India's AI market projected to reach $17 billion by 2027: report
India’s AI market is growing at a CAGR of 25-35% and is projected to reach around $17 billion by 2027, according to a new report by BCG and IT industry apex body Nasscom.
As the investments in AI continue to increase, the demand for AI talent in India is also expected to grow at 15% CAGR by 2027, the report, titled «AI Powered Tech Services: A Roadmap for Future Ready Firms; AI & GenAI's Role in Turbocharging the Industry” launched on the sidelines of the Nasscom Technology & Leadership Forum 2024 said.
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Offering CollegeCourseWebsiteIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitMITMIT Technology Leadership and InnovationVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitAs per the report, AI and ML emerged as the top category of IT spending expected to be made by IT buyers in 2023. This growth was fueled by multiple factors including increasing enterprise tech spending, India’s growing AI talent base and a significant increase in AI investments, the report said.
Globally, investments in AI have seen a 24% CAGR since 2019, with 2023 seeing close to $83 billion invested. The majority of this was made in horizontal AI applications in data analytics, GenAI, and ML algorithms and platforms.
Notably, around 93% of the investments made by Indian tech services and made-in-India product players focus on digital content, data analytics and supply chain. With increasing enterprise tech spending,
