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India's AI market to surge to $17B by 2027

Data Analytics

India's AI market to surge to $17B by 2027

According to a report by Nasscom-BCG, India's AI market is predicted to grow to $17 billion by 2027 and become the leading category of IT spending by 2023.

With comparable growth in AI investments, the Indian AI industry is anticipated to expand at a 25% CAGR through 2027. Since 2019, investments in AI have grown at a 24% CAGR globally; by 2023, about $83 billion will have been invested. Most of the progress was made in horizontal AI applications spanning ML platforms and algorithms, GenAI, and data analytics.

India currently has 420,000 workers in AI roles, making it the country with the second-highest installed talent base. In comparison to other nations, it also has the largest skill penetration, with a threefold increase in skilled AI talent. India is in the top five countries, with a 14-fold increase in AI-skilled individuals over the past seven years. The need for AI expertise in India is predicted to rise at a 15% CAGR through 2027 as investments in AI continue to rise. In the last year, the IT sector in India saw a 15% rise in AI/ML jobs, with AI engineer roles increasing by 67% each year.

Indian IT companies are expanding into AI-driven analytics, automation, and customized client experiences. - Debjani Ghosh, president of Nasscom. These businesses are using AI to improve their services, create more value for their customers, and set new standards for the industry.

According to Rajiv Gupta, MD and senior partner at BCG, the technology industry is creating organizations that are prepared for the future, with dynamic centers of excellence leading the AI agenda. Indian companies are beginning to keep up with the growth of AI.

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