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Park to spur AI and IOT development

    Shanghai yesterday welcomed a new industrial software park in Qingpu District that will help boost local industry development in artificial intelligence and the Internet of Things.

    Shanghai Shixi Software and Information Park, located in the west of the city, will focus on development of IOT, AI, industrial software and applications for location, health care and logistic sectors.

    The park expects the revenue of all the companies located there to hit 60 billion yuan (US$9.2 billion) in 2020 and 150 billion yuan in 2025, according to the Shanghai Commission of Economy and Information Technology, the city’s industry regulator.

    But the commission didn’t reveal the number of companies it hopes to draw to the park.

    Shanghai expects to post an AI industry revenue of 100 billion yuan by 2020, and AI is set to become the city’s new growth engine.

    Software and service has been touted as one of Shanghai’s strategic industries to help develop the economy into a more innovative one, the regulator said.