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AI Evolving As Key Driver In India's Economic Growth
DataQuest
|September 2020
Vernacular.ai is one of India’s most innovative voice automation platforms. The Niti Aayog released a draft paper titled ‘Towards Responsible#AIFor All’ which said there is a potential of large-scale adoption of AI in a variety of social sectors. Here, Sourabh Gupta, Co-Founder and CEO, Vernacular.ai, talks to us
What is the key role that AI and other emerging technologies play in India’s growth?
According to a recent IDC survey, more than 2,000 IT and line of business decision-makers confirm the adoption of AI is growing worldwide. AI is expected to transform the way we humans live and work and this could be by helping with repetitive tasks or customizing products/services. AI systems can minimize occurrences of ‘human error’, assuming that they are programmed correctly and can help in making faster decisions using cognitive technologies.
According to Research and Markets, Artificial Intelligence for speech recognition market in India is anticipated to expand at a CAGR of ~65.17% during the forecast period (2019-2024), and is expected to reach a value of INR 14.61 billion by 2024. Today, since global economies are trying to recover from the crisis, we are seeing rising demand from enterprises across diverse sectors, who are looking at automating support operations to reduce the costs, and are, at the same time, looking to maintain and deliver better customer engagement and experience, AI is evolving as a key driver in India’s economic growth. Today, leading companies and industries can boost profitability to transform their business with the use of AI. AI has the potential to markedly increase industry growth. We believe that voice combined with AI is the future of human interface with machines, and our technology is the most advanced and accurate voice AI platform for 10+ Indian language speech and 160+ dialects.
How does Vernacular.ai fit into this? Elaborate
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