City
Epaper

Talent growth, investments to help India's AI market reach $5.1 billion by 2027

By IANS | Updated: May 14, 2024 15:10 IST

New Delhi, May 14 Fueled by talent growth and continued investment, the Artificial intelligence (AI) market in India ...

Open in App

New Delhi, May 14 Fueled by talent growth and continued investment, the Artificial intelligence (AI) market in India is forecast to grow at 31.5 per cent CAGR (compound annual growth rate) to reach $5.1 billion by 2027, a new report showed on Tuesday.

The AI software sector will be the primary driver of overall growth, reaching $2.6 billion by 2027, according to the report unveiled at 'Intel-AI For India' event.

The AI infrastructure spending is projected to reach $733 million in the same period.

"With an unmatched talent pool, frugal innovation and data at scale, India stands poised to lead the global AI revolution. India's commitment to AI, underscored by its proactive approach, is driving transformative growth," said Santhosh Viswanathan, Vice President and Managing Director, India Region, Intel.

AI spending in India is set to undergo the swiftest expansion among the eight examined markets - Australia, India, Indonesia, Japan, Korea, Malaysia, Singapore, and Taiwan.

"Boasting 20 per cent of the world's data and AI talent, India's strategic position as a global AI leader is reinforced by its robust developer community and skill penetration, poised to surpass even the US," the report mentioned.

Investments in AI in 2024 and 2025 will prioritise the development of AI infrastructure, laying the foundation for high-value use cases that promise transformative impacts in the future.

Notably, the BFSI (banking, financial services and insurance) and manufacturing sectors are emerging as the top spenders in the country.

India has outperformed the Asia-Pacific average in the government dimension because of the Prime Minister Narendra Modi-led government's pro-AI stance.

About $30.7 million is earmarked in FY2024-25 to establish three centers of excellence in AI in the country, focusing on agriculture, health and sustainable cities.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Open in App

Related Stories

Cricket"He's all-in, he had some throwdowns": Root on Woakes' availability to bat despite shoulder injury

InternationalMost powerful solar flare occurred in 1.5 months recorded

InternationalMosquitoes carrying West Nile Virus found near Netanya

NationalGovt and agency should find conspirators of Malegaon bomb blast: Bhaiyaji Joshi

Aurangabad11-year-old girl severely burnt after touching high-voltage wire in Gangapur

Technology Realted Stories

TechnologySouth Korean President Lee calls for measures to curb fake news on YouTube

TechnologyDPIIT ieam visits Bengaluru to boost IoT and Deep-Tech innovation

TechnologyIndia's smartphone exports hit record $7.72 billion in Q1FY26, Apple leads with $6 billion

TechnologyIndia’s chip market poised to scale $110 billion by 2030

TechnologyQ1 Earnings Review: Brokerages give mixed outlook, earnings downgrade ratio drops