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India Artificial Intelligence Market Size to Grow at a CAGR of 18.20% with USD 23.4 billion by 2032

Apr 25, 2024 6:00 PM ET

India Artificial Intelligence Market Size to Grow at a CAGR of 18.20% with USD 23.4 billion by 2032

India Artificial Intelligence Market Overview:

India is poised to be a major player in the global Artificial Intelligence (AI) market. The country has a large and talented pool of engineers and scientists, a growing startup ecosystem, and government support for AI research and development.

India Artificial Intelligence Market Size was valued at USD 5.2 Billion in 2022. The Artificial Intelligence Market industry is projected to grow from USD 6.1 Billion in 2023 to USD 23.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.20% during the forecast period (2024 – 2032).

Key Companies in the India Artificial Intelligence Market include,

  • Google (US)
  • Microsoft (US)
  • IBM (US)
  • Oracle (US)
  • AWS (US)
  • Intel (US)
  • Salesforce (US)
  • SAP (Germany)
  • Cisco (US)
  • Meta (US)
  • HPE (US)
  • Siemens (Germany)
  • Huawei (China)
  • Baidu (China)
  • SAS
  • Institute (US)
  • OpenAl (US)
  • ai (US)
  • iFLYTEK (China)
  • Alibaba Cloud (China)
  • General Vision (US)
  • Darktrace (UK)
  • Blackberry Limited (Canada)
  • DiDi Global (China)
  • Face++ (China)
  • Inbenta (US)
  • Anju Software (US)
  • Butterfly Network (US)
  • Atomwise (US)
  • AlBrain (US)
  • SK Hynix (South Korea)
  • Progress (US),
  • PrecisionHawk (US)
  • AgEagle Aerial System (US)
  • Neurala (US)
  • Twitter (US)

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This growth is being driven by a number of factors, including:

The increasing demand for AI-powered solutions across a wide range of industries, such as healthcare, manufacturing, and retail

  • The growing availability of data, which is essential for training AI models
  • The development of affordable AI hardware and software

Some of the key areas of growth in the Indian AI market include:

Computer vision: This technology is being used for a variety of applications, such as facial recognition, object detection, and medical image analysis.

Natural language processing (NLP): NLP is being used to develop chatbots, virtual assistants, and machine translation tools.

Machine learning (ML): ML is being used to develop a wide range of applications, such as fraud detection, risk management, and product recommendation engines.

The Indian government is also playing a role in the development of the AI market. In 2018, the government launched the National Strategy for Artificial Intelligence, which aims to make India a global leader in AI research and development. The government is also investing in AI startups and research institutions.

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