Central regions | Finance, business | Technology & innovation
Russia’s AI market may grow 40 times within three years, analysts believe
27 Nov '17
The Russian market for artificial intelligence and machine learning solutions is expected to skyrocket from a modest $12m this year to an estimated $475m by 2020 already. The financial, retail and industrial sectors will be the primary market drivers, Kommersant reported, citing research by TAdviser and Infosystems Jet.
The analysts are reported to have surveyed 100 large-scale and medium-sized companies. About 25% of these said they already use machine learning technology. A reported 57% said they will step up spending on AI and machine learning in the next three-to-five years. Approximately 30% of these believe the market will be growing at a CAGR of 15-20% a year.
Kommersant offered for comparison an estimate by IDC, a global analytical firm, which expects the global market (including hardware, software and related services) to grow from today’s $8bn to $46bn in 2020.
Between 2007 and 2017, the Russian government spent about $390m on AI-related R&D, TAdviser and Infosystems Jet reported. Projects for the government sector, transport, defense and security have been the strongest magnets for government finance in this area. The government sector has been keen on adopting decision-making solutions and image/video recognition products.
Businesses have been less active but not at all languid. For example, according to the analysts, Hh.ru, a headhunting service, has introduced automatic processing of applicant’s resumes and reported an increase in efficiency; M.Video, a large household appliances and electronics retailer, has successfully used machine learning to boost consumer appeal and ensuing profits; and Yandex, Russia’s largest search engine, has used the technology in its voice assistant called “Alice.”