AI Investment in Asia Pacific to Hit $117B by 2030: Deloitte

Investment in artificial intelligence (AI) in the Asia Pacific is expected to increase five times by 2030, hitting US$117 billion, with generative AI (GenAI) becoming the region's quickest-growing enterprise technology, as reported by Deloitte.

However, the company pointed out that this increase in productivity presents difficulties. Though interest in implementing generative AI is robust, nine out of ten Malaysian firms think it also brings security weaknesses, such as cybersecurity threats.

Deloitte's report, AI at a Crossroads, revealed that merely 13 percent of the global financial services industry (FSI) is sufficiently ready to use reliable AI.

In Malaysia, the report indicated that 51 percent of businesses still struggle with adopting AI technologies, whereas 37 percent mentioned a lack of comprehension regarding AI and its possibilities.

The report additionally disclosed that less than 60 percent of surveyed employees in Malaysian organizations possess the necessary skills to utilize AI solutions in a manner that is both ethically and legally compliant.

Although the FSI is among the top adopters of digital innovation, the report indicated that merely 13 percent of FSIs worldwide were considered 'prepared' for reliable AI.

With the increasing demand for financial services, especially among younger and more technology-savvy users, effective governance is essential for securing the industry's future growth or facing potential setbacks.