Singapore lags behind AI tech spend

But two in five shared that their companies use GenAI for many use cases.

Most Singaporean firms have allotted only 15% of their technology budget for the next year to GenAI, the lowest amongst those surveyed, and below the 23% global average.

This is despite 39% of Singaporean respondents who started the survey reporting that their organisation uses gen AI for many use cases today, identical to the worldwide average

In a separate report by Deloitte, 32% of respondents in Singapore have moved 40% or more of their AI pilots into production, higher than the global average of 25%. In the next three to six months, 54% of respondents, both in Singapore and globally, expect to reach this level of deployment.

Business leaders in Singapore are seeing benefits from their AI efforts, with 73% reporting improved efficiency and productivity, above the global average of 66%. Furthermore, 53% of Singapore respondents say that AI has enhanced their decision-making and provided data-driven insights – similar to the global average of 53%.

However, the report notes that more can be done in terms of AI-driven transformation. Only 33% of leaders in Singapore and 30% globally say their organisations are redesigning key processes around AI whilst keeping their overall business model intact.

Even fewer still (28% in Singapore) use AI to fundamentally reinvent their core processes and business models, although this is higher than the global average (17%).

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