As per GlobeNewswire, the market size for AI in 2021 was USD 328.34 Billion. And with the current trend, the market size is expected to surpass USD 1394.30 billion by 2029.
As per the McKinsey Global survey, AI adoption is increasing n a daily basis with the growth of the COVID-19 pandemic’s scenario. There has been a rise in the adoption of AI by 57% compared to 2020, and 45% in emerging countries.
As per Swapnil Shende, senior market analyst for artificial intelligence at IDC India. “IDC forecasts that India will be amongst the fastest growing countries in the region in terms of overall AI adoption for 2020-2025,”
In Indian companies, the adoption rate is much higher in the Asia-pacific region. The most common function adopted by AI use cases are:-
- Service-operation optimization.
- New AI-based enhancements of products.
- Contact -center automation.
- Product-feature optimization.
- Predictive service and intervention.
- Customer-service analytics.
- Creation of new AI-based products.
- Customer segmentation.
- Risk modeling and analytics.
- Fraud and debt analytics.
The top 5 AI companies in India:-
- Tata Elxsi: The Tata Elxsi Artificial Intelligence Center of Excellence (AICoE) is based on meeting the demand of the growing need for intelligent systems. In 25 years, the company aided in technological advancements. The company made a remarkable breakthrough with AI and data analytics in self-driving cars and video analytics.
- Bosch: In 2017, the Bosch Center for Artificial Intelligence was established. An innovative solution with merges cutting-edge AI technology was developed with Bosch products and services. The 6 research areas are focused on the core artificial intelligence technology.
- Kellton Tech: In 1993, the company was established. It is an information technology and outsourcing company headquartered in Hyderabad, India.
- Happiest Minds: It was founded in 2011 with a market capitalization of Rs. 13,507.78 crores. The augmented intelligence is combined with natural language processing, picture analytics, video analytics, and technology such as augmented and virtual reality. The goal is to create the best customer-engaging experience.
- Zensar Technologies: AI is the most crucial technology. The go-to-market strategy is based on disruptive artificial intelligence. The company submitted more than 100 patent applications. The company provides services in sales and marketing, information technology, human resources, talent supply chains, and human resource management.
Irrespective of the pros and cons, AIs are fascinating technology. Especially the physical representation in the real-time environment. Not just the chatbots, but the AI robots can create a special bond with every living being to know what exactly human intelligence can create with the algorithm.
And how fast are they able to talk to us? Especially, in the field of science and technology, AI is the greatest manifestation of the human mind’s imagination that can be anybody would have thought about. And need to be seen can surpass the present limits.
But we can’t deny the risk in emerging countries with AI, as per Mckinsey’s survey, Cybersecurity, Regulatory compliance, Explainability, Personal/individual privacy, Organisational reputation, Equity and fairness, Workforce/labor displacement, Physical safety, National security, and Political stability.