Chinese firms seek to tap US$22.2b AI market
Chinese firms are seeking various and advanced artificial intelligence technology applications to tap a huge market that is expected to be worth 150 billion yuan (US$22.2 billion) by 2020.
The firms are eying promising AI potential in a host of applications in e-commerce, logistics, finance and education and translation that consume a huge volume of data, industry insiders said, adding that China will encourage the development of AI as a national strategy.
The national blueprint envisages the value of the country's core AI industries to exceed 150 billion yuan by 2020 and 400 billion yuan by 2025, the State Council, or Cabinet, said.
Cardinal Operations Technology Co Ltd, a Beijing-based AI startup, has adopted AI to help clients on pricing and sales strategies, improving supply chain and unearthing potential risks for financial investment.
Founded in 2016, Cardinal Operations has lured investment from Northern Light Venture Capital and Zhen Fund. The company has also offered algorithms for an e-commerce website, an online travel agency and a logistics firm, which are all industry giants in China.
Sogou, which announced recently that they will issue an initial public offering in the US market, is using AI to offer simultaneous interpretation with voice recognition and translation technologies based on machine learning. At present, the technology can be used in presentation as well as for chatting and for travelers.
Giants like Nvidia and Baidu are also using AI platforms on smart driving and autonomous driving technology for Chinese car vendors.