India artificial intelligence market Expanding at a CAGR of 33.28% during 2023-2028

According to the latest report by IMARC Group "India Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The India artificial intelligence market size reached US$ 680.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,935.5 Million by 2028, exhibiting a growth rate (CAGR) of 33.28% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Artificial intelligence (AI) represents advanced technologies that enable machines to mimic the capabilities of the human mind. They involve the use of several software, such as machine learning (ML), natural language processing, context-aware computing, computer vision, etc., and even comprise of various hardware components, including a central processing unit (CPU), field-programmable gate array (FPGA), graphics processing unit (GPU), and application-specific integrated circuits (ASIC). Artificial intelligence technologies allow human-like visual perception, speech recognition, translation, and decision-making based on past experiences. They can process large amounts of data and deliver meaningful insights, and aid in ensuring automation, decreasing errors, and managing repetitive tasks. Consequently, artificial intelligence systems find extensive utilization across numerous sectors in India, such as healthcare, agriculture, automotive, manufacturing, retail, security, marketing, financial services, transportation, logistics, telecommunication, etc.

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India Artificial Intelligence Market Trends:

The growing digitization in multiple industrial segments and the expanding Information and Technology (IT) industry are among the key factors driving the India artificial intelligence market. Additionally, the escalating usage of cloud-based applications, the shifting consumer preferences toward online shopping, and the increasing need for reliable cloud computing infrastructures that employ AI tools to process accurate real-time data and improve overall productivity are further stimulating the market across the country. Besides this, the emerging trend of remote working that has made organizations adopt AI-based process automation software to handle mundane tasks, which include data entry and updating databases without human intervention to enhance office work accuracy, is acting as another significant growth-inducing factor. Moreover, the elevating adoption of AI-based systems in healthcare establishments for improving the planning, treatment, and reported outcomes of patients suffering from diverse diseases is expected to bolster the India artificial intelligence market over the forecasted period.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Type:

Narrow/Weak Artificial Intelligence
General/Strong Artificial Intelligence

Breakup by Offering:

Hardware
Software
Services

Breakup by Technology:

Machine Learning
Natural Language Processing
Context-Aware Computing
Computer Vision
Others

Breakup by System:

Intelligence Systems
Decision Support Processing
Hybrid Systems
Fuzzy Systems

Breakup by End-Use Industry:

Healthcare
Manufacturing
Automotive
Agriculture
Retail
Security
Human Resources
Marketing
Financial Services
Transportation and Logistics
Others

Breakup by Region:

North India
West and Central India
South India
East India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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