The Artificial Intelligence (AI) industry has rapidly expanded globally, and India is no exception. In recent years, India has seen a surge in AI start-ups and investments in the field. The country has emerged as one of the leading destinations for AI companies and has established itself as a hub for innovation and development in the AI industry.
According to a recent report, the AI market in India is expected to grow at a compound annual growth rate (CAGR) of around 43% from 2020 to 2025. The market size is expected to reach USD 16.06 billion by 2025 from USD 2.31 billion in 2020.
The growth of the AI industry in India can be attributed to the increasing demand for automation, rising investments in AI start-ups, and the growing number of AI-based applications in various industries such as healthcare, finance, and retail.
India has seen a significant increase in investments in AI start-ups over the past few years. Many global companies are setting up research and development centres in the country, and many Indian start-ups are emerging in the field. According to a report, more than 200 AI start-ups have been established in India, and the number is expected to grow in the coming years.
AI has a wide range of applications in various industries, and India has been actively exploring the potential of AI in these industries. For example, the healthcare industry in India has been using AI for the early detection of diseases, drug discovery, and telemedicine.
The finance industry has been using AI for credit scoring, fraud detection, and personalised investment advice. The retail industry has been using AI for personalised shopping experiences, product recommendations, and inventory management.
The Indian government has been actively supporting the growth of the AI industry in the country. The government has launched several initiatives to promote AI research and development and attract field investments.
For example, the National Artificial Intelligence Portal has been launched to promote AI research and development in the country. The government has also established the National Center for Artificial Intelligence, focusing on developing AI technologies and applications.
The AI industry in India has been growing rapidly in recent years, and the growth is expected to continue in the coming years. The country has established itself as a hub for innovation and development in the AI industry and has attracted investments from global companies and start-ups.
The government's support has been instrumental in the growth of the AI industry in India, and the country is expected to play a major role in shaping the future of AI globally.