China's artificial intelligence industry is creating real benefits for consumers and is set to grow considerably in the coming years, said industry insiders.

"This year will see AI being applied into different industries to create real value for consumers," said Hu Yu, rotating president of Chinese AI company iFlytek.

He made the remarks right after the firm on Tuesday unveiled its latest smart recorder to tap into growing youth demand for intelligent recording equipment, especially from students.

The smart recorder, called the SR301, can recognize voices and automatically transcribe a one-hour speech within five minutes. It can also translate Chinese into English in real time.

Li Chuangang, iFlytek vice-president, said the product is an example of how technological innovation can bring tangible benefits to consumers.

"AI is no longer far away from consumers. It is now at everyone's fingertips," he said.

China is implementing a national AI development plan that aims to build a 1 trillion yuan ($147.9 billion) AI industry by 2030, which is forecast to stimulate as much as 10 trillion yuan in related business.

A PwC report estimates that AI will contribute $15.7 trillion to the global economy in 2030, with China among the biggest beneficiaries.