In order to seize the benefits from the predicted $13 trillion opportunity offered by artificial intelligence (AI) innovations developed worldwide, countries like Australia – which produces 1.6 per cent of global AI research but only 0.2 per cent of global AI patents – will need to transform AI research into commercial opportunities that support national industry strengths.
The new research report, Australia’s artificial intelligence ecosystem – Catalysing an AI industry, commissioned by the National AI Centre (which sits within Australia’s national science agency CSIRO), identified 31 potential application domains that can help Australia become a globally competitive AI maker and exporter.
Among the top five domains include livestock production, medical technology, horticulture, optometry and dermatology.
Dr Alexandra Bratanova, senior research scientist at CSIRO’s Data61 and author of the report, noted that AI innovation hotspots would help “catalyse the formation, growth and development” of these industry-specific AI opportunities.
“Homegrown AI solutions can be higher in quality, tailored to domestic needs and more aligned to our values of safe and responsible AI products than those from big international AI providers,” Bratanova said.
Additionally, the study found that securing patents for research would be crucial for the country and help cement its position across the field while benefitting from its own innovations.
According to National AI Centre director Stela Solar, the path forward for Australia’s role in AI innovation lies in its ability to patent, commercialise and apply its research to help resolve domestic and global challenges.
“Australia’s AI ecosystem is experiencing rapid growth, specialisation and diversification, and we need to keep applying innovative AI to areas Australia already leads on a global scale,” Dr Stefan Hajkowicz, chief research consultant at the CSIRO’s Data61 and lead author of the report, said.
The other key report findings are:
- There are 544 AI companies in Australia, a figure that is on par with other global AI leaders like Canada.
- The number of AI companies has increased substantially in the past decade, with 396 opening in the past 10 years and 204 in the past five years. This is a 7.7 per cent year-on-year growth over the past five years.
- Most of Australia’s AI companies provide data services that develop and optimise AI capabilities, including data analysis and management.
- Australia’s AI companies show patterns of geographic clustering with 8 hotspots across Sydney, Melbourne, Brisbane, Adelaide, and Perth. 54 per cent (296) of AI companies are located in these hotspots.
