Report shows India`s AI expenses to triple
Date
5/15/2024 8:30:52 AM
(MENAFN) India is poised to witness a significant surge in its expenditure on artificial intelligence (AI), with projections indicating a substantial increase from USD1.7 billion in 2023 to a staggering USD5 billion by 2027, as per a recent report cited by the PTI news agency. This exponential growth reflects India's robust embrace of AI technology, consistently ranking among the top nations in its adoption.
Released jointly by Intel and the International Data Corporation (IDC), the report outlines a trajectory of steady growth in AI spending by Indian entities, with an anticipated annual increase of 31.5 percent from 2023 to 2027. Sharath Srinivasamurthy, Associate Vice President of IDC, forecasts that AI will become ubiquitous by 2027, permeating various sectors.
Key sectors driving this surge in AI investment include banking, financial services, insurance, and manufacturing. Over the coming years, investments are expected to focus on bolstering AI infrastructure, particularly in 2024 and 2025, as indicated by the report's findings.
Santhosh Viswanathan, Managing Director of Intel for the Indian market, expressed confidence in India's potential to lead the global AI revolution. He emphasized the country's commitment to AI as a catalyst for transformative growth, echoing sentiments shared in the report.
The significance of AI in India's technological landscape is underscored by findings from the Bosch Tech Compass Survey 2024, revealing that 58 percent of Indians view AI as the most crucial technology for the future.
In a strategic move earlier this year, the Indian government approved substantial spending exceeding 100 billion rupees (USD 1.2 billion) over a five-year period for its 'India AI Mission.' This initiative aims to foster the development of AI-based technologies through collaborative efforts between government sectors and private investors, further propelling India's AI ambitions on the global stage.
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