India is emerging as a global leader in the field of artificial intelligence (AI), with a talent pool that is three times larger than that of other countries. This promising AI talent pool is expected to experience a robust 15% compound annual growth rate through 2027, according to a joint study conducted by Nasscom and the Boston Consulting Group.
Interestingly, India has witnessed a remarkable 14-fold increase in the number of individuals skilled in AI over the past seven years, placing it among the top five nations in terms of AI growth. The report, titled “AI Powered Tech Services: A Roadmap for Future Ready Firms: AI & Gen AI’s role,” reveals that India has the second-highest number of AI professionals, with 420,000 employees engaged in various AI-related job functions.
This surge in AI talent is largely attributed to the significant investments made by leading Indian companies in upskilling and reskilling their workforce. Recognizing the importance of human capital in the AI journey, these companies have allocated $1 billion over the next three years for this purpose.
Indian tech companies are not only expanding their portfolios beyond traditional IT and business process management but also focusing on AI-driven analytics, intelligent automation, and personalized customer interactions. Debjani Ghosh, president of Nasscom, emphasizes the shift towards Generative AI and its impact on diverse sectors.
Globally, investments in AI have grown at a compounded annual growth rate of 24% since 2019, with $83 billion invested in 2023 alone. The majority of these investments have been directed towards AI applications in data analytics, GenAI, machine learning algorithms, and platforms.
The survey conducted by Nasscom and BCG highlights the prevalence of well-defined frameworks for financing AI use cases among the respondents. Moreover, more than 70% of companies have established AI partnerships, particularly with GenAI and cloud partners.
The growth of India’s AI market reflects the country’s pivotal role in driving global innovation, as noted by Rajiv Gupta, managing director and senior partner of BCG. Indian companies are rapidly adopting AI technologies and transforming into future-ready organizations with dynamic centers of excellence driving the AI agenda.
With a diverse talent pool and a strong focus on AI adoption, India is well-positioned to make significant contributions to the field of artificial intelligence, paving the way for transformative innovations across various industries.
FAQ Section:
1. What is the talent pool of India in the field of artificial intelligence (AI)?
India has a talent pool in AI that is three times larger than that of other countries.
2. What is the expected growth rate of India’s AI talent pool?
India’s AI talent pool is expected to experience a robust 15% compound annual growth rate through 2027.
3. How many AI professionals are there in India?
India has the second-highest number of AI professionals, with 420,000 employees engaged in various AI-related job functions.
4. What factors have contributed to the surge in AI talent in India?
The surge in AI talent in India is largely attributed to significant investments made by leading Indian companies in upskilling and reskilling their workforce.
5. How much investment have Indian companies allocated for upskilling and reskilling?
Indian companies have allocated $1 billion over the next three years for upskilling and reskilling their workforce in AI.
6. What areas are Indian tech companies focusing on in addition to traditional IT and business process management?
Indian tech companies are expanding their portfolios to include AI-driven analytics, intelligent automation, and personalized customer interactions.
7. What is Generative AI and why is it significant?
Generative AI is emphasized as a significant shift in AI technology, and its impact is expected to be felt across diverse sectors.
8. How much overall investment has been made in AI globally?
Globally, investments in AI have grown at a compounded annual growth rate of 24% since 2019, with $83 billion invested in 2023 alone.
9. What are the main areas where AI investments have been directed?
The majority of AI investments have been directed towards AI applications in data analytics, GenAI, machine learning algorithms, and platforms.
10. What are the key findings of the survey conducted by Nasscom and BCG?
The survey highlights the prevalence of well-defined frameworks for financing AI use cases and the establishment of AI partnerships among companies.
Definitions:
– AI: Artificial Intelligence refers to the development of computer systems that can perform tasks that would normally require human intelligence.
– Talent pool: Refers to the collective skills and abilities of individuals available for a particular field or industry.
– Compound annual growth rate (CAGR): A measure of the year-over-year growth rate of an investment over a specified period of time.
– Upskilling: The process of learning new skills or improving existing skills to enhance one’s career opportunities or job performance.
– Reskilling: The process of learning new skills to adapt to changes in job requirements or to transition to a different field or role.
– GenAI: Refers to the application of AI technologies and techniques across various sectors and industries.
– Cloud partners: Companies or service providers that offer cloud-based solutions or services.
Suggested Related Links:
– Nasscom: Official website of Nasscom, which is a non-profit trade association focused on the IT-BPM industry in India.
– Boston Consulting Group: Official website of the Boston Consulting Group, a global management consulting firm.
– Nasscom Research: Research resources from Nasscom, including blogs and reports on various topics.
– BCG Technology Industries: Information on BCG’s expertise and insights in technology industries.
Note: URLs provided are example URLs and may not be valid. Please replace them with valid URLs to related websites.
The source of the article is from the blog bitperfect.pe