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"Given the pace of AI innovation, we are confident that this is not a distant dream, but a reality that will unfold in the matter of years, not decades,” said Ben King, MD, Google Singapore.
With a strong culture of tech optimism and early adoption, Singapore is well-positioned to harness the full potential of AI.
An Economic Opportunity Report commissioned by Google estimates that AI-driven labour productivity could generate SGD 53bn for the economy, while freeing up nearly 21 workdays a year for the average worker.
Shared in this piece are some of the most relevant findings from the report.
With Singapore’s growing ageing population and an expected three-fold increase in the share of population over 65 years old, AI can offset these potential labour shortages by taking over repetitive tasks to help maintain productivity levels.
Furthermore, Singapore’s digitally savvy workforce offers a solid foundation for AI adoption, with 58% of employees already taking the initiative to use AI tools to boost their daily productivity, and 82% eager for more training opportunities.
On the flipside, only 27% say their company leadership actively encourages AI use. This gap highlights the need to move beyond grassroots adoption and toward a more strategic, company-wide training approach that that ensures equitable access and upskilling across all segments of the workforce.
Progress in healthcare and cybersecurity sectors
The report also revealed how AI ’s increasing availability is paving the way for broader adoption across sectors such as healthcare and cybersecurity.
In healthcare, AI is expected to significantly accelerate pharmaceutical research and development, with the potential to reduce drug discovery time by an estimated 40%— enabling faster and more cost-effective delivery of life-saving treatments.
Notably, 68% of Singaporeans are open to involving AI in medical diagnosis, provided a human doctor is present to oversee the process.
In cybersecurity, given that Singaporeans are among the highest per capita victims of cybercrime globally, AI can play a crucial role in preventing malicious activity.
By 2035, AI is projected to reduce response times and prevent up to 60% of cybersecurity-related costs.
Empowering the next chapter of AI adoption
According to the report findings, here is a summary of the ways businesses and policymakers can use AI's potential to sharpen Singapore’s competitive edge
- Offsetting the effects of an ageing population
- AI can help boost worker productivity, potentially offsetting over half of the labour shortages caused by Singapore’s ageing population.
- Research indicates that current AI technologies are likely to augment the work of 76% of employees, while fewer than 9% may require support for career transitions.
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Accelerating R&D in the healthcare sector
- By integrating AI tools into pharmaceutical research and development, Singapore’s biotech firms could reduce drug discovery time by more than 40%.
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Helping companies navigate non-tariff trade barriers
- Exporting beyond Singapore’s borders often involves complex regulatory requirements. AI can help businesses overcome challenges related to language differences and varying regulatory systems, potentially boosting Singapore’s exports by over S$380bn.
READ MORE: PwC launches AI Hub in Singapore
Infographics / Public First
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