India Artificial Intelligence Market Size Witnesses Robust Growth Rate of CAGR 33.28%, Exceeding US$ 3,935.5 Million by 2028

IMARC Group's report titled " 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.

Factors Affecting the Growth of the India Artificial Intelligence Industry:

• Thriving Healthcare Sector:

The rising utilization of artificial intelligence (AI) in the healthcare sector is propelling the growth of the market in India. AI assists in enhancing patient care and streamlining operations. Moreover, AI-powered medical imaging, such as X-ray and magnetic resonance imaging (MRI) analysis, benefits in improving diagnostic accuracy and speed. Furthermore, predictive analytics aids in early disease detection and patient monitoring. Besides this, chatbots and telemedicine platforms offer accessible healthcare services, especially in remote areas. Overall, AI in healthcare optimizes decision-making, reduces errors, and enhances patient outcomes.

• Increasing Data Availability:

The growing demand for AI due to the increasing data availability is offering a positive market outlook in the country. In line with this, this data explosion encompasses various sources, including social media, e-commerce transactions, and sensor data from the Internet of Things (IoT). Furthermore, companies across several industries are leveraging this data to gain insights, optimize operations, and make data-driven decisions. In addition, in e-commerce, AI-powered recommendation engines use the data of individuals to personalize product suggestions and improve user experience.

• Favorable Government Initiatives:

Governing agencies in India are encouraging digitalization, which is contributing to the growth of the market. Apart from this, they are implementing stringent regulations to ensure responsible and ethical use of AI and promote transparency and accountability in AI applications. Furthermore, these measures assist in encouraging key players to invest in advanced technologies. In line with this, governing authorities are introducing skill development programs in collaboration with industry partners and educational institutions to create a skilled workforce proficient in AI technologies.

For an in-depth analysis, you can refer sample copy of the report:

India Artificial Intelligence Market Report Segmentation:

By Type:

• Narrow/Weak Artificial Intelligence
• General/Strong Artificial Intelligence

Narrow/weak artificial intelligence represented the largest segment as it provides specialized solutions for specific tasks.

By Offering:

• Hardware
• Software
• Services

Software accounted for the largest market share, which can be attributed to the rising demand for improved flexibility, scalability, and ease of integration into existing systems.

By Technology:

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

Machine learning dominates the market due to its ability to learn from data and adapt and improve performance without explicit programming.

By System:

• Intelligence Systems
• Decision Support Processing
• Hybrid Systems
• Fuzzy Systems

Intelligence systems hold the biggest market share on account of the increasing need for data-driven decision-making and automation.

By End-Use Industry:

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

Manufacturing exhibits a clear dominance in the market as AI benefits in reducing downtime and minimizing waste.

Regional Insights:

• North India
• West and Central India
• South India
• East India

South India enjoys the leading position in the India artificial intelligence market, which can be accredited to the presence of numerous information technology (IT) and tech hubs.

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India Artificial Intelligence Market Trends:

The integration of AI in the education sector for personalized learning solutions is contributing to the growth of the market in India. In line with this, the growing demand for quality education and improved access to learning resources is offering a positive market outlook in the country.
The rising development of AI-driven language processing technologies is impelling the market growth. Besides this, natural language processing (NLP) applications are enabling regional language support in content generation and e-commerce, which is supporting the market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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