A growing number of enterprises are adopting AI tools and systems, from 35% in 2022 to 42% in 2023. While this can bring considerable benefits to both organizations and consumers, it is important to balance innovation with compliance due to the risks associated with AI systems. Appropriate business safeguards need to be put in place, especially with the rising prevalence towards AI regulation through legal, governance, and risk management frameworks.

While jurisdictions like the EU and US are leading the push for comprehensive AI legislation as well as spending on AI, other regions like Asia are starting to catch up as well. In the Asia Pacific region as a whole, spending on AI systems, including hardware, software, and services, was about US $20.6 billion in 2022.