[Courtesy of Hancom]
SEOUL -- Hancom, a South Korean office suite software developer, forged a strategic alliance with a Chinese AI company to co-develop AI technologies in translation, medical and automotive.
Hancom, a convergent solutions company which develops AI and robotics technology, said in a statement on Thursday that it has signed a partnership deal with iFLYTEK, a Chinese AI voice recognition tech firm, to cooperate in the development of technologies and marketing and sales. The South Korean company hopes to expand its overseas business through the partnership.
iFLYTEK, which provides real-time translating service through smartphones, has more than 500 million active users in China. Its smartphone app recognizes Chinese verbal messages into English and vice versa. The app is also favored by many Chinese drivers because of its ability to convert voice into text with its solutions used in business call centers.
The global market for AI, which stood at $1.3 billion in 2016, is expected to reach $59 billion in 2025, according to New York-based market research company Statistica. China is the fastest growing AI market in the world.
