Study: 72% of marketers in SG have exposure to AI, how they can unlock profitable growth

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Despite Singapore's smaller AI market size, the nation shows significant growth potential in the Asia-Pacific region with 72% of marketers in Singapore having worked on or have had exposure to AI.

In fact, the AI and Generative AI (Gen AI) market sizes in Singapore are projected to grow at a compound annual growth rate of 28% and 46% respectively by 2030. This is according to a study by Google Live Marketing and Accenture where it uncovered the business impact of AI for marketing.

These marketers can be segmented into three levels of AI readiness and implementation, notably 'AI Explorer', 'AI Adopter' and 'AI Leader'.

Don't miss: Study: Lack of solid foundation in AI leads to poor results for marketers in SG

The 'AI Explorer' typically explores internal and external use cases of AI. They are often productivity focused where AI is implemented to perform keyword research, product offers and content ideation. Of this group, 18% realise a quantifiable business impact as a result of AI.

The 'AI Adopter' on the other hand, prioritises internal use cases. They also explore creative use cases alongside productivity. This includes using AI for UI design, product discovery and content planning. 73% of marketers in this group notice a quantifiable business impact as a result of AI.

Meanwhile, 'AI Leaders' are those who expand from internal to external use cases. This means they are productivity and creativity focused and often use AI for media A/B testing and product mock-ups. Of this group, 95% of marketers realise quantifiable business impact.

Unlocking profitable growth

According to the report, AI Leaders realise a 59% increased revenue, 83% increased productivity and efficiency, 84% improved customer experience and 88% boosted creativity.

This is in comparison to AI Adopters who witness a 44% increased revenue, 54% increased productivity and efficiency, 60% improved customer experience and 52% boosted creativity.

“AI is no longer optional for the future of marketing. In an increasingly complex consumer journey, an ecosystem where data privacy is top of mind, and a shifting business landscape, brands need to tap on AI-powered solutions to address the enhanced complexity," said Ben King, managing director, Google Singapore.

"At Google, we are partnering with companies on this journey, offering AI-driven solutions to meet their unique business needs – such as 'Performance Max' to automate the ad creation and placement process or build better search campaigns through a Gemini-powered chat. Together, we’re excited to continue working with brands to unlock new possibilities and drive more business impact with AI," added King.

To unlock profitable growth, AI Explorers must define the business and marketing objectives and identify the right areas for testing and application.

Conversely, AI Adopters need to broaden the use of AI beyond internal processes to external-facing use cases and are encouraged to tap into AI-powered solutions. Partnering with trusted AI experts for faster AI implementation is also another way to unlock profitable growth.

Lastly, AI Leaders should continue integrating AI into workflows. This may come in the form of powering real-time decisions and optimising marketing across all channels with AI. They may also look into driving productivity with their own AI-powered creative studio.

That said, 50% of consumers are able to spot AI-generated copies. In a study by Bynder, it was revealed that millennials were the most successful at spotting non-human content which comes as no surprise as the demographic is also the most likely to use AI when creating content.

Interestingly, the survey also revealed that 56% of participants said that they preferred the AI version over the human-made work. 52% of consumers cited that they would become less engaged if they suspect a copy is AI-generated.

In contrast, participants aged 16 to 24 were the only age group to find the content created by a human more engaging than the AI-generated version (55%).

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