– This is the script of CNBC's news report for China's CCTV on March 9, Wednesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
The major factors driving the growth of the Artificial Intellegence market include diversified application areas of AI, improved productivity, and increased level of customer satisfaction.
In addition, the rising demand for intelligent systems is expected to propel the growth of the market in the next five years.
The machine learning technology held the largest market share of the global artificial intelligence market in 2015.
This is because, the machine learning technology is a key element of artificial intelligence and is used in conjunction with other technologies such as natural language processing and image processing across a wide range of application areas.
The market for natural language processing technology is expected to grow at the highest rate during the forecast period. Natural language processing technology is paving new market opportunities majorly in the field of media & advertising, retail, and finance, among others.
Look at this chart -- it shows the private investment into the AI technologies... and the blue part shows the M&A amount each each.
As you can see, investment peaked in 2014 to 150 bn USD and fell slightly to less than 12 bn in 2015. Meanwhile, M&A peacked in 2012.
And where is the money from? Let's take a look at the following chart, which shows you the patent numbers held by tech giants.
Microsoft leads all companies, helding 140 patents.
IBM is ranked the 2nd, with 90
Yahoo and Google ...
The AI market for the healthcare sector is expected to exhibit the highest growth rate during the forecast period due to the increasing demand for clinical trials, treatment simulations, and new solutions.
The finance sector is expected to play a key role in changing the artificial intelligence landscape; and the AI market for this sector is expected to grow rapidly during the forecast period.
In a report published in January, the World Economic Forum estimated that up to 5.1 million jobs could be lost over the next five years in the 15 global leading economies from disruptive labor market changes such as robots and artificial intelligence.
CNBC's Qian Chen, reporting from Singapore.
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Welcome to CNBC Business Daily, I'm Qian Chen.
China is trying to get rid of its excess capacity, and here is why it is important.
In China, the debt buildup since 2008 created tremendous excess capacity in virtually all economic sectors.
Ghost cities and zombie factories are a few of the observable outcomes of this excess capacity.
The economic impact of excess capacity is stagnation at best and recession at worst.
Therefore, it's key for China to take the right path and cripple the excess capacity.
However, some industries will feel the pain.
China expects to lay off 1.8 million workers in the coal and steel sectors as part of its efforts to reduce industrial overcapacity.
Government officials said that the capacity cuts will lead to some layoffs in 2016, but added that he was confident of keeping employment stable this year despite downward pressure on the economy.
China aims to remove around 500 million tonnes of coal production capacity within the next three to five years and halt approvals of all new projects.
While China is trying to tackle supply- and investment-led issues, the government hopes the services sector can help propel consumption.
China's premier has pledged to accelerate "supply-side reform," or the painful process of shrinking bloated industries from steel to cement and aluminum.
That glut has led to price-cutting wars that are driving companies into bankruptcy.
Steel producers have responded by exporting their surplus, prompting complaints by China's trading partners.
CNBC's Qian Chen, reporting from Singapore.
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