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

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

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+<br>In the past years, China has developed a solid foundation to support its AI economy and made significant contributions to AI worldwide. Stanford University's AI Index, which assesses AI developments around the world across different metrics in research, development, and economy, ranks China amongst the leading 3 countries for international AI vibrancy.1"Global [AI](https://rapid.tube) Vibrancy Tool: Who's leading the global AI race?" Artificial Intelligence Index, Stanford Institute for Human-Centered Artificial Intelligence (HAI), Stanford University, 2021 ranking. On research, for example, China produced about one-third of both [AI](https://xn--9m1bq6p66gu3avit39e.com) journal documents and AI citations worldwide in 2021. In financial investment, China represented nearly one-fifth of worldwide private investment funding in 2021, attracting $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 by geographic location, 2013-21."<br>
+<br>Five kinds of AI companies in China<br>
+<br>In China, we discover that AI companies typically fall into among five main classifications:<br>
+<br>Hyperscalers develop end-to-end [AI](http://120.79.211.173:3000) technology ability and work together within the ecosystem to serve both business-to-business and business-to-consumer business.
+Traditional market companies serve clients straight by developing and adopting AI in internal transformation, new-product launch, and customer support.
+Vertical-specific AI business develop software and solutions for specific domain use cases.
+AI core tech companies supply access to computer vision, natural-language processing, voice recognition, and artificial intelligence abilities to establish AI systems.
+Hardware business supply the hardware infrastructure to support [AI](http://moyora.today) need in calculating power and storage.
+Today, AI adoption is high in China in financing, retail, and high tech, which together represent more than one-third of the nation's [AI](https://git.devinmajor.com) market (see sidebar "5 kinds of AI companies in China").3 iResearch, iResearch serial marketing research on China's [AI](http://osbzr.com) market III, December 2020. In tech, for example, leaders Alibaba and ByteDance, both household names in China, have actually become understood for their highly tailored [AI](http://code.bitahub.com)-driven customer apps. In reality, the majority of the AI applications that have been widely embraced in China to date have actually remained in consumer-facing industries, moved by the world's biggest internet customer base and the ability to engage with consumers in brand-new ways to increase customer loyalty, income, and market appraisals.<br>
+<br>So what's next for AI in China?<br>
+<br>About the research<br>
+<br>This research is based on field interviews with more than 50 experts within McKinsey and throughout industries, together with comprehensive analysis of McKinsey market assessments in Europe, the United States, Asia, and China particularly in between October and November 2021. In performing our analysis, we looked outside of business sectors, such as financing and retail, where there are already mature [AI](https://www.ayuujk.com) use cases and clear adoption. In emerging sectors with the highest value-creation potential, we focused on the domains where AI applications are currently in market-entry phases and could have an out of proportion effect by 2030. Applications in these sectors that either remain in the early-exploration phase or have fully grown industry adoption, such as manufacturing-operations optimization, were not the focus for the purpose of the research study.<br>
+<br>In the coming decade, our research study indicates that there is tremendous opportunity for AI development in brand-new sectors in China, consisting of some where development and R&D spending have typically lagged global counterparts: automobile, transport, and logistics