Mumbai: India’s AI market Poised to reach $17 billion by 2027, emerging as top category IT expenses in 2023, a report by top Indian tech industry body said NASSCOM-BCG On the role of AI in turbocharging the industry.
India’s AI market is projected to grow at 25% CAGR by 2027, with a similar growth AI investment, Globally, investment in AI has seen a 24% CAGR since 2019, with investments of around $83 billion seen by 2023. Much of it was created in horizontal AI applications data analysisGenAI, and ML algorithms and platforms.
India, today, has the second largest installed talent base with 420,000 employees working in AI roles. It also has the highest skills penetration with a three-fold increase in skilled AI talent compared to other countries. India is among the top five countries with a 14-fold increase in the number of individuals skilled in AI in the last 7 years. As investments in AI continue to grow, the demand for AI talent in India is also expected to grow at a CAGR of 15% by 2027. The technology industry in India has seen over 15% growth in AI/ML jobs in the last 12 months. Positions like AI engineers are growing by 67% year over year.
Debjani Ghosh, President, NASSCOM, said, “With the advent of GenAI, Indian technology companies are expanding their portfolio beyond traditional IT and business process management to include AI-powered analytics, intelligent automation and personalized customer interactions. Not companies.” “Simply by adopting AI – they are redefining their service offerings, creating more value for their customers, and setting new industry standards.”
Rajeev Gupta, MD and Senior Partner, BCG, said, “Indian companies are starting to keep pace with the evolution of AI and the tech sector is building future-ready organizations with dynamic and evolving centers of excellence that drive the AI agenda. “
India’s AI market is projected to grow at 25% CAGR by 2027, with a similar growth AI investment, Globally, investment in AI has seen a 24% CAGR since 2019, with investments of around $83 billion seen by 2023. Much of it was created in horizontal AI applications data analysisGenAI, and ML algorithms and platforms.
India, today, has the second largest installed talent base with 420,000 employees working in AI roles. It also has the highest skills penetration with a three-fold increase in skilled AI talent compared to other countries. India is among the top five countries with a 14-fold increase in the number of individuals skilled in AI in the last 7 years. As investments in AI continue to grow, the demand for AI talent in India is also expected to grow at a CAGR of 15% by 2027. The technology industry in India has seen over 15% growth in AI/ML jobs in the last 12 months. Positions like AI engineers are growing by 67% year over year.
Debjani Ghosh, President, NASSCOM, said, “With the advent of GenAI, Indian technology companies are expanding their portfolio beyond traditional IT and business process management to include AI-powered analytics, intelligent automation and personalized customer interactions. Not companies.” “Simply by adopting AI – they are redefining their service offerings, creating more value for their customers, and setting new industry standards.”
Rajeev Gupta, MD and Senior Partner, BCG, said, “Indian companies are starting to keep pace with the evolution of AI and the tech sector is building future-ready organizations with dynamic and evolving centers of excellence that drive the AI agenda. “
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