(Yicai) Nov. 22 -- Global artificial intelligence startups had fundraised more than USD120 billion as of the end of 2023, led by US and mainland Chinese companies, according to a report released at the annual meeting of financial think tank, the International Finance Forum.

US AI startups have raised more than USD30 billion, accounting for a quarter of the global total, and ranking first, according to the report, which was published by the IFF and Deep Knowledge Group, a consortium focused on DeepTech and frontier technologies, at the IFF’s 21st Global Annual Forum which is being held in Hong Kong from Nov. 22 to Nov. 23.

Mainland China followed closely in second place with USD27 billion, said the report, which analyzed data from more than 55,000 AI companies from around the world. Hong Kong entered the top 10 for the first time, ranking at eighth place. Ninety-eight percent of the total fundraising came from the top 30 countries and regions.

There were around 55,000 AI companies in the world as of October, according to the report, which evaluates the AI competitiveness and development potential of different countries and regions. Of these startups, 73 percent are concentrated in the highest-ranking 10 countries.

The US dominates the AI industry, with 36 percent of the world’s AI startups at over 20,000. The United Arab Emirates and Saudi Arabia rank among the top 30 countries in the world in terms of the number of AI firms, demonstrating the region’s potential for AI development. At the same time, emerging markets such as mainland China are rising rapidly and becoming an important force in global AI development.

Software services, platform solutions, enabling businesses and consulting are the roles that AI firms most want to be engaged in. The majority of AI companies work in the healthcare, marketing, design, scientific research, automation, security and the Internet of Things sectors.

Editor: Kim Taylor