The new store, namely Sage App Store, allows companies to use different apps to analyze millions of types of data in a few seconds for their businesses. Some apps, for instance, can recommend the best location for companies through analysis of the surrounding residents.

Dai Wenyuan, founder and CEO of 4Paradigm, pointed out a big challenge for Chinese companies in leveraging AI is how this cutting-edge technology can be used to improve their business in "quality" instead of "quantity".

"Currently in China, few companies don't use AI technology but there are indeed very few companies that can't survive without AI. In other words, for many firms, AI is not particularly useful," Dai said.

"With deeper convergence of technologies and businesses, they are in urgent need of leveraging AI to really bolster their business, be it improving efficiency or making decisions," he added.

Dai said that only when the exponential growth of user scale can be obtained with a fixed cost can a company achieve quality improvement through AI.

To tackle the bottleneck, the Beijing-based company upgraded its AI operating system platform Sage AIOS 2. This enables companies to build a certain AI application scenario by simply typing in the data form.

China has highlighted the role of AI and 5G in development in its 14th Five-Year Plan (2021-25). It urged more efforts in driving applications of such technologies to empower industries.

A report by global market research firm International Data Corp said China will become a major driver of global AI development and account for 15.6 percent of the market by 2024. Over the next three years, sales revenue from the country's AI sector will maintain a compound annual growth rate of 30.4 percent to reach $17.22 billion by 2024.

Sun Lei, senior information technology director of Yum China, which owns fast food chains KFC and Pizza Hut, said the firm is benefiting from 4Paradigm solutions. The AI has been helping the company in planning the location and scope of online food delivery.

For a take-away order that includes pizza and beverages, AI is helping schedule cooking time to keep the pizza fresh and maintain the temperature of the beverage, Sun said.

"With the company's AI system, Yum China achieved more precise reach of customers and improved customer experience at a more detailed level," he said.

Zhao Ziming, an analyst at Beijing-based internet consultancy Analysys, said: "The ability to analyze and really use data becomes increasingly important as companies realize that technology could give them a competitive edge. But it is pretty difficult for companies to cash in on such demand."