Chinese organizations are at the forefront of adopting generative AI (GenAI) technology, surpassing their global counterparts. This creates a huge market potential in sectors from finance and marketing to life science, industry officials said on Thursday in Shanghai.
Organizations around the world are enthusiastically using and investing in GenAI technology. China is in the lead as Chinese business decision makers report that 83 percent of their organizations are using the technology, ahead of the UK’s 70 percent, 65 percent in the US, and 63 percent in Australia, according to a survey by SAS and Coleman Parkes Research.
By next year, the world’s top 2,000 firms will have invested over 40 percent of their IT budgets on artificial intelligence, to optimize process and boost innovation, according to International Data Corp.
GenAI has a wide variety of applications in China’s finance industry, covering risk management, regulation compliance and anti-fraud sectors, said Wilson Ho, regional vice president, managing director of SAS China.