The Indian AI market is experiencing a boom, with experts predicting it to reach a staggering $17 billion in compounded annual growth rate (CAGR) by 2027.
Indian AI Market to Soar to $17 Billion
According to the report Tuesday by Nasscom in partnership with BCG, the growth of the Indian AI market will be fueled by a combination of factors, including a large and skilled workforce, a rapidly growing talent pool, and a vast market potential.
When it comes to tech, India has a strong case for being considered a powerhouse, and this is no exception to artificial intelligence. The country boasts the world’s second-largest AI workforce, with over 420,000 individuals engaged in AI-related job functions, per the report.
What’s even more impressive is the country’s “skills penetration,” meaning it has three times more AI-skilled talent compared to other nations. This advantage is further bolstered by a 14-fold increase in AI-skilled individuals over the past seven years, showcasing a dynamic and adaptable workforce.
Why India is Poised to Dominate AI
The abundance of talent translates into a potential competitive edge for India. With a larger pool of skilled professionals, the country is well-positioned to develop and lead in AI solutions.
Leveraging the vast talent pool, tech companies in India have reportedly been investing heavily into upskilling and expanding their offerings expanding their offerings beyond traditional IT services to include several AI services, including proprietary AI & GenAI platforms and bespoke AI applications for different industries.
“Indian tech companies, with the advent of Generative AI, are expanding their portfolios beyond traditional IT and business process management to include AI-driven analytics, intelligent automation, and personalized customer interactions,” said Debjani Ghosh, President at Nasscom.
With such market appeal, India is much more likely to attract significant investments and partnerships, further accelerating growth and solidifying India’s position as a global AI leader.
