AI Industry in India 2023 | Market Size, Growth and Forecast 2028

IMARC Group, a leading market research company, has recently releases report titled "India Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the India artificial intelligence market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the India artificial intelligence market?

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.

What is artificial intelligence?

Artificial intelligence (AI) represents the technological solution used for building smart machines capable of performing various tasks that require human intelligence. It aids in planning, learning, recognizing human-like speech, solving problems according to past experiences, etc. Artificial intelligence comprises hardware components, including a central processing unit (CPU), graphics processing unit (GPU), field-programmable gate array (FPGA), application-specific integrated circuits (ASIC), etc. It also has software components, such as deep learning, natural language processing (NLP), machine learning (ML), etc., that provide meaningful insights and process a large amount of data.

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What are the growth prospects and trends in the India artificial intelligence?

The escalating demand for AI-integrated systems, on account of the growing digitization in several sectors, including banking, financial services and insurance (BFSI), telecommunications, healthcare, automotive, etc., is among the key factors stimulating the India artificial intelligence market. Moreover, the expanding information technology (IT) industry and the rising usage of cloud-based applications are acting as significant growth-inducing factors. Besides this, numerous benefits offered by artificial intelligence-integrated systems, such as analysis of large amounts of data, improved consumer experience, extraction of insights regarding overall operational efficacy, etc., are bolstering the market growth.
Furthermore, extensive R&D activities by key market players are propelling the market growth across the country. Apart from this, the widespread adoption of reliable cloud computing solutions is further augmenting the market growth. Additionally, the increasing popularity of AI-powered industrial and surgical robots, the development of intelligent virtual assistants, and continuous improvements in 5G infrastructures are anticipated to fuel the India artificial intelligence market over the forecasted period.

What is included in market 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 Geography:
• North India
• West and Central India
• South India
• East India

Who are the key players operating in the industry?

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

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