India's Artificial Intelligence Revolution

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India's Artificial Intelligence Revolution

Last updated: Oct, 2022
India's Artificial Intelligence Revolution

Technological advancements have revolutionised the industry and businesses in the past few years, thus influencing the production process and supply chain. Industry 4.0 has integrated new technologies, for instance, cloud computing, AI, analytics and machine learning, into operations and production processes, unveiling a new generation of smart techniques. Digital technologies used in manufacturing processes facilitate self-optimisation and automation, leading to operational proficiency across the entire value chain. Artificial intelligence in India is no longer a marginal technology, as enterprises and manufacturers will gain considerably from the superior deployment of machine learning technologies and AI. Companies in India are increasingly adopting AI to drive business outcomes. However, there is substantial hype around what constitutes AI.   

AI offers numerous opportunities to the world to supplement and complement human intelligence and enhance the work and lives of people. With a wide array of applications, machine learning and AI have created an impeccable impact on different sectors and have revolutionised the method in which businesses operate. According to the Principal Scientific Advisor (PSA) to the Government of India, AI expenditure in India surged by 109.6% or US$ 665 million in 2018. In addition, AI expenditure is estimated to surge at a compounded annual growth rate (CAGR) of 39% between 2019-25 to reach US$ 11,781 million by 2025.  

The history of artificial intelligence in India is rich. The artificial intelligence market size has grown significantly over the past few decades. AI systems have gained eminence over the past few years due to their potential to unveil economic value and help mitigate social challenges. The adoption and development of AI surged considerably in recent years. According to a report published by the National Institute for Transforming India (NITI) Aayog in 2018, AI has the potential to add approximately US$ 957 billion or 15% of the current gross value to the country's economy in 2035.  The robust value proposition of technology is also one factor that rapidly increases the need for AI in India. AI can enhance outcomes in key sectors such as education, agriculture and healthcare. Furthermore, AI will play a crucial role in delivering specialised services, for instance, precision agriculture advisory or remote diagnostics, and increases the entrance to government welfare services.

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