Singapore ranked 2nd best country for AI startups

Singapore is ranked second in the global artificial intelligence (AI) startup landscape. The study, which assessed factors such as hiring rates, private investment and the number of newly funded AI companies, placed Singapore just behind the United States as one of the world’s most promising hubs for AI entrepreneurs.

From 2022 to 2023, Singapore recorded a relative AI hiring rate of 18.93%, the highest among the countries analyzed. This demonstrates the country’s strong commitment to AI talent acquisition and growth, positioning it as a favorable location for businesses focused on advanced technologies.

Despite its smaller size than global players like the U.S., Singapore achieved an 84.36 out of 100 AI startup score. Over the past decade, it has seen 193 newly funded AI companies and $6.3 billion in private AI investment. This investment is part of a broader $432.4 billion total directed toward AI-related innovation.

The U.S., which leads the ranking with an AI startup score of 85.97, far surpasses other nations in private investment, contributing $335.2 billion. It also leads in the number of newly funded AI companies, with 5,509 launched between 2013 and 2023.

Sweden, which ranks third, has experienced remarkable growth, with an AI revenue increase of 1,127%, one of the highest globally. Despite this, Sweden saw the establishment of just 94 newly funded AI companies.

Other notable countries include Switzerland, which ranks fourth, and China, which ranks fifth, each contributing significant AI innovations but trailing behind Singapore and the U.S. in certain areas such as hiring and private investment.

The global AI industry is on the rise, with projections suggesting that the market will grow from $214.6 billion in 2024 to $1.3 trillion by 2030.