The rapid adoption and growing demand for Generative Artificial Intelligence (Gen AI) tools like ChatGPT, India's GenAI-based Software-as-a-Service (SaaS) start-ups have more than doubled since 2021, and raised US$590 million till May 2023, according to a recent SaaSBoomi and McKinsey report. As now is the opportune time to pair the technology-rich offering Finland has with the opportunities available in India.
Business Finland in association with Finland Chamber of Commerce India (FINCHAM) is organising a webinar on the AI space in India on Thursday 28 September. The virtual session will see Industry experts from Kotak Mahindra Bank, Microsoft India & more discuss the pace of regulatory developments vs. technology development, use-cases across different industries in India, challenges posed by increasing reliance on AI based models, the need for an AI adept workforce, the funding & Investment scenario in India and potential collaborative strategies.
With Artificial Intelligence becoming a mainstay of key tools businesses across sectors will utilize going forward, it is pertinent to see how the usage is evolving in one of the fastest growing economies globally: India. The overall Indian technology industry recorded a 15.5% growth to reach $227 Bn in revenue in 2022, and India ranks 5th globally amongst countries with the most AI investment. According to a joint study recently conducted by Microsoft by the Internet and Mobile Association of India (IAMAI), India’s AI market is expected to witness a growth of 20% over the next five years, with the country being ranked among the top three talent markets, producing 16% of the world’s AI talent pool. Furthermore, IAMAI states that the AI market in India is projected to grow at a CAGR of 20.2% to reach US$ 7.8 billion by 2025 from US$ 3.1 billion in 2020. AI in educational systems will also make a significant contribution to India's attempts to meet sustainable development goals and assist in addressing concerns with inclusion, diversity, and equality in education.
From large, globally linked systems integrators headquartered in India to flourishing start-ups and everyone in between, the scope has never been higher for collaborations as these entities recognise the importance of AI going forward. The major systems integrator Tech Mahindra for example has set up of a thinktank specifically on AI to boost innovation. Over on the telecommunications front, market leader Reliance Jio has done away with call centres and now addresses all consumer queries through an AI-enabled chatbot. Another market leader, Bharti Airtel, has deployed a speech recognition software to pick up reactions and emotions as accurately as possible based on voice modulation and tone of the customer. The Google for India accelerator has also seen conducting more cohorts for their AI and Machine Learning enabled use-cases across industries. Tata Consultancy Services (TCS), another Indian-HQd tech giant, is also betting big on AI skills transforming the future. TCS' in-house R&D group has applied for 710 patents on AI innovations over the past five years itself.