Adopting artificial intelligence (AI) and data usage strategy could add $500 billion to India’s GDP by 2025, showed a new Nasscom report on Thursday.
The adoption of AI in four key sectors – BFSI, consumer packaged goods (CPG) and retail, healthcare, and industry/automotive – could contribute 60 percent of the total $500 billion opportunities, as noted by Nasscom, EY and Microsoft. , EXL and Capgemini.
Although the current rate of AI investment in India is growing at a compound annual growth rate (CAGR) of 30.8 percent and is poised to reach $881 million by 2023, it still accounts for just 2.5 percent of the total global AI investment of $340 billion. will represent. ,
Also read: Telecoms may buy spectrum worth Rs 71,000 crore in 5G auction: IIFL report
This creates a huge opportunity for Indian enterprises to adopt AI to accelerate investments and drive equitable growth across sectors. The report said that India should have a strong affinity for the maturity of AI adoption to achieve its $1 trillion GDP target by FY 2026-2027.
“The pandemic has made it absolutely time-critical for organizations to move beyond data and technology silos to build specialized AI capabilities across sectors combined with a structured data usage strategy,” Nasscom President Debjani Ghosh said.
With the rapidly increasing digitization, Indian enterprises have already started their AI journey.
According to the report, 65 percent of organizations have an AI strategy defined at the functional or enterprise level. With a growing number of STEM graduates and digital natives, India is one of the largest talent centers for AI.
India is currently the second largest global center in the training and recruitment of AI talent.
“However, the rapid growth in AI applications has led to an increase in recruitment for AI professionals. While the talent pipeline has grown over the past two years, the rapid boom in talent demand has created a supply-demand gap,” the report said. has gone.
Also read: Apple is making iPhones the most popular smartphone in the world
According to the findings, 44 percent of businesses already have a dedicated or a cross-functional AI team structure, while 25 percent rely entirely on outsourcing for AI talent as their primary source.
India’s healthcare market has grown from $110 billion in 2016 to $372 billion in 2022, driven by increased investments in cutting-edge health technologies. The report said that the use of AI to improve healthcare systems could potentially add $25 billion in economic value to India by 2025.
Read all the latest news, breaking news, watch top videos and watch Live TV right here.