SG firms lead investment in AI and machine learning technologies

Local businesses, on average, invest 24% of their annual budget in AI and machine learning.

Singapore is ahead of the United States and the rest of the world in terms of artificial intelligence (AI) and machine learning (ML) investments.

Data from Workday showed that Singapore businesses on average invest 24% of their annual budget in AI and ML, ahead of the United States (22%) and Canada (21%), and higher than the global average of 18%.

Singapore businesses are also ahead of the game when it comes to implementing AI and ML across business operations.

Half of Singapore businesses (51%) are already making progress in AI and ML deployments to streamline workflows and augment the workforce. 

 According to local firms,  AI and ML technologies benefit their operations in many aspects. Six in 10 HR leaders believe AI and ML will enable HR to deliver more strategic value, whilst finance leaders (57%) say such technologies are a complete game changer for finance and procurement.

Looking ahead, 69% of Singapore business leaders believe their organisation will be investing more in AI and ML in five years.