New Delhi: The adoption of artificial intelligence (AI) and data utilisation strategy can add $500 billion to India’s GDP by 2025, a new Nasscom report showed on Thursday.<\/p>\n\n\n\n
The AI adoption in four key sectors — BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials\/automotive — can contribute 60 per cent of the total $ 500 billion opportunity, according to “AI Adoption Index” Nasscom, EY and Microsoft, EXL and Capgemini.<\/p>\n\n\n\n
Though the current rate of AI investments in India is growing at a compound annual growth rate (CAGR) of 30.8 per cent and poised to reach $881 million by 2023, it will still represent just 2.5 per cent of the total global AI investments of $340 billion.<\/p>\n\n\n\n
This creates a massive opportunity for Indian enterprises to accelerate investments and adoption of AI to drive equitable growth across sectors.<\/p>\n\n\n\n
For India to achieve its $1 trillion GDP goal by FY 2026-2027, it needs to have a strong correlation to the maturity of AI adoption, the report noted.<\/p>\n\n\n\n
“The pandemic has made it absolutely time critical for organisations to move from data & technology silos to building specialised AI capabilities at scale across sectors combined with a structured data utilisation strategy,” said Debjani Ghosh, President, Nasscom.<\/p>\n\n\n\n
With rapid scaled digitalisation, Indian enterprises have already embarked on their AI journey.<\/p>\n\n\n\n
As per the report, 65 per cent of organisations have AI strategy defined either at a functional or enterprise level.<\/p>\n\n\n\n
With a burgeoning number of STEM graduates and digital natives, India is one of the biggest talent hubs for AI.<\/p>\n\n\n\n
India currently is the second largest global hub in training and hiring AI talent.<\/p>\n\n\n\n
“However, rapid growth in AI applications has led to a surge in hiring for AI professionals. While the talent pipeline has grown over the past two years, a rapid jump in talent demand has caused a supply demand gap,” said the report.<\/p>\n\n\n\n
As per the findings, 44 per cent of businesses already have a dedicated or a cross-functional AI team structure, while 25 per cent rely fully on outsourcing as their primary source for AI talent.<\/p>\n\n\n\n
India’s healthcare market has grown 3 times from $110 billion in 2016 to $372 billion in 2022, driven by increasing investments in cutting-edge healthcare technologies.<\/p>\n\n\n\n
The use of AI in improving healthcare systems can potentially generate $25 billion of economic value add for India by 2025, the report noted.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi: The adoption of artificial intelligence (AI) and data utilisation strategy can add $500 billion to India’s GDP by 2025, a new Nasscom report showed on Thursday. The AI adoption in four key sectors — BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials\/automotive — can contribute 60 per cent of the total […]<\/p>\n","protected":false},"author":1,"featured_media":275680,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667,688],"tags":[],"class_list":["post-275678","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-infotainment"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/275678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=275678"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/275678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/275680"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=275678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=275678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=275678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}