The growth in AI spending is set to be the fastest among the eight markets surveyed, including Australia, India, Indonesia, Japan, South Korea, Malaysia, Singapore, and Taiwan.The AI software sector is projected to be the primary driver of overall market growth, reaching $2.6 billion by 2027, the study revealed.According to the report, entities in India spent $1,703.8 million on AI in 2023, with banking, financial services and insurance, manufacturing, healthcare, telecommunications, and retail being the highest spending sectors during the year.&quot;2023 was primarily a year of planning, and this year is going to see more expansive AI adoption. We are in the phase where many organisations have conducted pilots, proofs of concept, and by around 2027-2028, we are going to see AI everywhere,&quot; said Sharath Srinivasamurthy, associate vice-president, IDC. He also highlighted the chances of brain drain of AI talent from India. &quot;If you look at the overall spending on AI across the globe, 50 per cent of it is coming from the US. There is a huge demand outside India for AI talent as well. So, there is a high possibility that the talent created here (India) might get forced into other countries,&quot; he added.

India's Al Spend May Touch $5 bn By 2027

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.