The Asia-Pacific region is witnessing a surge in the adoption of Generative AI (GenAI), with India poised to become one of the fastest-growing markets in the coming years, according to a report by IDC.
The IDC report indicates that the Asia-Pacific region is experiencing an extraordinary increase in the adoption of Generative AI (GenAI), encompassing software, services, and hardware tailored for AI-focused systems.
The report indicates that GenAI spending in the Asia-Pacific region is projected to reach $26 billion by 2027, with a compound annual growth rate (CAGR) of 95.4 p%. This surge highlights the region's significant role in driving AI innovation and technological advancement.
Deepika Giri, Head of Research for Big Data and AI at IDC APJ, predicts that investment in GenAI will peak within the next two years, followed by a period of stabilization.
According to Giri, China is anticipated to maintain its dominance in the GenAI market, while both Japan and India are poised to emerge as the fastest-growing markets in the near future.
From software development to customer service, GenAI is reshaping various industries and introducing a new era of innovation across the region. Particularly, the financial services sector is witnessing significant growth in GenAI adoption, with projections indicating a potential reach of $4.3 billion by 2027 and a CAGR of 96.7%, as per the report's findings.
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