According to NASSCOM, India’s AI investments will exceed $880 million by 2023
The global artificial intelligence investments have doubled in the last year, but India’s share in global AI investment remains at 1.5%, the NASSCOM report said
According to the latest NASSCOM AI adoption index research, investments in India’s AI capabilities are expanding at a CAGR of 30.8 percent and are expected to reach $881 million by 2023.
Global AI investments have more than doubled in the last year, but India’s portion of global investment remains at 1.5 percent, according to the research. India starts from a poorer basis than its global rivals, and despite its rapid rise, the country will still account for only 2.5% of global investments in 2023.
NASSCOM and EY surveyed approximately 350 businesses. According to the report, approximately 65% of organisations have defined AI strategy at the functional or enterprise level. India’s AI maturity level is Enthusiast, the second of four levels of adoption assessment.
While Indian businesses use AI for a variety of business tasks, predictive analytics and chatbots are the most extensively used AI applications in the country.
According to the research, the Personal Data Protection Bill represents a significant shift in policy. It has urged that businesses investigate data sanitization and the removal of personal identifiers in order to comply with the proposed standards.
“The pandemic has made it an absolutely vital time for enterprises to migrate from data & technology silos to establishing specialised AI capabilities at scale across industries combined with a structured data utilisation plan,” said Debjani Ghosh, president of NASSCOM.
According to Amitabh Kant, CEO of NITI Aayog, India still has to develop in terms of core and applied research, as well as high-quality research. “Our supercomputing capabilities must be on par with those of the United States and China,” he stressed.