The next Frontier for aI in China could Add $600 billion to Its Economy'

The-next-Frontier-for-aI-in-China-could-Add-%24600-billion-to-Its-Economy.md

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+<br>In the past years, China has developed a strong foundation to support its AI economy and made substantial contributions to [AI](https://skillnaukri.com) internationally. Stanford University's AI Index, which assesses AI advancements around the world across various metrics in research, development, and economy, ranks China among the top 3 nations for worldwide AI vibrancy.1"Global AI Vibrancy Tool: Who's leading the global AI race?" Expert System Index, Stanford Institute for Human-Centered Artificial Intelligence (HAI), Stanford University, 2021 ranking. On research study, for instance, China produced about one-third of both AI journal papers and AI citations worldwide in 2021. In financial investment, China represented nearly one-fifth of global personal investment financing in 2021, drawing in $17 billion for AI start-ups.2 Daniel Zhang et al., Artificial Intelligence Index report 2022, Stanford Institute for Human-Centered Artificial Intelligence (HAI), Stanford University, March 2022, Figure 4.2.6, "Private investment in [AI](https://napvibe.com) by geographical location, 2013-21."<br>
+<br>Five kinds of AI companies in China<br>
+<br>In China, we find that AI companies typically fall under one of five main classifications:<br>
+<br>Hyperscalers establish end-to-end AI technology capability and work together within the environment to serve both business-to-business and business-to-consumer business.
+Traditional industry companies serve customers straight by developing and adopting AI in internal improvement, new-product launch, and client service.
+Vertical-specific [AI](https://droomjobs.nl) companies develop software application and services for specific domain use cases.
+AI core tech service providers provide access to computer system vision, natural-language processing, voice recognition, and artificial intelligence capabilities to establish AI systems.
+Hardware companies provide the hardware infrastructure to support [AI](https://meebeek.com) demand in calculating power and storage.
+Today, AI adoption is high in China in financing, retail, and high tech, which together account for more than one-third of the nation's AI market (see sidebar "5 types of AI companies in China").3 iResearch, iResearch serial market research on China's AI industry III, December 2020. In tech, for example, leaders Alibaba and ByteDance, both household names in China, have ended up being known for their highly tailored AI-driven customer apps. In fact, many of the [AI](https://dngeislgeijx.homes) applications that have been commonly embraced in China to date have actually remained in consumer-facing markets, moved by the world's largest internet consumer base and the capability to engage with customers in new methods to increase customer commitment, revenue, and market appraisals.<br>
+<br>So what's next for [AI](http://182.92.143.66:3000) in China?<br>
+<br>About the research study<br>
+<br>This research study is based upon field interviews with more than 50 professionals within McKinsey and across markets, in addition to extensive analysis of McKinsey market assessments in Europe, the United States, Asia, and China specifically between October and November 2021. In performing our analysis, we looked beyond industrial sectors, such as finance and retail, where there are already fully grown AI usage cases and clear adoption. In emerging sectors with the greatest value-creation capacity, we concentrated on the domains where AI applications are currently in market-entry phases and might have an out of proportion effect by 2030. Applications in these sectors that either remain in the early-exploration stage or have fully grown industry adoption, such as manufacturing-operations optimization, were not the focus for the function of the study.<br>
+<br>In the coming decade, our research shows that there is remarkable opportunity for [AI](http://221.131.119.2:10030) development in brand-new sectors in China, including some where innovation and R&D spending have typically lagged international equivalents: automotive, transportation, and logistics