Australia is poised to become a global leader in artificial intelligence (AI), according to a new report by the National AI Centre, part of the national science agency CSIRO.
The report identifies 31 potential AI application domains that can help Australia become a globally competitive AI maker and exporter, with the top five being livestock production, medical technology, horticulture, optometry and dermatology.
Titled 'Australia’s Artificial Intelligence Ecosystem – Catalysing an AI industry', the report was released during Australia's first AI Month, providing a comprehensive analysis of the current AI landscape and its potential for commercial growth.
The report highlights a significant gap in Australia's AI output: while the country produces 1.6% of global AI research, it accounts for only 0.2% of global AI patents where the inventor is Australian.
This disparity underscores the potential for enhancing the country's global competitiveness through increased patenting and commercialisation of AI research.
Australia's taking a byte of AI. ????A new report, released today by our National AI Centre, has identified 31 potential application domains that can help Australia become a globally competitive AI maker and exporter. https://t.co/jwoKqJz5Cj
— CSIRO (@CSIRO) December 5, 2023
$13 trillion AI opportunity
To seize the benefits from the $13 trillion AI opportunity, Australia could patent, commercialise and apply its world-leading research to domestic and global challenges, said National AI Centre director Stela Solar.
“This could boost Australia’s international competitiveness, attract investments, foster talent growth and fuel the development of new sectors and jobs," Solar said.
“AI is the lifeblood of modern innovation and Australia has the cutting-edge research capability to create globally competitive AI solutions.
"We have the leading players on the court and need a gameplay that translates this capability into goals.”
Key findings
Key report findings include the existence of 544 AI companies in Australia, comparable to global leaders like Canada.
The report also reveals significant growth in the sector, with a 7.7% year-on-year growth over the past five years.
Most of these companies specialise in data services, focusing on the development and optimisation of AI capabilities.
Additionally, the report notes geographical clustering of AI companies in Australia, with 54% located in major hotspots across Sydney, Melbourne, Brisbane, Adelaide and Perth.