To understand the role of AI in the marketer journey, Google partnered with Accenture to uncover the business impact of AI for marketing, understand how leading marketers are putting AI to work, and break down the steps to strengthen your marketing strategy with AI-powered solutions.

AI is ushering in a new era of marketing. Marketers are meeting this transformative moment by channeling their interest in AI into action.

Following the Google Marketing Live Singapore event in early July 2024, Google released the findings of its report “AI in the Marketer Journey 2024”. Commissioned by Google, the Accenture report dives into how Singaporean companies are leveraging AI and the impact of their investments.

Some key findings from the report include:

  • Potential of growth in the region
    • APAC is expected to be the fastest-growing market for AI and Gen AI, with a compound annual growth rate (CAGR) of 20% and 28%, respectively, by 2030.
    • Despite Singapore’s smaller AI market size, the nation shows significant growth potential, with CAGRs of 28% in AI and 46% in Gen AI from 2024-2030.
  • Understanding AI marketing maturity
    • 72% of marketers in Singapore have worked on or been exposed to AI or generative AI previously.
    • Here are the three AI marketing maturity segments and the percentage that have realized a positive business impact across revenue generation, efficiency and productivity, customer experience, and creativity:
      • AI Explorer: Getting ready to integrate AI in marketing – 18%
      • AI Adopter: Built AI readiness and started to test and implement AI – 73%
      • AI Leader: Deep into implementation and looking to maximize AI’s value – 95%
  • Businesses with a high level of AI marketing maturity see the biggest business impact
    • For AI Leaders with a high level of AI marketing maturity, compared to Adopters, the impact has been realized through:
      • 59% increased revenue generation (+15 ppts)
      • 83% increased their efficiency and productivity (+29 ppts)
      • 84% improved their customer experience (+24 ppts)
      • 88% boosted their creativity (+36 ppts)

Ben King, Managing Director, Google Singapore, said:  “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. In fact, our research reveals that 73% of businesses in APAC who have implemented  AI in their work streams have witnessed a quantifiable business impact.” 

A snapshot of findings from the report is available for download as a one-page summary here