India's investments in AI to cross $880 mn by 2023: NASSCOM report
According to NASSCOM's most recent study on the AI Adoption Index, investments in India's artificial intelligence (AI) capabilities are expanding at a CAGR of 31.8% and are expected to reach US$ 881 million by 2023.
Despite the fact that global investments in AI have more than doubled in the past year, India's portion of these investments is still only 1.5%. India starts from a lower base compared to its global peers, and despite its high growth, the country will still represent just 2.5% of the global investments in 2023.
By 2025, AI will add US$ 450-500 billion in value to India's GDP. According to the report, more than 60% of this is anticipated to originate from the industries of consumer goods and retail, banking, financial services & insurance, energy & industrials, automobile manufacturing, and healthcare.
Predictive analytics and chatbots are the most often used AI applications in India.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.