 The Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS) have penned an agreement that allows them to refer innovative financial technology (FinTech) companies between the two authorities, it was announced on Wednesday. The agreement centres on a referral mechanism that – in addition to referrals – is designed to help facilitate the sharing of information on financial sector innovation in the Middle East and Far Eastern markets. Additionally, both authorities agreed to work on projects on the application of blockchain and distributed ledgers, big data, application programing interfaces, and digital and mobile payments.

 A new update to the Worldwide Semiannual Big Data and Analytics Spending Guide from International Data Corporation (IDC) forecasts worldwide revenues for big data and business analytics (BDA) solutions will reach $260 billion in 2022 with a compound annual growth rate (CAGR) of 11.9% over the 2017-2022 forecast period. BDA revenues are expected to total $166 billion this year, an increase of 11.7% over 2017. The industries making the largest investments in big data and business analytics solutions throughout the forecast are banking, discrete manufacturing, process manufacturing, professional services, and federal/central government. Combined, these five industries will account for nearly half ($81 billion) of worldwide BDA revenues this year. They will also be the industries with the largest BDA opportunity in 2022 when their total investment will be $129 billion. The industries that will deliver the fastest BDA revenue growth are retail (13.5% CAGR), banking (13.2% CAGR), and professional services (12.9% CAGR). The United States is by far the largest geographic market, delivering nearly $88 billion in BDA revenues this year and more than half of the worldwide total throughout the five-year forecast. Western Europe is the second largest geographic market with 2018 revenues expected to reach $35 billion, followed by the Asia/Pacific region with $23.9 billion. Japan will be the second largest country for BDA investments in 2018, followed by the United Kingdom, Germany, and China. The countries with the fastest growth in BDA solutions are Argentina (20.8% CAGR), Vietnam (19.8% CAGR), Philippines (19.5% CAGR), and Indonesia (19.4% CAGR).

 According to Data Pulse: Maximising the Potential of AI, a survey of IT professionals across Asia Pacific, 90% of organisations in India have already implemented AI, and almost all respondents (99%) are planning to implement more AI solutions in the next 12 months. There is no denying the fact that the use of Artificial Intelligence (AI) is on the surge. In India, AI adoption is already so robust that its applications have been realized in several areas including information technology, supply chain, and logistics, as well as research and development (R&D). Globally, India is ranked third after the USA and China in terms of AI implementation. With AI possessing the potential to add US$957bn, or 15% of India’s current gross value to the Indian economy by 2035, the combination of the technology, data, and talent that make intelligent systems possible has reached critical mass, driving extraordinary growth in AI investment.

 The Global Hadoop Big Data Analytics Market was valued at USD 6.86 billion in 2016 and is projected to reach USD 198.76 billion by 2025, growing at a CAGR of 45.36% from 2017 to 2025. Global Hadoop Big Data Analytics Market by Top Manufacturers (2018-2025):

 One97 Communications Limited, the holding company for Paytm, announced the launch of an artificial cloud computing platform for the online payment portal. Named ‘Paytm AI Cloud for India’ the platform is aimed at developers, startups and enterprises. They have partnered with Alibaba for Cloud Computing Infrastructure and will soon offer an enterprise-messaging solution in partnership with DingTalk.

 A Centre of Excellence for artificial intelligence is in the works in India, to work with the oncoming internet revolution that will definitely be spurred by the advent of 5G. Media reports have stated that this establishment will be set up by National Informatics Center (NIC), under the Ministry of Electronics and IT in New Delhi. The CoE will coordinate with other Union ministries to offer solutions regarding relevant sectors.

 There has been a significant increase in the number of searches by job seekers for artificial intelligence (AI) related sectors in India with data scientist profile leading the top slot, says a report. According to data from global job site Indeed, there has been an increase of 179 per cent in the number of searches by job seekers for AI related jobs in India between June 2016 and June 2018. AI-related jobs have seen an increase as companies are increasingly working. According to the report, employer demand for AI skills outstrips job seeker supply by 2.2 times, indicating the need for skill development in the larger science, technology, engineering, and mathematics (STEM) sector and the technology sector in particular.


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