China’s AI market size reaches USD 1.76 billion in 2018

The market is still small if you consider how much cash investors have spent.

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China’s AI market size reaches USD 1.76 billion in 2018

China’s artificial intelligence market size amounted to USD 1.76 billion in 2018, said market research firm IDC. In 2023 IDC expects that number to jump to USD 11.9 billion.

According to IDC, computer vision applications took the largest share in China’s AI market with USD 750 million in 2018, while security and surveillance and facial recognition in finance were the two most common scenarios in which AI-related technologies had been used.

In the computer vision sub-sector, SenseTime took a 23% market share in the second half of 2018, ranking the first while Megvvi followed with a 20.8% share.

Megvvi just closed its Series D financing round with USD 750 million, while SenseTime closed its Series C+ financing round with USD 620 million in May 2018.

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