Market research firm CCID Consulting projects significant growth in China’s artificial intelligence (AI) sector over the next 10 to 15 years, anticipating a market scale of 1.73 trillion yuan ($240.4 billion) by 2035. This would make up 30.6 percent of the global total, as per China Daily.
AI has become a pivotal force in propelling the progressive expansion of the digital economy. The rapid integration of AI into the tangible economy is hastening the digital transformation across industries and the industrialisation of digital technologies.
As of December 2023, China boasts 234 large language models with over 1 billion parameters, with generative AI technology finding broader applications in sectors such as media, finance, retail, healthcare, and intelligent manufacturing.
A separate report from the consultancy anticipates a surge in demand for computing power, driven by the swift progress of AI, the Internet of Things, and other advanced technologies.
China is projected to surpass 360 EFLOPS in total computing power, with a compound annual growth rate of 20 percent between 2024 and 2026. EFLOPS measures the speed of computer systems and is equivalent to one quintillion floating-point operations per second.
Moreover, expenditures by Chinese enterprises on the digital transformation of businesses reached 2.3 trillion yuan in 2023, according to CCID Consulting, according to WAM.
