According to the latest report by IMARC Group, titled “India Artificial Intelligence Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The India artificial intelligence market size reached US$ 506.1 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,981.6 Million by 2027, exhibiting a growth rate (CAGR) of 33.68% during 2022-2027.
Artificial intelligence (AI) is the potential of a machine to imitate the capabilities of the human mind. It is a segment of computer science that assists in learning, voice recognition, visual perception, decision-making, language translation, etc. Artificial intelligence comprises of various hardware components, including a graphics processing unit (GPU), application-specific integrated circuits (ASIC), central processing unit (CPU), field-programmable gate array (FPGA), etc. It offers several benefits, such as higher time efficiency, improved productivity, better adaptability, enhanced accuracy, etc. As a result, artificial intelligence is used across numerous sectors, including healthcare, construction, banking, automobile, trade, defense, transportation, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The increasing digitization across various industries, such as telecommunication, automotive, banking, financial services and insurance (BFSI), healthcare, etc., is driving the India artificial intelligence market. Furthermore, the expanding Information and Technology (IT) industry and the rising use of cloud-based applications are also augmenting the product demand. Moreover, several benefits offered by AI-integrated systems, such as analyzing large amounts of data and the extraction of insights regarding overall operational efficacy, are further fueling the market growth. Besides this, the sudden outbreak of COVID-19 pandemic has led to an increasing demand for numerous automated technologies, including artificial intelligence, to enhance productivity and minimize the workforce requirement. All of the above-mentioned factors are expected to drive the market for artificial intelligence in India over the coming years.
Breakup by Type:
- Narrow/Weak Artificial Intelligence
- General/Strong Artificial Intelligence
Breakup by Offering:
- Hardware
- Software
- Services
Breakup by Technology:
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
- Others
Breakup by System:
- Intelligence Systems
- Decision Support Processing
- Hybrid Systems
- Fuzzy Systems
Breakup by End-Use Industry:
- Healthcare
- Manufacturing
- Automotive
- Agriculture
- Retail
- Security
- Human Resources
- Marketing
- Financial Services
- Transportation and Logistics
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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