Press release
India Artificial Intelligence Market to grow at a 18.20% during the forecast period (2024 - 2032).
The artificial intelligence (AI) market in India has been a subject of significant interest and development, with various insights and trends shaping its trajectory. The Artificial Intelligence Market industry is projected to grow from USD 6.1 Billion in 2023 to USD 23.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.20% during the forecast period (2024 - 2032).
This growth is driven by factors such as increasing adoption of AI applications, driving factors, challenges for AI adoption, and popular AI applications that have found increasing adoption in the market.
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Key Companies in the India Artificial Intelligence Market include,
Google (US)
Microsoft (US)
IBM (US)
Oracle (US)
AWS (US)
Intel (US)
Salesforce (US)
SAP (Germany)
Cisco (US)
Meta (US)
HPE (US)
Siemens (Germany)
Huawei (China)
NVIDIA (US)
Baidu (China)
SAS
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AI Adoption and Potential in India:
The Indian government has been focusing on AI applications with social benefits, particularly in areas such as healthcare, education, and agriculture. This reflects a strategic push towards leveraging AI for societal and economic development.
Government Initiatives:
The Indian government has announced the establishment of a national center for Artificial Intelligence (AI) and a national program on AI, reflecting a commitment to fostering AI innovation and development within the country.
Impact on Industries:
AI is expected to impact various industries in India, including IT, manufacturing, agriculture, and forestry. The rise of AI and robotics is anticipated to bring about significant changes in the nature of employment and production capabilities, with implications for the 'Make in India' initiative .
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Startups and Innovation:
The AI landscape in India is witnessing the emergence of numerous startups focused on AI technology. Both large technology services companies and startups are actively engaged in developing innovative AI platforms and solutions, indicating a vibrant ecosystem for AI innovation and entrepreneurship.
The AI market in India is poised for significant growth and development, driven by government initiatives, increasing adoption of AI applications, and a thriving ecosystem of startups and technology companies. This presents a promising landscape for the integration and expansion of AI technologies across various sectors in India.
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