India's artificial intelligence market is growing at a breakneck pace and is expected to reach 170% by 2027, according to a joint report by IT industry body Nasscom and consulting firm Boston Consulting Group (BCG). It is predicted to reach a staggering $1 billion. This equates to an impressive annual growth rate of 25-35% from 2024 to 2027.
Three key factors are driving this AI boom:
Rapid increase in corporate technology spending: Businesses are increasingly investing in AI-powered solutions to optimize operations, increase efficiency, and increase competitiveness.
Active talent pool: India boasts a rapidly growing AI talent pool, with over 420,000 people currently employed in AI jobs. This makes India a leader in the global adoption of AI skills.
Increased investment: Both private companies and public institutions are pouring money into AI research and development, creating fertile ground for innovation and growth.
The report, based on a survey of more than 65 tech companies, highlights the growing focus on AI. Tech giants like Wipro are leading the charge, pledging significant investments in AI training and partnerships with startups. This trend is expected to continue, with demand for AI talent projected to grow at an annual rate of 15% until 2027.
A Nasscom spokesperson said, “The future of India's technology industry is undoubtedly closely tied to AI.'' “This report paints a promising picture, demonstrating the immense potential of AI to revolutionize various sectors and drive India's economic growth.”
With a strong talent pool, rising investments, and rising adoption, India's AI market is poised to become a global powerhouse and shape the future of technology in the years to come.
(Information provided by agency)