The Economic Impact Report 2024, commissioned by Google, highlights significant potential benefits from AI adoption in Singapore. Launched during the Google AI Connect Summit, as part of the recent ATx Summit in Singapore, the report estimates that AI-powered products and solutions could contribute S$198.3 billion (US$146 billion) to Singapore’s economy by 2030, nearly 30 per cent of the country’s 2023 GDP.

This projection underscores the importance of effective partnerships with private sector leaders to maximise AI’s economic impact. The report also emphasises Singapore’s strategic positioning within the region to harness AI for economic growth, supported by governmental initiatives to nurture local AI talent and promote adoption across key sectors.

One of the report’s critical findings is the potential to prevent S$18.5 billion (US$13.6 billion) in cybercrime losses by deploying AI-powered cybersecurity measures.

As AI evolves, so do cybercriminals’ tactics. They increasingly use AI to enhance their attacks’ scale, speed, and sophistication. AI’s dual-edged nature necessitates parallel investments in robust cybersecurity infrastructure. Singapore aims to bolster its defences against cyber threats by leveraging AI and aligning its AI development with comprehensive cybersecurity strategies.

Singapore is one of the first countries to introduce a National AI Strategy (NAIS) in 2019 and is investing S$1 billion (US$700 million) to support AI development.

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Complementing these AI initiatives are efforts to enhance cybersecurity skills and tools. Recognising the increasing threat of AI-enhanced cybercrime, the government is investing S$50 million (US$36 million) to strengthen its cybersecurity workforce. This investment aims to develop a more robust digital ecosystem, equipping professionals with the skills needed to combat sophisticated cyber threats.

Driving AI adoption in Singapore

The report also revealed that AI adoption in Singapore is driven by strong public interest. Seventy-eight per cent of Singaporeans are keen to learn more about the technology, and more than half are already using Generative AI.

This widespread engagement reflects a robust enthusiasm for AI technologies, though a significant emphasis is on responsible AI development. A survey by Ipsos revealed that 38 per cent of Singaporeans prioritise ‘responsible’ AI development, a higher percentage compared to other developed markets such as the UK (29 per cent) and the US (33 per cent).

In the report, Google explains its role in promoting AI adoption in Singapore through collaboration with the Singapore government. This partnership aims to facilitate broader access to AI technologies. For example, Google’s AI system, Gemini, is integrated into popular products such as Gmail, Docs, and Slides.

The economic impact of AI in Singapore is substantial. In 2023, Google said that its AI-powered products and solutions contributed S$14.7 billion to the economy.

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This significant financial benefit underscores the potential of AI to drive economic growth and improve efficiency across various sectors in Singapore, highlighting the tangible advantages of integrating advanced AI technologies into everyday activities and business operations, the report stressed.

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Image Credit: Google

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