G3 Global to expand further into AI, data analytics
01 May 2020
G3 Global Bhd, an apparel manufacturer and information and communications technology (ICT) solutions and services provider, expects to expand further in artificial intelligence (AI) and data analytics segment amid a surge in demand for such services following the COVID-19 outbreak.
The company will continue to invest to grow the ICT business due to its growth potential, it said.
“AI is being applied in other industries and in various disciplines due to its accuracy in capturing data, automatically analyse and help guide business strategies,” it said in its 2019 Annual Report.
It said the global AI market size is expected to grow to US$390 billion by 2025 with compound annual growth rate of 46 percent, while in Malaysia, data and analytics software market is forecast to reach RM595 million by 2021.
G3 Global said it is estimated that AI would push the innovation rate to almost double in 2021 from currently and improved productivity by 60 percent.
“Already 26 percent of organisations in Malaysia have embarked on AI, hence, a larger market potential for AI adoption in Malaysia,” it said.
It said AI usage has also expanded to office towers, parking lots, court room, retail outlets, airport and various everyday online services.
“Workforce in Malaysia are also being upskilled to acquire data science and data engineering competencies. Thus, Malaysians have a strong maturity level to adopt AI,” it said.
The company said with RM3 billion fund allocated in 2019 Budget under Bank Pembangunan Malaysia to accelerate development and adoption of smart technologies including AI and robotics, the future of AI growth in Malaysia is positive.
Meanwhile, G3 Global said it is still unable to estimate the financial impact of COVID-19 on its financial results for the financial year ending Dec 31, 2020, as the pandemic has yet to run its full course, hence the current situation is still fluid.
“The company will continuously assess the impact of COVID-19 on its operations,” it added.