A new survey from the ANA looking at how marketers are conducting their programmatic media buying, revealed that 85% of marketers are currently conducting programmatic initiatives, either in-house or with an agency. However, more than a third of respondents (35%) have reduced the role of their external agencies over the past year as a result of the expansion of their in-house programmatic media buying capabilities. This is a notable increase from a 2016 study that found only 14% of marketers in-housing programmatic.
Other key findings to emerge from the study included:
78% of marketers are “concerned, or very concerned about brand safety and programmatic.”
Only 40% of marketers are comfortable with “the level of transparency about their programmatic media investments” with “hidden costs” a particular concern.
“Better audience targeting”, “building audience reach”, and “real-time optimization” were the top three cited benefits among marketers that opted to in-house.
It seems overall, transparency in programmatic is on the rise and non-disclosed models are in decline. But what is true transparency in programmatic?
The Programmatic Onion – Layers of Programmatic Transparency
Previously in programmatic, all the above layers of cost would be bundled into a CPM, CPA or CPC – for example, an advertiser would book a campaign with an agency or trading desk at $4 CPM with a minimum spend of $50k per month and all of the operating costs are covered.
Now, slowly, the costs are being unbundled from top to bottom of the programmatic supply chain as we peel back the layers of the programmatic onion. During this unbundling process, some of the people, contracts and relationships are shifting from 3rd parties and into advertisers themselves.
Not every marketer needs or wants to peel the onion. Outcomes based marketing is well suited to many, and certainly simplifies a complex ecosystem. But for many marketers, it seems there is an emerging need for transparency at every step of the supply chain, and a perception that this transparency can be better facilitated through direct relationships with publishers and tech.
2018 marks the 10 year anniversary for both the Apple App Store and Android market. In the short time since the first wave of apps were published in 2008, they have impacted the lives of people all over the world on an unprecedented level. There are now apps for almost anything and everything – hugely successful apps that incorporate AR and VR, apps dedicated to events, and even an app just for popping bubble wrap.
Who could ever have imagined that apps would evolve from the simple Snake game on the Nokia phone (yes that was an app), to driving a $6.3 trillion industry in 2021?
Looking back over 2017, the app economy has hit some significant milestones:
By the end of October 2017, the iOS App Store and Google Play had more than 2 million and more than 3.5 million apps available, respectively.
New apps continue to be introduced at a strong pace. During the month ending October 31, 2017, roughly 50,000 new apps launched on the iOS App Store and over 150,000 were added to Google Play.
Across mature markets, users have up to 90 or 100 apps installed on their devices, 30 of which they use on a monthly basis. On average, people are spending two hours per day — which equates to one month out of every year — in apps.
More than 40 countries will generate over $100 million in consumer spend in 2017 for iOS App Store and Google Play combined.
Apps play a key role in almost every industry today, including retail, banking, travel, QSR, CPG and media & entertainment .
It is apparent that the evolution of mobile apps have transformed the everyday lives of people, and users continuously expect their favourite apps to be improved. There are several aspects of an app which users expect to be improved, but convenience is a core theme that underlies many of our predictions as we look to 2018.
1. Worldwide Gross Consumer App Store Spend Blows Past the $100 Billion Mark
The continued evolution of markets across the globe has led app monetization to continuously grow at an outstanding rate. Apart from games, which traditionally account for the majority of overall spend, we foresee spending in e-commerce apps such as Alibaba and Amazon to drive worldwide consumer spend – which is expected to grow about 30% year on year to exceed $110 billion in 2018. In APAC, consumer spend on apps hit $17.1 billion in H1 2017 alone.
2. App Store Curation Drives Higher Overall IAP Revenue and Expands Opportunity for Independent Publishers
In June 2017, both Apple and Google announced updates to the iOS App Store and Google Play aimed to alleviate this issue through app curation and editorial content. We predict that these updates will have a significant impact on apps in 2018, in particular apps that help people occupy their leisure time. These types of apps, which tend to be entertainment-centric, are most likely to connect with consumers when they are casually browsing through the app stores. Conversely, “needs-based” apps such as UberEats or DBS PayLah! are far more likely to be downloaded based on word of mouth recommendations or focused searches when a user encounters a particular need.
3. Broader Adoption of AR Apps
Pokémon GO and Snapchat sparked huge interest in augmented reality (AR) among the masses, and we foresee that AR will take another significant step forward towards realizing its massive potential in 2018.
Facebook, Google and Apple have taken the lead at their developer conferences in 2017, and together with the Chinese powerhouses Alibaba , Baidu and Tencent , have set the foundation for AR-related initiatives. These initiatives will accelerate the space by making it easier and faster for publishers to develop AR apps, while also stoking consumer interest. For example, in Japan, starting in May 2017, there has been a significant increase in iPhone app downloads for the top ranking apps by “Augmented Reality” app store search in Japan, and other APAC countries.
4. Fragmentation of the Video Streaming Space Accelerates
It is now not an uncommon sight to see people catching up on their favourite Netflix series or Hollywood movies while on the move. 2017 has been another extraordinary year for video streaming services and total time spent in Video and Entertainment apps tripled to almost 40 billion hours in APAC alone.
Between H1 2015 and H1 2017, time spent in the Video Players and Entertainment categories on Android phones in APAC has tripled to reach close to 40 billion hours – almost half of the worldwide total.
Year to date through October 31, 2017, these apps have driven significant growth of worldwide consumer spend for the Entertainment category on both iOS and Google Play. However, as some of the biggest names in the entertainment industry and app economy — including Netflix , Apple , Google , Facebook , Snap and Disney — have announced huge plans to expand their footprints in variety of ways, we expect that 2018 to mark the beginning of an inflection point for this space, in terms of fragmentation. In fact, our research shows that Android users in South Korea who use video streaming apps are significantly more likely than average to be accessing other video and related entertainment services.
Overall, this space will continue to see steady growth in terms of revenue and engagement, but in the years that follow, consumers may start to rationalize how they spend their time and money among a dizzying array of choices, resulting in some players succumbing to profit pressures as they get crowded out of this competitive space.
5. Mobile Pushes Towards the Center of the Retail Customer Journey
Analysts and experts have pronounced the retail apocalypse in recent times, and we see apps as a way to reinvigorate consumers’ retail experience. Brick-and-mortar retailers have already embraced apps and shoppers are now very engaged; results are telling from the Great Singapore Sale 2017 , which saw an increase in sales thanks to the GoSpree app. In Indonesia, which has a population of 261 million and a burgeoning middle class, users spend an average of just over 90 minutes per month in Shopping apps, placing it at #2 after South Korea. On 11 November 2017, dubbed Single’s Day, Alibaba generated a record breaking $25.3 billion in sales, with mobile users accounting for 90% of sales. These numbers are only the beginning of what is a rapidly evolving retail experience for consumers.
Come 2018, apps will continue to cause consumers to change their shopping habits which will in turn redefine the relationship between and even the very nature of existing retail channels (e.g., mobile app, web, brick-and-mortar). China, for instance, is one huge influencer in this area. We are seeing people in western markets increasingly use physical stores as a place to pick up items purchased on mobile. In addition, cash registers’ longstanding role in the checkout and payment process will become reduced, or in some cases replaced, by mobile. For many consumers, mobile will be a core part of the shopping experience regardless of channel.
6. Restaurant Aggregators Drive Mobile Conversion as Delivery-as-a-Service Further Penetrates Premium Markets
As we predicted last year, there was some consolidation in the food delivery space. Looking ahead to next year, we expect that aggregators such as Korea’s Yogiyo will continue to expand the addressable market for this space by opening up under penetrated markets as well as converting users who do not currently use mobile apps from intermediaries to order meals. Meanwhile, delivery as a service (DaaS) providers (e.g., UberEATS , Deliveroo) will gain market share in premium markets where customers are more likely to pay more for higher-end restaurants that don’t have their own delivery fleets. Furthermore, we expect more quick-service restaurants (QSR) to respond to the increased competition from food delivery by partnering with DaaS apps, similar to McDonald’s growing partnership with UberEATS . As with video streaming, this space will face consolidation in later years as it needs to rationalize the fragmentation felt by customers and the profit pressures felt by service providers competing in a crowded space.
7. Finance-Related Apps Poised for Most Significant Transformation in 2018
In 2017 in Asia-Pacific specifically, the growth of downloads in the Finance category outpaced all app categories (non-games) combined, with China leading the way. Person-to-person (P2P) payment apps, like WeChat, AliPay, GoPay, Grab Pay and PayTM have been some of the shining stars in the fintech app revolution. They have transformed how consumers, particularly millennials, exchange money, by displacing the use of cash and checks. In the next year, we expect these services to capitalize on their popularity and broaden their range of services in an effort to expand their revenue potential, fend off increased competition from traditional banks and deepen user engagement. With retailers adopting such apps as an option for customers, we expect P2P payment apps to see increased transaction volume. These initiatives have been well received by users, as they will provide even greater levels of convenience. In addition, this space will see increased activity from successful players in other categories, like messaging and social networking, who are constantly looking for additional ways to serve, monetize and engage their large user bases.
These are just a handful of areas where we expect the app economy to evolve over the near future. Despite how far this space has advanced over its first decade, it is just scratching the surface of its full potential. Users increasingly expect apps to completely transform the very nature of how they accomplish goals and tasks, as well as create brand new experiences not possible on other platforms. We are excited to see how app developers change the world by delivering on these needs over the app economy’s second decade.
Using customer relationship management (CRM) or data management platform (DMP) data to accurately target audiences across web, mobile browser and apps, Criteo Audience Match provides marketers with a new way to re-engage their customer base with paid display campaigns. Criteo has built a foundation of deterministic IDs within Criteo Shopper Graph, enabling beta customers to see a match rate of more than 60 percent of their existing client lists with online profiles.
Criteo Kinetic Design with Video automatically optimises every visual aspect of an ad to inspire and engage a shopper. Kinetic Design already allows for more than 17 trillion variations from one base design in display ads. This has been now expanded to incorporate video, creating personalized video ads that feature relevant products based on Criteo’s complete understanding of the shopper. These video ads are created automatically, on-the-fly, and appear across web and mobile.
“Collaboration in an open ecosystem levels the playing field and paves the way for commerce companies to shape their future. This is especially crucial for eCommerce companies in Asia-Pacific where the market is expected to grow to more than US$3 trillion by 2021,” said Huang Hanming, “We have developed Criteo Commerce Marketing Ecosystem to unleash the value of collaboration and the power of data to all who participate.”
As consumer video consumption continues to grow, Criteo’s clients can now use video to relevantly re-engage shoppers without production time, resources, or costs. Video is delivered in a non-intrusive manner to provide a seamless browsing experience – in app, in feed or on a website. Criteo’s video capability also allows marketers to take advantage of video ads on a cost-per-click basis.
“Understanding consumer purchasing behavior is challenging for retailers given that shoppers are on more platforms than ever before, with collected data being difficult to integrate and analyse, at scale,” said Alban Villani, General Manager, Southeast Asia, Hong Kong and Taiwan, Criteo. “To help retailers and brands overcome this challenge, Criteo Audience Match and Criteo Kinetic Design with Video, as part of a robust suite of commerce marketing technologies, will support the full shopper journey, enabling brands to create relevant and engaging experiences for customers online and offline.”
Myanmar is a highly mobile market, backed up by the latest research showing 99% of households now own a SIM card. This points to an interesting dynamic where consumers own SIM cards to make calls, but will borrow a common handset from friends or relatives.
Facebook and Gaming are the most popular mobile pastimes in Myanmar, although 95% of consumers still use their mobile phones for phone calls.
iKorea is a column by Soyoon Bach, a Digital Marketing professional in Seoul, covering developments in the Korean digital ecosystem.
Programmatic media buying is a powerful infant. While the technology itself is fairly new, it’s making strides globally. According to eMarketer, the programmatic market in the United States is projected to reach an estimated amount of 26.78 billion USD by the end of this year.
While North America is still by far the biggest programmatic market to date, Asia is quickly catching up and experiencing fast growth rates. Japan, Singapore, and Australia are leading the way as more mature programmatic markets in APAC. Korea is a big digital ad spender – the sixth largest in the world. However, programmatic buying is struggling to get its footing in the nation.
The estimated programmatic spend in Korea as of 2016 was around 141 million USD, which is far behind the billions spent in North America. Also, the definition of “programmatic transactions” is still murky; therefore, it’s unclear how much of that 141 million is truly programmatic. So why is this the case? How could one of the leaders of digital ad spending in Asia have resisted the strong programmatic current taking over the industry?
To understand this phenomenon, it’s important to take a look back through the history of Korea’s digital landscape. Since Yahoo! entered the domestic market in 1997, the digital ecosystem has largely been shaped and influenced by web portals, whereas web portals became fatally disrupted with the introduction of Google in North America. 1999 saw the birth of two web portals that still remain local titans – Daum and Naver. Dozens of other web portals competed for market share but Naver solidified its place at the top in 2003 and has maintained the position ever since. Daum come as a not-so-close second (the Bing to its Google if you may).
Naver is a formidable giant. The key difference between Google and Naver is that Google is a launching-off point. You start on Google and use it as a tool to help you get to where you need to go. Naver is different. It’s its own fully functioning ecosystem, equipped with search functions, blogs, cafes (communities), maps, ask sections, news, shopping, webtoons, music, real estate, finance, etc. You could access a mind-boggling amount of content without ever having to truly leave the platform. The experience is enclosed in comparison to Google’s openness.
This is probably the biggest reason why programmatic is stunted in Korea. One of the reasons why programmatic is such a hit is because it makes it so much easier to sell and buy ad inventory. There were an estimated 1.82 billion active websites in the US in April 2017. Imagine advertisers having to shift through that many websites to decide which publisher’s inventory they want to purchase. It also makes it that much harder for publishers to manually sell their inventory. But when you put it into an automated system, such as programmatic media buying, it relieves the pressures of manually selling and buying.
However, Naver never has this problem. Many Koreans go to Naver to start web surfing and usually will stay within the platform for most, if not all, of their internet journey. Thus, advertisers will always go to Naver to buy inventory because they know that it’s guaranteed to be shown to a wide audience. Unlike Google, that has famously refused any form of disruptive ads on its search engine (e.g. banners and pop-ups), Naver allows ads to be shown on a variety of placements all throughout their portal. And it’s always in high demand.
Advertisers have to go through booking processes for most of the inventory, possibly facing hefty penalties for booking cancellations. They also have to adhere to strict rules set by Naver, be satisfied with simplistic reports that don’t reveal much, deal with the strict forbiddance of third-party tracking, etc. For Naver Timeboard, which guarantees your ads will be shown in the spot right under the main search engine for one hour, advertisers can pay up to 30,000 USD. FOR ONE HOUR.
Advertisers grumble and moan but continually go back to Naver because that’s where their customers are. They can’t help but use it the way that most advertisers can’t avoid using Google for their search campaigns. You’re giving up too many impressions when you do. And because there’s such a high demand for their advertising space, sometimes requiring advertisers to book months in advance, they have absolutely no incentive to put their inventory out in a competitive marketplace. Daum has also followed in Naver’s footsteps.
So without Naver and Daum inventory, the marketplace for programmatic media buying just shrunk drastically, to a point where most advertisers don’t see the appeal of even bothering. Even with the appeal of more granular targeting options, more competitive pricing, and the ability to derive great insights about customer behavior, the lack of inventory is a huge barrier to entry.
However, Korea can’t stay this way forever. Global trends push for more transparency, more data, more precision and efficiency. High-tech Korean users are gravitating towards Google products and Korean branches of global agencies continue to feel pressure from abroad to start implementing programmatic practices. Programmatic technology platforms are arriving domestically in bulk. DCM, MediaMath, Adjust, Turn, Criteo, DataXu, and Rocket Fuel are just a couple of the players that are aiming to get in the market early.
It’s only a matter of time before the wall collapses and programmatic infiltrates the domestic market with full force. This leads to interesting questions that cannot yet be answered. How will powerhouses Naver and Daum react to this threat to their dominance? How will this change the Korean digital landscape and its heavy reliance on web portals to direct their internet activity? What strategies will Google utilize to take advantage of this situation? How will this push for transparency and an open web have ripple effects across other industries that have benefited from this enclosed ecosystem?
With Mobile quickly becoming the go to channel for brands, there is a quiet revolution happening in the world of marketing. Mobile is growing up, and getting serious as it moves front and centre. Here are our top Mobile advertising trends in APAC for the year ahead.
1. Rise of the apps
App use is growing 22% year on year, driven by increased smartphone adoption. Consumers already spend more than 50% of their total digital media time in app. This promises to grow again in 2018.
2. Gaming is the new TV
With 27% of time on mobile devices spent gaming, mobile games are slowly replacing TV as the backdrop to everyday life. One of the biggest opportunities for brands in 2018 is leveraging mobile gaming as a high reach, context neutral environment, just like TV or UGC / Social Media.
3. Mobile video keeps on rolling
Mobile video advertising spend has grown by 63% in over 2017. And with 4 times as many consumers preferring video over static advertising, brands will continue to top up in 2018.
4. Mobile native creativity
As consumers spend a majority of their media time on mobile, expect mobile native interactive and vertical video formats and functionality to move front and centre. Marketers will make more use of mobile capabilities to engage consumers in 2018.
5. Consumer choice and permission based advertising
With the rise of subscription media like Netflix, and increased adoption of ad blockers, consumers have more choice over their exposure to ads. Rewarded ads on mobile get 68% approval ratings from consumers, compared to only 20% who approve of pre-roll.
6. Mobile only consumers
With 65% of consumers in emerging markets already mobile only, and those in developed economies very much mobile first, the next generation may never experience the internet the way we do. Avid voice searchers, and heavy app users who avoid the desktop, they will see the world in a whole new way.
7. Mobile brand safety tracking and viewability grows up
Mobile devices are personal, so it’s even more crucial that advertising is delivered in a way that works for both advertisers and customers. Brand safety and viewability measurement will drive increased scrutiny of media investment, and a cleaner advertising experience for consumers.
8. Programmatic growth
Advertising spend is shifting fast to programmatic, and even faster from desktop to mobile. With mobile video set to account for 28% of ALL ad spend by 2019 it’s time to get on the mobile programmatic train.
A quick check of their books reveals that in the first quarter of 2017, 92 cents of every new dollar spent in online advertising across Asia Pacific (ex. China) went to Facebook and Google.
That’s an incredible statistic. The good news is that digital marketing in the region is clearly experiencing strong growth, with revenues up by $1.23 billion year-on-year in 2017. The bad news? Of that $1.23 billion in growth, virtually all of it – $1.13 billion in total – goes to Google and Facebook, with only $100 million to share across the remainder of APAC publishers.
Facebook and Google combined revenue this quarter hit 51% of all APAC revenue, meaning more budget goes to to Google and Facebook than every other digital publisher in the region put together.
Google and Facebook also forge ahead in terms of revenue against all media in the region, taking 15 cents in every 1 dollar spent. This is up from 12% – or 12 cents in the dollar – last year, and represents the increase in budget flowing from traditional media, including TV.
Finally, a note from history. In the early 1900s, the United States had around 2,000 firms producing one or more cars. By 1920 the number of firms had decreased to about 100 and by 1929 to 44. In 1976 the Motor Vehicle Manufacturers Association in the US had only 11 members.
In many ways digital advertising, and the industry that surrounds it, is it’s own worst enemy. All dollars eventually become digital dollars, so it is the only show in town. But a show obsessed with the next shiny thing, full of incomprehensible – and often meaningless – metrics, and more importantly, critically lacking in real transparency. Programmatic has only accelerated these tendencies.
Google and Facebook have done a huge amount to bring new money into digital advertising by simplifying advertising for brand marketers. And they have reaped the rewards.
However, they are now part of a systemic change representing an existential threat to an entire industry – media, advertising, agencies, publishing, journalism are all caught up in this – across the region and globally. Change rarely comes without casualties. The struggle for monetisation continues.
A huge debt to Jason Kint (this chart in particular) and Brian Nowak at Morgan Stanley for the inspiration for this article, and the work they have done creating similar graphs for Global and US ad revenues. Corrections welcome. Numbers are based on Facebook and Google publicly filed earnings information and best industry advertising revenue estimates – but someone out there may have a better view. The major assumption in this data is to exclude Chinese advertising spend both from Google and Facebook earnings information and APAC industry spend estimates to avoid distorting the data in a market where Facebook and Google have small (although not insignificant) advertising businesses. All the data is available on a public Google sheet (yes, sorry, it’s Google!) here.
Notes and References.
1. Google 2017 1st Quarter Earnings Report: a. Estimated based on reported total APAC revenues x 90% (percentage of Google revenues represented by advertising) b. Excludes Google revenue in China estimated based on APAC revenue data sources.
2. Facebook 2017 1st Quarter Earnings Report: a. Estimated based on reported total APAC revenue by User Geography b. Excludes Facebook revenue in China estimated based on APAC revenue data sources.
3. APAC digital revenue data compiled from: IAB, eMarketer, GroupM, ZenithOptimedia, McKinsey & Company
4. APAC all media revenue data compiled from: IAB, eMarketer, GroupM, ZenithOptimedia, McKinsey & Company.
Get Craft recently surveyed 150+ Indonesian marketers asking about their digital & content marketing habits. 55% of marketers still lack clarity about how their digital marketing drives business objectives. Other key findings included:
Marketers spend 31.5% of their budget on digital, 76% say this is an increase
Average and Median digital marketing budget of IDR 1.9 billion / year and IDR 875 million / year, respectively
Digital marketers’ key problems are around budget restraints & skills/resources gaps
Customer experience & content marketing are the most exciting growth opportunities
Content marketing is generally used for engagement & awareness – but B2B measures primarily lead generation
Written articles and videos are the most effective content marketing types
B2B brands prefer more to invest in dedicated in-house content team, whilst B2C relies more in agencies
1. V-Key managing trust and identity with virtual hardware on your phone
V-Key is a global leader in software based digital security. V-Key is the inventor of V-OS, the world’s first virtual secure element that uses advanced cryptographic and cybersecurity protections to comply with standards previously reserved only for expensive hardware solutions. How does it work? They create a virtual hardware smart chip within an app, meaning identity is held in the same way as on a cashcard smart chip – and with the same level of security. Interesting ultimately for anyone concerned with real world identity, which is why they already work with governments worldwide. Prepare for your passport to change in the near future. Trust simplified.
Handshakes applies natural language processing and machine learning technology in an innovative way to analyse corporate data and publicly available unstructured data. The platform can then fuse this data with a companies existing unstructured databases to provide strategic intelligence about who to trust and who to do business with. Exciting stuff and sure to disrupt back offices globally – corporate due diligence is suddenly a trivial task.
Xjera Labs focuses on revolutionary smart video content analytics (VCA) by implementing deep learning based VCA for various commercial applications. Kind of like Minority Report.
4. IOT Factory simplify the Internet of Things for normal entrepreneurs
IOT Factory have built a unique Software Platform to make any sensor, any device, using any network (M2M, LoRa, SigFox, BLE and many more) speak a desired language, through dashboards, reports, smart alerts, and easy integration capabilities. Essentially they’ve automated the back end of the Internet of Things so non-technical innovators can start to build on it. Thank you.
SettleMint is a fintech player working with distributed ledger technology. One of their projects, called SettleMint Ballot Box, uses immutable blockchain technology to record votes. In doing so, the company aims to address any doubts regarding the outcome of voting processes and elections. Use cases for the blockchain are crucial for pushing this forward.
6. Playpass bringing versatile Apple Pay / Paywave type technology to events
PlayPass are all about events and technology. They provide RFID solutions to allow better event management – in short every attendee gets an RFID wristband. From the moment the gates open real-time reporting tracks and displays the number of visitors on-site, which brands and activations are of interest to that visitor and what they consume and purchase.
SGInnovate this week presented ARISE, an Artificial Intelligence-themed event at innovfest unbound 2017as part of a long term investment in AI and data driven technology. The anchor event of the Smart Nation Innovations Week, innovfest unbound is Asia’s largest innovation festival with more than 8,000 attendees.
ARISE is planned to provide a platform for researchers, academia and industry leaders to explore emerging AI trends and give insight into how it will affect the way we live and work in years to come.
Among the leading figures from the tech sphere at ARISE was Dirk Ahlborn, CEO of Hyperloop (first proposed by Elon Musk), who revealed an inside story of the smart people and smart machines powering the next generation of transport tech.
Macro trends such as machine learning, robotics in the workplace and in the domestic sphere, emerging technologies, and the march towards artificial sentience were also covered.
Steve Leonard, Founding CEO of SGInnovate, said: “Artificial Intelligence has the potential to dramatically impact many areas, such as Healthcare, Transportation and Education. In fact, without even realising it, we have all embraced some form of AI in our daily lives – such as virtual assistants in our phones – and the next few years will bring exciting advances in many ways.”
“We passionately believe that Singapore has the right resources to be an important hub for research, so the challenge for us here is to ensure we are leaders in the development and use of AI capabilities to improve the lives of people here and around the world. We think ARISE is an extremely timely event, and we look forward to the constructive discussion around the challenges and the opportunities, that AI will bring.”
Today, Singapore is already a fast-growing influence within the realm of AI with the country ranked second globally by field weighted citation impact for AI R&D.
On a global scale, the AI market is growing rapidly. It is estimated that revenue for the cognitive systems and AI market will increase from an around US$8 billion (S$11.1 billion) in 2016 to over US$47 billion (S$65 billion) by 2020.
To further boost Singapore’s AI capabilities, the National Research Foundation (NRF) Singapore recently announced AI.SG, a national programme in AI driven by a government-wide partnership with SGInnovate as one of the partners.
NRF will invest up to S$150 million over five years in AI.SG, which will catalyse and synergise Singapore’s AI capabilities to power our future economy with practical solutions to real-world challenges.
“As a private company wholly-owned by the Singapore Government, SGInnovate has one purpose – to help aspiring entrepreneurs in Singapore imagine, start, and scale technology-intensive products with the potential to be globally relevant. We are working with entrepreneurs and investors in industries such as healthcare, energy and transportation, all of which are seeing a flurry of artificial intelligence (AI) startups. The launch of AI.SG helps give a solid foundation which a wide range of activities in academia, research, corporates, entrepreneurs and investors can build upon,” added Mr Leonard.