New Delhi: The large pool of highly qualified distinctive in STEM (science, technology, engineering, and mathematics) related domains that contribute to the development of cutting-edge AI algorithms, applications, and solutions that serve both domestic and international markets is what drives the AI market in India. Additionally, the government’s strategy to encourage AI use through policy measures and budgetary support is what supports the market growth in India.
In accordance with this, the National AI Strategy’s implementation and Startup India’s facilitation of industry-academia partnerships have promoted investments in AI companies and contributed to the market’s expansion.
According to a recent report, India now has 45,000 unfilled positions in artificial intelligence (AI), with starting pay for new hires ranging from 10 to 14 lakhs per year. This study is being released at a time when AI products are aggressively expanding globally.
It’s astonishing to see how India has evolved since the first wave of technology decades ago. According to a report by NASSCOM, the Indian technology industry recorded a 15.5% growth to reach $227 Bn in revenue in 2022.
Being the third greatest source of AI talent in the world, India has a lot of potential for an AI revolution. Investments in India’s AI capabilities are predicted to reach $ 881 Mn in 2023, rising at a CAGR of 30.8%.
Not only in businesses but also on a personal level, AI and ML have replaced options as a requirement. The amount of employment produced in India is astounding when you consider the extensive deployment of these technologies during India’s digital transformation path. A Gartner analysis predicts that AI and ML will create 2 million new jobs by the year 2025.
India’s Artificial Intelligence (AI) market is predicted to increase by 20% over the next five years, the second-fastest rate globally behind only China, according to a joint study by Microsoft and the Internet and Mobile Association of India (IAMAI). This increase in AI and ML innovation is a logical result of the growing need for initiatives to implement digital transformation.
Similar to how AI and ML are employed in the banking sector, they can be used to automate activities, boost productivity, and cut expenses. Companies in the finance sector can automate fraud detection, credit risk analysis, and customer service through the use of these technologies. These technologies can also be utilised to forecast market trends, which can be used to make well-informed investment decisions. In addition, information can be extracted from unstructured data like photographs, videos, and reports using branches of AI and ML, Computer Vision, and Natural Language Processing models.
As we transition to a digital future, other industries will use AI and ML to improve operations and spread automation.
In recent years, India’s AI business has experienced remarkable expansion, and it is anticipated that this growth will continue in the years to come. The nation has made a name for itself as a centre of innovation and advancement in the AI sector, luring start-ups and multinational corporations with investments.
