Investment in AI to grow in India: NASSCOM report
According to the most recent NASSCOM report on the AI acceptance index, investments in India’s artificial intelligence (AI) functionality are growing at a CAGR of 31.8%. They are predicted to hit $881 million by 2023.
By 2025, AI would add value to India’s GDP, worth $450 to $500 billion. According to the report, more than 60% of this is anticipated to originate from consumer products and retail, banking, financial institutions & insurance, energy & industrial companies, automobile industries, and healthcare.
“The pandemic has made it a critical time for organizations to move from data & technology silos to building specialized AI capabilities at scale across sectors combined with a structured data utilization strategy,”Debjani Ghosh, president of NASSCOM.
According to the four-stage adoption assessment, India’s AI maturity is at Enthusiast, the second level. Although Indian businesses use AI for various business purposes, predictive modeling and chatbots are the most frequently used AI implementations in the nation.