According to the latest report by IMARC Group, titled “India Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the India artificial intelligence market size reached US$ 680.1 Million in 2022. Artificial Intelligence (AI) refers to technologically advanced machines that can perform tasks with human intelligence capabilities, such as visual perception, decision-making, speech recognition, and natural language processing. AI comprises hardware components such as central processing units (CPU), field-programmable gate arrays (FPGA), graphics processing units (GPU), and application-specific integrated circuits (ASIC). It also employs software like natural language processing (NLP), deep learning, and machine learning (ML), which are used to generate meaningful insights and process large amounts of data. AI uses algorithms and statistical models to analyze data and learn from experience, allowing it to improve its performance over time. It finds extensive applications across the healthcare, finance, and transportation industries to perform numerous tasks involving image and speech recognition, natural language processing, autonomous vehicles, robotics, and recommendation systems.
India Artificial Intelligence Market Trends:
The widespread demand for artificial intelligence (AI) integrated systems on account of the rapid digitization of various industries, such as banking, financial services and insurance (BFSI), telecommunications, automotive, and healthcare, is primarily driving the market growth in India. Besides this, the significant expansion in the information technology (IT) sector, along with the increasing employment of cloud-based applications across businesses, is creating a positive outlook for the market. In line with this, the growing product demand can also be attributed to the increasing awareness about the advantages of AI-integrated systems, such as seamless analysis of a large amount of data, improved consumer experience, and enhanced insights into overall operational efficacy, thus aiding in market expansion. Moreover, extensive investments in AI-based startups and research and development (R&D) activities and the implementation of favorable government initiatives and policies aimed at promoting product adoption in the country are presenting remunerative growth opportunities for the market. Furthermore, the large-scale employment of AI-based solutions for personalized healthcare and drug discovery across the healthcare industry and supply chain management and inventory optimization in the retail sector are contributing to the market growth. Looking forward, the market value is projected to reach US$ 3,935.5 Million by 2028, expanding at a CAGR of 33.28% during 2023-2028.
- Based on the type, the market is bifurcated into narrow/weak and general/strong artificial intelligence.
- On the basis of the offering, the market has been segregated into hardware, software, and services.
- Based on technology, the market is categorized into machine learning, natural language processing, context-aware computing, computer vision, and others.
- On the basis of the system, the market has been divided into intelligence systems, decision support processing, hybrid systems, and fuzzy systems.
- Based on the end-use industry, the market is classified into healthcare, manufacturing, automotive, agriculture, retail, security, human resources, marketing, financial services, transportation and logistics, and others.
- On the basis of region, the market has been segmented into North, West and Central, South, and East India.
- The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.
|Base Year of the Analysis
||Type, Offering, Technology, System, End-Use Industry, Region
||North India, West and Central India, South India, East India
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