Generative AI is a form of artificial intelligence that can generate images, text, video, and other media based on user input. AI generators such as ChatGPT, DALL-E, and others are becoming more and more popular all over the world. These programs work by responding to user input. For example, if you submit a text prompt, ChatGPT will generate an output, such as a story or outline, while DALL-E will generate an output like a painting of a monkey in a Victorian style.
As the revolution of GenAI continues, it is redefining the tech world and our lives. With the growth of GenAI, India emerges as a global leader in the GenAI revolution. The advanced systems of GenAI have improved its features of creating original content, generating text, and visuals, and problem-solving algorithms of a complex nature. India emerges as a global leader in GenAI with the growing start-up AI ecosystem and approaches toward technological adoption and advancement. In this article, we will discover how India emerged as a global leader in Gen AI revolution.
According to a report, a vast number of organizations have implemented GenAI in their infrastructure putting India at the forefront of global adoption of GenAI technologies. Also, a large majority of the population expects an increase in investments and budget allocation toward Gen AI. The Generative AI Report was published based on a survey of 3,200 IT Decision-makers and Influencers in various sectors across the US, Europe and Asia-Pacific, with 1,200 respondents in the Asia Pacific and 1,200 in the Japan region, including 300 respondents from India.
India is an IT leader and the second-largest online market globally, which makes it an ideal place for artificial intelligence to thrive. However, democratizing AI in India is different from other countries, due to India's diverse population, large amount of data, and scalability of applications. The COVID-19 pandemic-induced digital revolution has contributed to the adoption and awareness of GenAI. The Indian AI market is expected to project 7.8 billion USD by 2025, as organizations integrate Real-Time Tracking, AI with Vision, Edge Computing, and IRI 4.0 to develop innovative and complex solutions.
According to this report, 81 percent of the companies in India have already adopted GenAI which makes India the global leader in GenAI adoption.
The study also identified the future investment trends. In the next 2-3 years, 94 percent of respondents expect to see an increase in investments and budget allocated to GenAI projects.
More than 99 percent of respondents said they have expressed concerns about how their data is being processed and used. This further showcased the need that companies require to collaborate with GenAI that keep their sensitive data secure. The report also found that 73 percent of respondents in India said they believe conversational data search will significantly improve operational efficiency.
By 2030, Gen AI is projected to increase India's gross domestic product (GDP) by $359 to $438 billion, representing an increase of 5.9 to 7.2% over the next seven years. The cumulative impact of Gen AI is estimated to be $1,2 to $1,5 trillion, resulting in an annual growth rate of $0.9 to $1.1 trillion. The impact of Gen AI on India's GDP is expected to vary across sectors. The following sectors are expected to benefit the most from Gen AI: Business services Financial services Transportation Education Retail Healthcare. These industries are well-positioned to benefit from AI because they are digitized and focused on efficiency, productivity, and personalization.
Nasscom, the apex body of the technology industry, reported that India now has more than 100 general artificial intelligence (AI) startups and that the ecosystem has raised $700 million cumulatively in the past three years.
According to Nasscom's report 2023, the company invested around $8 billion in AI startups between 2013 and 2022, with $3,24 billion being invested in India's 1,900 general artificial intelligence (GA) startups in 2022 alone.
MachineHack is an Artificial Intelligence (AI) company based in Bengaluru. Founded in 2021, MachineHack is a platform for developers to learn and develop their coding skills. The company hosts a variety of competitions, courses and assessments, as well as coding challenges. MachineHack was co-founded by Bhasker Gupta (Founder and CTO) and Krishna Raistogi (Founder and Co-Founder). The company guides developers throughout their career journey in AI. MachineHack has developed a platform to help developers learn and develop their skills in AI. The platform is powered by the GPT4 standard and proprietary algorithms. MachineHack also provides code suggestions and code recommendations. Recently, MachineHack launched a new tool that provides data analysis on-the-go.
Rephr.ai provides video and animation creation solutions that use cutting-edge AI for visual dubbing, using generative AI tools. Rephr.ai video creation technology learns people's faces based on audio input and creates photorealistic faces based on various text or audio inputs. Rephr.ai helps clients create training videos, customize sales videos, allow characters to speak in augmented reality/virtual reality environments, and provide digital assistants with a realistic look.
Mockey is a free online mockup generator using AI/ML technology. With Mockey you can easily create high-quality mockups for clothing, accessories, and many other products. You can easily download high-quality photos suitable for any use. You can upload designs in PNG/JPG format and use transparent images to create professional mockup images. This platform allows you to generate high-quality, eye-catching product mockups for your e-commerce store or DTC business. Simply create beautiful mockups for your on-demand brands.
GenAI's disruptive capabilities have captured the imagination and budgets of India's leading IT and data executives, as evidenced by India's leadership in GenAI adoption," said Karthik Rajaram, Area Vice President and General Manager, India, Elastic.
Karthik Rajaram also mentioned that though many organizations are looking forward to harnessing the advantage of the transformative potential of GenAI to increase innovation and productivity, it's businesses that embrace search-based GenAI based on business context that will drive and uncover the insights required to securely innovate, create more efficient businesses and will enhance new customer experiences.
Indian companies are leveraging the power of GenAI with the help of big tech companies like Microsoft India Development Center to develop solutions for data-driven verticals like banking, finance, insurance, healthcare, online retail, manufacturing, etc. They are also exploring the unexplored areas of AI in the non-consumer sectors such as agriculture, fishing, marine, water, safety, and women's empowerment.
The EEPC (Engineering Export Promotion Council) has established four demonstration centers to improve manufacturing with AI.
The healthcare ecosystem is benefiting from cross-value-chain augmentation of providers, pharmacists, and delivery agents, as well as product sustainability and improved interoperability across platforms.
GPS-enabled infrastructure and automated toll plazas, India is introducing real-time vehicle identification with account linking, video management and security solutions for road and transport in the country.
Netflix, Disney, Voot and Sony are the leading players in the media and entertainment sector in India with similar AI-enabled products and solutions.
The GenAI market in India is expected to grow at a CAGR of 48% between 2019 and 2023, and is expected to reach more than $17 billion in 2030, according to a report from Inc24. The GenAI revolution in India is being driven by the innovative strength of more than 70 Indian GenAI startups, which focus on code as well as data segments. With the support of over 80 institutional investors, these GenAI startups raised more than $440 million during the Q3 of 2023. India is becoming a global leader in GenAI by combining innovation, investment and transformational potential.
India is the second largest internet user in the world, with over 759 million active users. This huge consumer base of tech giants like Google, Meta and Snapchat means that digital marketing in India is a lucrative market. This means that digital creatives will be in high demand now and in the future.
Cloud computing is expected to make up 8% of GDP in India by 2026, and is expected to grow from USD 310 billion to USD 380 billion by 2026.
Availability of structured data: the internet has generated huge amounts of data for users and businesses around the world.
Advances in AI models could lead to a wide range of applications in different domains and industries, similar to how Google scientists' breakthroughs in transformer ML models in 2017 led to the development of current-day GenAI models such as ChatGPT, BARD, etc.
As India aims to become a USD 5 trillion business by 2030, automation will be a key enabler of business operations.
Moving forward, India emerges as a global leader in GenAI revolution, with its technological innovation and investment in the field of Generative AI. India has come a long way in transforming the IT sector, empowering businesses, and reshaping the way we live.
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