"Back in 2015, you get a lot of data points. Now, we're moving into the second phase where companies are trying to capture data, analyse the data...and monetize it," a KPMG China partner, Lyndon Fung, told CNBC's "Street Signs" on Thursday.
He cited self-driving cars as an example of artificial intelligence technology that is poised to transform lives.
In the report released last week, KPMG found investment by VCs in China reached a record high in 2016, despite a global slowdown.
According to the data, investment by VCs in China increased 19 percent to $31 billion in 2016 from 2015, although deal volumes fell 42 percent to 300 from 513 in the same period. This is due to mega-deals recorded early in the year.
Global VC investment fell 9.4 percent to $127 billion in 2016 against a 24 percent slide in deal counts to 13,665.