Singapore's digital economy was a significant driver of growth, contributing SG$113 billion to the GDP. With a compound annual growth rate of 11.2% between 2018 and 2023, it outpaced the total economy's GDP growth rate of 5.8%.
The Infocomm Media Development Authority reported that 94.6% of small and midsize businesses in Singapore have adopted digital technologies in multiple areas. Those leveraging the government’s Productivity Solutions Grant witnessed average cost savings of 50%.
With 20% of the 400 pre-approved digital solutions available for SMBs being AI-enabled, IMDA aims to bolster this figure. They plan to encourage 15,000 new SMBs to adopt AI solutions in the next two years.
The government's Gen AI sandbox, launched in February 2024, allows SMBs to explore AI applications before adoption. A second iteration will launch in December with 15 curated Gen AI solutions designed for specific market segments.
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