India Generative AI Market Size almost Doubles at Significant CAGR 8.1% to Touch USD 7 Billion by 2030

Published | 13 June 2024

India Generative AI Market is flourishing due to the rising demand for automated content creation, personalization craze, and integration with machine learning.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Generative AI Market size by value at USD 3.41 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Generative AI Market size to expand at a CAGR of 8.1% reaching a value of USD 6.78 billion by 2030. The Generative AI Market in India is propelled by the growing influx of generated data, rising sophistication of machine learning techniques, the expanding information technology (IT) sector, and the increasing adoption of products across a wide array of industries. Generative AI harnesses the power of advanced neural networks, like Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs), to produce remarkably lifelike content. This includes images, text, audio, video, and a vast array of other formats. The applications of generative AI are expanding rapidly across numerous industries. For instance, it can be used to create stunning artwork, music, and video game scenes. It can also enhance datasets through data augmentation, a technique that helps improve the performance of machine learning models. Also, generative AI plays a valuable role in natural language processing tasks, such as machine translation and text summarization. These diverse applications contribute to the market's significant growth. Notably, generative AI is revolutionizing fields like drug discovery and material design. By enabling the creation of tailored molecular structures and materials, generative AI can significantly accelerate the development of new drugs and materials with specific properties. In addition, generative AI facilitates personalized content creation and recommendations, offering tailored solutions across multiple domains, such as e-commerce and entertainment. The substantial investments from established firms and venture capitalists have bolstered research, development, and commercialization endeavors, fostering a promising market outlook in India.

Opportunity – Growing adoption of advancements in AI technology

Generative artificial intelligence (AI) stands as a pinnacle of AI evolution, reshaping industries with its ability to autonomously create diverse content such as text, images, and music. Spearheaded by entities like OpenAI's ChatGPT, generative AI's proliferation has ushered both wonder and concern. Its applications span from innovative problem-solving in healthcare and agriculture to revolutionizing creative endeavors in art and entertainment. However, this surge in capability has also birthed new challenges, including the proliferation of deepfakes and cybersecurity threats. India, recognizing its potential, has embarked on strategic initiatives like the National Strategy for Artificial Intelligence and collaboration within the Global Partnership on AI to leverage generative AI's transformative power while ensuring responsible governance.

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Impact of Escalating Geopolitical Tensions on India Generative AI Market

Geopolitical tensions can have a multifaceted impact on the India Generative AI Market. Uncertainties stemming from geopolitical conflicts can disrupt supply chains, impede international collaborations, and heighten regulatory complexities. Such disruptions may hinder the flow of essential resources, including talent, technology, and investment, crucial for the advancement of Generative AI initiatives. Moreover, heightened geopolitical tensions can instigate trade barriers and geopolitical risks, dampening investor confidence and hindering market growth. To mitigate these impacts, fostering stable diplomatic relations, promoting open dialogue, and fostering a conducive environment for international cooperation are essential to sustain and propel the growth of the Generative AI market in India.

India Generative AI Market

Segmental Coverage

India Generative AI Market – By End Use

Based on end use, the India Generative AI Market is divided into Media & Entertainment, BFSI, IT & Telecommunications, Healthcare, Automotive & Transportation, and Gaming segments. The media & entertainment segment holds the highest share in the India Generative AI Market by end use. The media & entertainment industry significantly relies on visual content for movies, TV shows, video games, and immersive VR and AR experiences. Generative AI techniques, such as image and video generation, are essential in creating visually stunning and realistic content, including computer-generated graphics, special effects, virtual environments, and characters. Animation studios and visual effects companies are increasingly adopting these techniques to streamline and enhance production processes. This widespread use of generative AI in the creation of high-quality visual content drives the segment's dominance in the India Generative AI market.

India Generative AI Market – By Region

Geographically, the India Generative AI Market is divided into North India, South India, East India, and West India regions. The South India region holds the highest share in the India Generative AI Market. Bengaluru, situated in South India, stands out as the focal point of India's Generative AI landscape. Renowned as the country's tech hub, Bengaluru harbors a multitude of AI startups and established tech giants, all harnessing the power of generative AI across diverse sectors. The city's companies lead the charge in pioneering innovative AI solutions tailored to industries such as insurance, agriculture, and cultural heritage. Noteworthy generative AI platforms like PolicyGPT and BharatGPT trace their origins to Bengaluru-based enterprises, underscoring the city's prominence in AI innovation and implementation. With its wealth of talent, resources, and a conducive ecosystem, Bengaluru emerges as a pivotal epicenter for driving generative AI advancements throughout India.

Competitive Landscape

The India Generative AI Market is fragmented, with numerous players serving the market. The key players dominating the India Generative AI Market include GeekyAnts, Dreamztech Solutions, IBM, Google LLC, Microsoft, Adobe, Rephrase.ai, Agile Infoways LLC, and Intuz. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity of the India Generative AI Market. Consult our analysts to gain crucial insights and facilitate your business growth.

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

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