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Indian AI Market Forecast to Reach $7.8 BN by 2025

The artificial intelligence (AI) market in India is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2% and reach US$7.8 billion in total revenues by 2025, according to a report by the International Data Corporation (IDC). Businesses in India are expected to accelerate the adoption of both AI-centric and AI non-centric applications for the next five years.

Further, the AI software segment has the potential to dominate the market and grow from US$2.8 billion in 2020 at a CAGR of 18.1% by the end of 2025, the report stated. Organisations are leveraging multiple AI applications in their customer relationship and enterprise risk management, and other operational platforms for daily management. They are also using AI to scale up supply chains. This is primarily aimed at improving return on investment (RoI) and cost savings.

Indian organisations plan to invest in AI to address current business scenarios across functions, such as customer service, human resources (HR), IT automation, and security, among others. Increasing business resilience and enhancing customer retention are among the top business objectives for using AI by Indian enterprises, the report noted. About 51% of organisations are processing transactional and social media data through AI and machine learning (ML) solutions. While 46% of them use unstructured or semi-structured data.

With data being one of the most crucial components in an AI/ML project, businesses use a variety of databases to handle large data volumes for making real-time business decisions. Organisations must focus on getting high-quality training data for AI/ML models, an expert explained. AI applications form the largest share of the revenue for the AI software category, at more than 52% in 2020. The major reasons for AI projects to fail includes disruptive results to current business processes and lack of follow-ups from business units, the report said.

The country has been heavily investing in developing AI/ML courses and solutions. In September, The Indian Institute of Science in Bangalore (IISc), in collaboration with a private player, announced it would establish a state-of-the-art AI/ML centre at the IISc campus. Spread across approximately 140,000 square feet, the centre will offer bachelor’s, master’s, and short-term courses in areas AI/ML, deep learning, fintech, reinforcement learning, image processing, and computer vision.

The centre will also promote research and innovation in AI/ML and develop the talent pool from across the country to provide cutting-edge solutions to meet the industry’s emerging and future requirements. According to a statement, as IISc continues to deliver on its mandate to provide advanced scientific and technological research and education, its partnerships with forward-thinking institutions will help it scale up substantially and position India as a deep tech innovation hub.

More recently, OpenGov Asia reported that the Indian Institute of Technology in Roorkee (IIT-Roorkee), is setting up a new school for AI and data science. The course will invite renowned experts in the field of AI to participate in designing relevant curricula as well as faculties and mentors who will encourage innovative research ideas to the students. These experts will also facilitate student scholarships and faculty exchange programmes. AI-driven technologies are rapidly transforming the world. Academic collaborations between international faculty and institutes can help solve ongoing global challenges like climate change, resource sustainability, and information security.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com