India Artificial Intelligence Market Zooming almost 6X to Touch USD 4 Billion by 2029

Published | 25 May 2023

India artificial intelligence (AI) market is flourishing because of rising potential R&D in AI system, increasing data-based AI, and rapid advancements in deep learning.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India artificial intelligence (AI) market size at USD 672.11 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India artificial intelligence (AI) market size to grow at a robust CAGR of 32.26% reaching a value of USD 3,966.51 million by 2029. Major growth drivers for the India artificial intelligence (AI) market include an increasing volume of data generated by businesses and growing need to extract insights from this data. The rise of big data analytics and the internet of things (IoT) is also contributing to the growth of the AI market in India. Also, an increasing number of AI startups and rapid adoption of technological advancements in the country have created a favorable environment for the development of AI-based products and services. The Indian government has also recognized the potential of AI and has launched several initiatives to promote its adoption. For instance, the government has launched the National Strategy on Artificial Intelligence (NSAI), which aims to create a vibrant AI ecosystem in India and position the country as a global leader in AI. The government has also announced plans to develop AI-based applications in major areas, such as healthcare, agriculture, and education.

India Artificial Intelligence (AI) Market – Overview

India artificial Intelligence (AI) market refers to the application of AI technology, such as machine learning (ML), natural language processing (NLP), and computer vision, in various industries and sectors in India. It involves the development and deployment of intelligent systems and solutions that can simulate human intelligence, perform cognitive tasks, and automate complex processes. The market includes various AI-enabled products, platforms, and services, such as chatbots, virtual assistants, image recognition tools, predictive analytics solutions, and speech recognition systems. The India AI market is expected to grow rapidly in the coming years, driven by the increasing demand for AI-based applications and services across different industries, including healthcare, finance, retail, and manufacturing.

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Impact of COVID-19 on India Artificial Intelligence (AI) Market

The COVID-19 pandemic had a positive impact on the India artificial intelligence (AI) market. The pandemic has accelerated the adoption of AI in certain industries, such as healthcare and e-commerce, where there has been an increased demand for automation and digital solutions. AI-powered tools, such as chatbots and virtual assistants, have also been increasingly used in customer service and support functions, as businesses looked for ways to maintain operations despite social distancing restrictions.

India Artificial Intelligence (AI) Market – By End Use

Based on end use, the India artificial intelligence (AI) market is divided into Healthcare, BFSI, Law, Retail, Advertising & Media, and other (Automotive & Transportation, Manufacturing, Agriculture) segments. The advertising & media segment held the highest share in the India artificial intelligence (AI) market, due to the increasing adoption of AI-powered technologies for various applications in the sector. AI is being utilized in advertising & media for tasks, such as personalized content creation, targeted advertising, sentiment analysis, and predictive analytics. These technologies help in analyzing and understanding customer behavior, preferences, and trends, thereby enabling companies to create more effective and personalized advertising campaigns. Additionally, AI-powered chatbots and virtual assistants are being used to improve customer engagement and provide better customer service. The high level of competition in the advertising and media industry has also led to an increased focus on AI-powered solutions to gain a competitive edge. All these factors have contributed to the growth of the AI market in the advertising and media segment in India.

Competitive Landscape

Major players operating in the India artificial intelligence (AI) market include Advanced Micro Devices, AiCure, Arm Limited, Atomwise, Inc., Ayasdi AI LLC, Baidu, Inc., Clarifai, Inc, Cyrcadia Health, Enlitic, Inc., and Google LLC. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Artificial Intelligence (AI) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Artificial Intelligence (AI) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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