Singapore emerges as top AI startup hub in the region

SINGAPORE: Singapore has been ranked the best country in the region for AI startups, boasting a relative AI hiring rate of 18.93% between 2022 and 2023, according to the AIPRM report.

This recognition cements Singapore’s status as a key player in the global artificial intelligence sector.

On a global scale, Singapore secured the second spot, trailing only behind the United States, which leads with an AI hiring startup score of 85.97.

Singapore’s own final AI startup score came in at 84.36, driven by its dynamic AI ecosystem that saw 193 newly funded AI companies between 2013 and 2023. Over that period, the country attracted $8.1 billion (US$6.3 billion) in private AI investments.

Additionally, Singapore made waves in the private investment landscape, pouring $432.4 billion (US$335.2 billion) into AI—a figure that stands as the highest amount recorded in the study.

In comparison, India ranked tenth globally with a final AI startup score of 67.2. India’s AI hiring rate, at 16.83%, is among the top ten nations.

However, despite this strong hiring growth, India’s revenue growth in AI is notably lower, registering a 196% increase—the lowest within the top ten countries.