AI Market Witnessing a Tremendous Growth In India By CIOTechOutlook Team

AI Market Witnessing a Tremendous Growth In India

CIOTechOutlook Team | Wednesday, 21 February 2024, 02:57 IST

The AI market in India is projected to reach around $17 billion by 2027, growing at a CAGR of 25-35%, as per the new report by BCG and IT industry apex body Nasscom.

As the investments in AI continue to increase, the demand for AI talent in India is also expected to grow at 15% CAGR by 2027, the report, titled "AI Powered Tech Services: A Roadmap for Future Ready Firms; AI & GenAI's Role in Turbocharging the Industry” launched on the sidelines of the Nasscom Technology & Leadership Forum 2024 said.

As per the report, AI and ML emerged as the top category of IT spending expected to be made by IT buyers in 2023. This growth was fueled by multiple factors including increasing enterprise tech spending, India’s growing AI talent base and a significant increase in AI investments, as per ET.

Globally, investments in AI have seen a 24% CAGR since 2019, with 2023 seeing close to $83 billion invested. The majority of this was made in horizontal AI applications in data analytics, GenAI, and ML algorithms and platforms.'

Outstandingly, around 93% of the ventures made by Indian tech benefits and made-in-India item players center around advanced content, information examination and store network. With expanding undertaking tech spending, innovation specialist organizations are fostering a variety of man-made intelligence based administrations and arrangements, growing their contributions past customary IT administrations.

This incorporates the advancement of restrictive AI & GenAI platforms, tools for automation, data analytics solutions, and custom AI applications for explicit industry verticals like medical care, banking and money, and retail.

The report said that India today has the second most noteworthy introduced ability base with 420,000 representatives working in artificial intelligence work capabilities. India likewise has the most elevated abilities infiltration with multiple times more artificial intelligence gifted ability than different nations.