The AI market in Mumbai, India is on a rapid growth trajectory and is expected to reach a staggering USD 17 billion by 2027, according to a recently released report. This phenomenal growth is fueled by various factors, including increasing enterprise tech spending, a burgeoning AI talent base, and a significant rise in AI investments.
The report, titled “AI Powered Tech Services: A Roadmap for Future Ready Firms; AI & GenAI’s Role in Turbocharging the Industry,” was jointly published by Nasscom and BCG and unveiled at the Nasscom Technology & Leadership Forum 2024.
While the global investments in AI have seen a 24% compounded annual growth rate (CAGR) since 2019, with a projected investment close to USD 83 billion by 2023, the majority of the investments in India have been centered around data analytics, GenAI, and ML algorithms and platforms.
With the increasing enterprise tech spending, technology service providers in Mumbai are diversifying their offerings beyond traditional IT services. They are now developing innovative AI-based services and solutions, including proprietary AI and GenAI platforms, automation tools, data analytics solutions, and customized AI applications for specific sectors such as healthcare, banking, finance, and retail.
India has emerged as a global leader in terms of AI talent, with 420,000 employees currently working in AI job functions. The country also boasts the highest skills penetration, with three times more AI skilled talent than any other nation. Over the past seven years, India has witnessed a remarkable 14 times growth in the number of individuals skilled in AI, ranking among the top five nations in this aspect.
As the investments in AI continue to soar, the demand for AI talent in India is also expected to grow at a steady rate of 15% CAGR till 2027. The tech industry in India has already experienced significant growth in AI and machine learning (ML) jobs, with positions such as AI engineers witnessing a remarkable 67% year-on-year growth.
Recognizing the importance of human capital in the AI journey, leading firms in Mumbai have prioritized upskilling and reskilling their workforce in AI and related technologies. Some organizations have even allocated USD 1 billion over the next three years dedicated to upskilling initiatives.
According to Debjani Ghosh, the President at Nasscom, Mumbai’s tech companies are not simply adopting AI but are redefining their service offerings and creating greater value for their clients. They are at the forefront of setting new industry standards and are embracing a human-centered approach that prioritizes transparency and human oversight.
As Mumbai accelerates its AI journey, it is crucial to make massive-scale investments in AI skilling, ethical and secure AI development practices, and governance frameworks. This fundamental shift will ensure a sustainable and responsible AI ecosystem that benefits society at large.
FAQs about Mumbai’s AI Market
Q: What is the expected value of Mumbai’s AI market by 2027?
A: The AI market in Mumbai, India is expected to reach USD 17 billion by 2027.
Q: What are the factors fueling the growth of Mumbai’s AI market?
A: The growth of Mumbai’s AI market is fueled by increasing enterprise tech spending, a burgeoning AI talent base, and a significant rise in AI investments.
Q: Who published the report about Mumbai’s AI market?
A: The report titled “AI Powered Tech Services: A Roadmap for Future Ready Firms; AI & GenAI’s Role in Turbocharging the Industry” was jointly published by Nasscom and BCG.
Q: What sectors are Mumbai’s technology service providers focusing on with their AI-based services?
A: Mumbai’s technology service providers are developing AI-based services and solutions for sectors such as healthcare, banking, finance, and retail.
Q: How does India rank in terms of AI talent?
A: India has emerged as a global leader in terms of AI talent, with 420,000 employees currently working in AI job functions and three times more AI skilled talent than any other nation.
Q: What is the projected growth rate for AI talent demand in India till 2027?
A: The demand for AI talent in India is expected to grow at a steady rate of 15% CAGR till 2027.
Q: How are Mumbai’s tech companies prioritizing AI upskilling?
A: Leading firms in Mumbai have prioritized upskilling and reskilling their workforce in AI and related technologies, with some organizations allocating USD 1 billion over the next three years for upskilling initiatives.
Q: What approach are Mumbai’s tech companies taking towards AI adoption?
A: Mumbai’s tech companies are adopting a human-centered approach that prioritizes transparency and human oversight in their AI service offerings.
Key Terms and Definitions:
– AI (Artificial Intelligence): The simulation of human intelligence in machines that are programmed to think and learn like humans.
– GenAI (General Artificial Intelligence): AI systems that possess general intelligence and can understand, learn, and apply knowledge across multiple domains.
– ML (Machine Learning): A subset of AI that allows machines to learn and make decisions without being explicitly programmed.
– CAGR (Compounded Annual Growth Rate): The average rate at which an investment grows over a specific period, taking into account the effects of compounding.
Related Links:
– Nasscom
– BCG
The source of the article is from the blog queerfeed.com.br