Spending in China's artificial intelligence (AI) industry is forecast to hit $14.75 billion in 2023, accounting for about 10 percent of the world total, according to a recent report from global market research firm International Data Corporation (IDC).

IDC projected the compound annual growth rate of China's AI market to surpass 20 percent during the 2021-2026 period, saying that China's AI market value is expected to reach $26.44 billion in 2026.

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. 

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(With input from Xinhua)