India’s AI roadmap in 2023: From CAGR 20% growth to creating endless job opportunities
India has experienced a substantial increase in the use of artificial intelligence (AI) in recent years. The increased usage and deployment of AI by numerous Indian companies is one of the key factors influencing this growth. A cursory examination of the technology that surrounds us today illustrates the pervasiveness of AI in our daily lives. This widespread integration of AI is an important factor driving the growth of the Indian economy. In fact, AI is estimated to add a whopping $500 billion to the economy by 2025. Artificial Intelligence is being utilized to increase efficiency, save costs, and improve the consumer experience across industries like healthcare, finance, and retail. With programmes like the National Artificial Intelligence Portal and the National AI Mission developed to encourage the development and adoption of AI throughout the nation, the Indian government has also been supportive of the expansion of the AI sector. In addition to research and development, use cases, and policies, the National Artificial Intelligence Portal offers a platform for sharing knowledge and resources about AI.
These are some of the major policies and programs being implemented by the Indian government to promote India not only as a talent hub but a global innovation hub too. For instance, a programme to aid firms working on cutting-edge technology, such as AI, is the MeitY Startup Hub. Another initiative to enhance the delivery of public services using technology, including AI, is the National e-Government Plan. The government is also collaborating with various private sector companies, research institutions and international organizations to achieve this goal.
This rise in AI adoption is also evident in the corporate sector of the country. According to Statista, the Indian IT sector employs over 4 million people, making it the largest employer in the nation.
According to a CNN and an HBL analysis, India’s IT industry exports have multiplied, rising from $6.2 billion in 2000 to $156.7 billion in 2021–22. As a result, the country has a large demand for IT-related services in addition to a talent pool. While there is pressure of managing the cost and growth and the same has recently resulted in lay-offs in tech industry across the world, International Data Corporation (IDC) estimates that the AI market in India would expand at a compound annual growth rate (CAGR) of 20% from 2019 to 2025. In fact, IAMAI also predicts that India will have 16% of the AI talent pool in the next 5 years. Numerous career possibilities in the field of AI and allied businesses are anticipated to result from this increase.
Growth aided by open-source AI
Open-source AI refers to artificial intelligence software that is freely available to use, modify, and distribute. This typically includes the source code of the software, allowing developers and researchers to understand and improve upon the underlying algorithms. Open-source AI makes it easier for companies and organizations to develop and deploy AI-powered products and services. It also enables more companies to participate in the AI economy, regardless of their size, resources, or location. This can foster innovation and competition, driving economic growth and creating new business opportunities in a variety of industries, such as healthcare, finance, manufacturing, and transportation. AI will also automate repetitive and mundane tasks, freeing up human time for more creative and higher-level activities, leading to increased productivity, efficiency and cost savings. Additionally, AI can also augment human capabilities and create new job opportunities.
We are also at the beginning of a disruption brought about by the benefits of AI-powered chatbots like ChatGPT both on an enterprise and individual level. They can be used to automate customer care and assistance, enabling firms to manage more inquiries and giving clients around-the-clock accessibility. Additionally, chatbots can be used for marketing and sales, enabling companies to tailor their communications with clients and increase conversion rates. Chatbots can also be used for internal business operations like IT and HR to automate tedious processes and boost productivity.