Indian AI Market: The Indian artificial intelligence market is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2 percent and touch USD 7.8 billion in total revenues by 2025, according to research firm IDC.
India’s AI market will see the adoption of both AI-centric and non-centric applications for the next five years, IDC said in a statement.
“Organizations are leveraging multiple AI applications such as CRM, ERM, and others to manage operations, scale supply chains in response to real-time or predicted demands, and many more to provide benefits for their customers, improve RoI (return on investments) and achieve cost savings”, IDC said.
AI enables companies to analyze big data volumes quickly so that they can make informed decisions faster than ever before with deep insights into business performance across industries like healthcare & life sciences, transportation & logistics, retail, etc., it added.
Indian AI Market, “Indian organizations plan to invest in AI to address current business scenarios across functions, such as customer service, human resources (HR), IT automation, security, recommendations, and many more. Increasing business resilience and enhancing customer retention are among the top business objectives for using AI by Indian enterprises,” IDC India Associate Research Director (Cloud and AI) Rishu Sharma said.
In terms of investment, close to half (49%) of total AI spending will be used for talent acquisition whereas capital expenditure accounts for 41 percentage across verticals over the next couple of years, it added.
India’s home-grown tech unicorns such as InMobi, Flipkart & Paytm are rapidly transforming into data-rich organizations that leverage AI-driven insights and enable better customer experiences through personalization and recommendations based on machine learning algorithms.