AI Tech Market in India will cross the mark of $7.8 billion by 2025, with a booming recession AI tech seems to be the only hope. Here is our analysis of AI taking to the forefront of the Indian Tech Market.
Artificial Intelligence is now an indispensable part of our lives. From simply using Siri on your iPhones to entering an era of AI-run stores and showrooms, the world has changed. While people still talk about how AI is growing, we have ignored how it has now reached a space where it cannot be considered merely a growing technology but a sustaining one.
While the Indian technology market has been facing the demons of recession for the past few months and is anticipating slower growth in the coming months however, AI tech’s increasing demand seems like a ray of sunshine. A report by International Data Corporation (IDC) stated that the Indian technology market is set to reach a mark of $7.8 billion by 2025. The growth rate of the AI tech market’s increment is predicted to be over 20% annually. The prediction comes after understanding the trends of the market’s growth since it gained pace in 2020 when the market value reached $3.8 billion.
The Story So Far...
The Indian market was not dominated by the tech sector, let alone dominated the tech sector was considered to be a sector under work. However, we did not lack good tech yet there was a scarcity of good clientele that would be willing to adapt to change. The Indian-based companies have always taken their time in accepting the new age technology, therefore causing a slowdown of the sector’s growth. And then the pandemic happened and things changed for good, here is how:
With the advent of the Pandemic, companies were forced to install systems and technologies that they never considered important. Here is a small example, every company operating either from the office or from home now has software like Slack installed, which enables quick access no matter what. This trend picked up during the pandemic where despite being quarantined in homes, the companies had to operate.
The IDC’s report also disclosed that now, about 80% of Indian companies plan to or have already invested in AI.
With an acceptance of basic AI tech the companies have now opened doors to the technologies like cloud, ML, and big data.
Seeing an increment in technology and internet-based business operations the government also realised the importance of monitoring the systems for safety. There have been investments in installing conversational AI or chatbots and fraud detection software in government-operated offices.
While India had simply entered the world of AI the west progressed into an advanced phase at the same time. Considering we derive a strong clientele from them the companies are now also planning to enhance tech by bringing in human resources technology, automation, cyber security, etc. This step is now considered a necessity to match up with the quick pace of the world.
Finally, with the staunching growth of new-age technology, there has been a demand for skilled employees who can handle this tech. This has led to a surge in demand for new Java resources on contract, C2H Developers, python developers, Onsite Developers, and many more.
Sectoral Optimisation – Key to AI Tech Growth?
The sector-wise optimization of AI has been the focal point for the growth and development of this technology. AI has made its way to optimize and regularise the business structures across market sectors. There are several industry sectors in India that have now taken to operating through smart tech which is specifically built for their benefit.
A prominent example can be the legal industry. Before the pandemic, the courts completely operated in person and multiple documents were submitted in hard copy. In came, the pandemic and now these sectors have accepted the existence of the virtual network community. Software like ProVakil was introduced which automated the whole working of a document and created drafts for the lawyers. Many courts have still chosen to operate virtually despite the decrease in the pandemic’s impact. While the legal industry has been one of the slowest to adapt to these changes, the fact there has been a change is enough to understand the spread of AI.
Failures along the way...
We might have been dwelling on the unrealistic growth and promising structure, but there have been stages where we saw failures and fallbacks as well. The IDC report suggested that the new models introduced had a mixed impact. Inculcating AI tech in a business that never processed technology had results that caused havoc. While the havoc could have been positive if handled properly, the companies failed to follow up on them. The point is, when companies came in contact with a tech which was unknown to them until now, many failed the first attempt at working in a tech-operated world.
Treacherous Road Ahead?
Having seen the ups and downs of the Indian market in the past couple of years we are more hopeful than most. The premise of the downfall has been failed attempts, yet we cannot miss out on the fact there have been attempts. This is where the answer to the future lies, the bumpy phase of the road we are on currently will eventually pass with a regular implementation of future tech.
IDC data suggests that the financial year 2023 will have multiple favorable growth structures across industries focused on AI technology. Finance, Healthcare, and Government sectors will focus on over 40% of the AI-based consumer decisioning system. Additionally, by the end of 2023, skilled workers will start operating with their personalized AI-based operating system. This system will solely work for one person and act on optimizing their tasks, data collection, and streamlining repetitive work.
With the positive hopes given by the IDC report and a strong implementation of the tech all over India, one can simply infer that this tech will single handily be at the forefront of the tech market growth in 2023.