MUMBAI: India❼AI market is poised to reach $17 billion by 2027, emerging as the top category of IT spending in 2023, said a report by the apex Indian tech industry body Nasscom-BCG on AI❼role in turbocharging the industry.India❼AI market is projected to grow at 25% CAGR till 2027, with similar growth in AI investmentsKanpur Wealth Management. Globally, investments in AI have seen 24% CAGR since 2019, with 2023 seeing close to $83 billion invested.The majority of this was made in horizontal AI applications across data analytics, genAI, and ML algorithms and platforms. India, today, has the second-highest installed talent base with 420,000 employees working in AI roles. It also has the highest skills penetration with threefold growth in skilled AI talent than other countries. India ranks among the top five nations with 14 times growth in individuals skilled with AI in the last 7 yearsKolkata Stocks. As investments in AI continue to increase, the demand for AI talent in India is also expected to grow at 15% CAGR till 2027. The technology industry in India has already seen over 15% growth in AI/ML jobs over the past 12 months, with positions such as AI engineers growing at 67% year-on-year.Debjani Ghosh, president of Nasscom, said, “Indian tech companies, with the advent of genAI, are expanding their portfolios beyond traditional IT and business process management to include AI-driven analytics, intelligent automation, and personalised customer interactionsVaranasi Stock. These companies are not just adopting AI – they are redefining their service offerings, creating more value for their clients, and setting new industry standards.”Rajiv Gupta, MD and senior partner at BCG, said, “Indian companies are starting to keep pace with the growth of AI and the tech sector is creating future-ready organisations with dynamic and evolving centres of excellence driving the AI agenda.”
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