February 22, 2024

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Singapore offers fastest Patent application-to-grant for Artificial Intelligence Inventions globally

The Intellectual Property Office of Singapore (IPOS) has just announced today April 26 that it will accelerate grants of AI-related patent applications to just six months, which will be the fastest in the world with immediate effect.

Accelerated Initiative for Artificial Intelligence to complement Singapore’s move towards a digital economy

The Accelerated Initiative for Artificial Intelligence (AI2) will strongly complement Singapore’s shift to a digital economy, and support innovative enterprises who need to bring their AI products faster to global markets. Now, innovators can expect their AI patents to be granted in as quickly as six months, compared to a typical period of at least two years or more.

Today’s world economy is driven by innovation and digitalisation. Industry 4.0 has arrived, and AI is at the forefront of this development. According to a 2017 report, AI could potentially double Singapore’s annual economic growth rates from 3.2% to 5.4% by 2035 according to a release from IPOS

The drive towards AI is gaining momentum within the Government with a five-year Digital Government Blueprint plan launched last year for ministries and agencies to adopt one AI project by 2023. Companies in Singapore have also taken a proactive stance towards AI. 50% of businesses in telecom, insurance, finance, IT and retail have adopted AI solutions, with the remaining 30% indicating that they will do so by mid of this year.

IPOS initiative reinforces Singapore’s commitment to helping AI innovations move quickly to the market

Mr Daren Tang, Chief Executive of IPOS said: “AI has become one of the biggest drivers of technological and societal change in the world, and it will increasingly underpin Singapore’s drive to build a digital economy. The Accelerated Initiative for Artificial Intelligence will give AI innovators protection for their inventions much faster than usual and underscores Singapore’s commitment to helping AI innovations move quickly to the market. This initiative will also be extended to AI innovators outside of Singapore, and will allow them to use Singapore as a base to access markets of their interest speedily. This will reinforce Singapore as an IP hub for cutting-edge technologies.”

According to IPOS statement, the number of companies globally implementing AI solutions grew 270% in the past four years and tripled in the past year, with two in five enterprises implementing AI in some form now. The enormous interest in AI is most evident from patenting activities worldwide. More than 180,000 inventions relating to AI were published worldwide between 2008 to 2017, with an annual growth rate of more than over 20% over the last five years.Brimming with innovative activities, the global AI industry is forecast to be worth US$190 billion by 2025, with a compounded annual growth rate of 37% from 2017 to 2025.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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