First Published Feb 24, 2024, 12:59 PM IST
India’s artificial intelligence (AI) market is on the cusp of a monumental surge, projected to reach a staggering $17 billion by 2027, according to a comprehensive joint report by the National Association of Software and Service Companies (Nasscom) and Boston Consulting Group (BCG). The report identifies three key factors driving this meteoric rise – surging enterprise tech spending, a thriving talent pool, and rising investments in AI research and development.
1. Surging Enterprise Tech Spending: Companies across diverse sectors are increasingly recognizing the transformative potential of AI-powered solutions. The report indicates a significant uptick in tech spending as businesses seek to optimize operations, enhance efficiency, and gain a competitive edge. This surge in demand for AI-driven technologies is reshaping the landscape of industries ranging from finance and healthcare to manufacturing and logistics.
2. Thriving Talent Pool: One of India’s standout advantages in the global AI arena is its burgeoning talent pool. The country currently boasts over 420,000 individuals holding AI-related positions, positioning it as a leader in AI skill penetration globally. This wealth of talent is proving to be a catalyst for innovation and a key driver of the country’s AI growth. As businesses increasingly prioritize AI integration, India’s skilled workforce is poised to play a pivotal role in shaping the future of technology.
3. Rising Investments: The report highlights a substantial influx of both private and public investments into AI research and development. This financial commitment is fostering an environment conducive to innovation, creating fertile ground for startups and established players alike. IT giants like Wipro are at the forefront of this trend, pledging significant investments in AI training and forging partnerships with startups. This influx of capital is expected to propel India to the forefront of global AI innovation.
The survey, conducted across 65 tech companies, underscores the growing commitment to AI adoption. IT giants like Wipro are setting the pace, committing substantial resources to AI training and forging strategic partnerships with startups. This trend is expected to persist, with the demand for AI talent projected to grow at an annualized rate of 15% until 2027. These initiatives not only position India as a key player in the global AI landscape but also indicate a long-term commitment to sustaining and accelerating this growth trajectory.
“The future of India’s tech industry is undoubtedly intertwined with AI,” said a spokesperson for Nasscom. “This report paints a promising picture, showcasing the immense potential of AI to revolutionize various sectors and propel India’s economic growth.”
The joint report paints a promising picture, showcasing the immense potential of AI to revolutionize various sectors and propel India’s economic growth. With a robust talent pool, rising investments, and increasing adoption, India’s AI market is poised to become a global powerhouse, shaping the future of technology in the years to come. As the country embraces this AI revolution, it is set to not only transform its own industries but also make significant contributions to the global AI landscape.
Last Updated Feb 24, 2024, 12:59 PM IST
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