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AI-India on the rising: Journey to global leadership
PCQuest
|July 2024
India's AI prowess is surging with strategic investments, a robust talent pool, and supportive policies. Expected to reach $17 billion by 2027, India leads in enterprise tech spending, talent availability, and AI R&D investments. As global interest grows, partnerships and ethical practices are key to sustaining AI innovation and leadership
Artificial Intelligence (AI) is revolutionizing industries and economies worldwide, and India is emerging as a key player in this transformative journey. With strategic investments, a burgeoning talent pool, and supportive government policies, India is well on its way to becoming a global powerhouse in AI. Let’s delve into India’s AI landscape, highlighting its rapid progress, key drivers, and future prospects, as well as expert insights from industry leaders.
▾ India’s AI Market: A Growth Trajectory
India’s AI market is on a fast track to significant growth. According to a joint report by Nasscom and Boston Consulting Group, India’s AI market is expected to reach $17 billion by 2027, with an annualized growth rate of 25-35% between 2024 and 2027. This explosive growth is driven by several factors:
Surging Enterprise Tech Spending:Companies are increasingly investing in AIpowered solutions to optimize operations, enhance efficiency, and gain a competitive edge.
Thriving Talent Pool:With over 420,000 individuals holding AI-related positions, India is a global leader in AI skill penetration.
Rising Investments: Both private and public entities are pouring money into AI research and development, creating fertile ground for innovation and growth.
The AI Boom: Key Drivers
▾ Surging Enterprise Tech Spending
India’s enterprise sector is embracing AI at an unprecedented rate. Businesses across various industries are deploying AI solutions to streamline operations, improve decision-making, and offer personalized customer experiences. AI-powered tools are transforming sectors like finance, healthcare, agriculture, and retail, driving efficiency and innovation.
▾ Thriving Talent Pool
This story is from the July 2024 edition of PCQuest.
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