Artificial Intelligence (AI) applications and tools, including generative AI, are unlocking significant economic benefits. From automating repetitive tasks to boosting analytics, workers and businesses are now able to do more with less time. These applications can translate into revenue expansion, cost improvements, and productivity gains. Singapore’s updated National AI Strategy aims to ensure that Singapore has the talent, compute power, and the right level of support for businesses to adopt these technologies.[1]
Our study finds that there is a sizeable AI opportunity in the Asia-Pacific region. For key markets in the Asia Pacific, up to SGD 4.1 trillion (USD 3 trillion) of economic benefits are expected for businesses in 2030 if AI-powered products and solutions are adopted.[2] Specifically, for key markets that are part of the Southeast Asia sub-region, businesses could expect up to SGD 1.1 trillion (USD 835 billion) in 2030 — or 28% of the region’s total opportunity.[3] Singapore is expected to be among the leaders of this AI revolution within the region, with AI adoption in Singapore expected to provide economic benefits of up to SGD 198.3 billion (USD 147.6 billion) in 2030.
As Singapore’s digital economy grows, cybersecurity threats are also growing in tandem, with scam and cybercrime incidents rising over 60% year-on-year between 2021 and 2023.[4] To effectively mitigate cybersecurity losses, Singapore must promote cybersecurity investments, digital literacy programmes, and integrate government initiatives to equip Singaporeans and businesses to deal with cybersecurity challenges. This study reveals that SGD 18.5 billion (USD 13.8 billion) of cybercrime losses can be prevented for Singapore in 2030 if businesses deploy AI-powered cybersecurity capabilities.
Google as a partner on Singapore’s AI journey
Google has been a key partner in helping to strengthen Singapore’s AI ecosystem through its variety of AI-powered products and solutions, as well as programmes and initiatives.
Google empowers businesses in Singapore by democratising access to AI. In 2023, Google Search, Google Ads, Google AdSense, Google Play, Google Cloud, and YouTube helped provide SGD 9.8 billion (USD 7.3 billion) of economic activity for businesses. Google also supported 22,000 jobs by helping businesses expand through their use of Google products, with an additional 54,000 jobs supported by the Android app economy.
Google also provides significant benefits for households by empowering them with access to AI-powered products and solutions. From quicker and easier travel from Point A to B with Google Maps, to using Google Workspace to co-create and collaborate across teams, more Singaporeans are benefitting from the use of Google’s tools. In fact, Google Maps users in Singapore have helped save over 42,000 tonnes of carbon emissions in 2023 by using the optimal travel routes suggested in the app — equivalent to taking 6,600 passenger cars off the roads. In the same year, Google products helped provide SGD 4.9 billion (USD 3.6 billion) of economic benefits for households.
Private sector partners, like Google, will continue to play a key role in advancing Singapore’s AI agenda. As a leading tech player, Google empowers businesses and households in Singapore by providing secure access to AI-powered products and services, and is driving positive economic, environmental, and social change through its products and initiatives.
