BEIJING, April 9 (Xinhua) -- China’s artificial intelligence (AI) market value is expected to reach US$26.44 billion in 2026, an industry report showed.

The spending of the country’s AI market is forecast to hit US$14.75 billion in 2023, accounting for about 10 percent of the world total, said a report from global market research firm International Data Corporation (IDC).

The report projected the compound annual growth rate of China’s AI market to surpass 20 percent during the 2021-2026 period.

Optimistic about the long-term expansion of China’s AI market, IDC emphasized the importance of innovation and upgrading of AI technology in promoting the better landing of application scenarios.

Enterprises’ enthusiasm for digital transformation will also stimulate diversified demand in the Chinese market, it said.