India’s AI Sector Set to Skyrocket, Anticipated to Hit $17 Billion by 2027
The artificial intelligence market in India is expected to experience a remarkable surge, reaching an astounding $17 billion by 2027, as projected by a collaborative report from Nasscom, a prominent IT industry body, and Boston Consulting Group (BCG), a renowned consulting firm. This signifies a notable annual growth rate ranging from 25% to 35% between 2024 and 2027. Driving this rapid expansion are three primary factors:
- Escalating Investments in Enterprise Technology: Businesses are progressively allocating funds towards AI-driven solutions to streamline operations, improve efficiency, and maintain a competitive advantage.
India has a thriving AI talent pool, boasting over 420,000 individuals in AI-related positions, positioning the country as a global leader in AI skills.
Investments in AI research and development, both from private and public entities, are on the rise, fostering an environment conducive to innovation and progress.
Based on a survey of 65 tech companies, the report emphasizes a growing commitment to AI, with industry giants like Wipro leading the charge by investing significantly in AI training and partnering with startups. This trend is expected to continue, with demand for AI talent projected to grow by 15% annually until 2027.
According to Nasscom, the future of India’s tech industry is undeniably linked to AI, as highlighted in the report, which showcases AI’s potential to transform various sectors and drive economic growth.
