International Data Corporation (IDC) expects the artificial intelligence market in India could grow at a five-year compound annual growth rate (CAGR) of 20.2 per cent and total revenue could scale up to $7.8 billion in India.
"The businesses in India will accelerate the adoption of both AI-centric and AI non-centric applications for the next five years," IDC stated in the report.
International Data Corporation (IDC) expects the artificial intelligence market in India could grow at a five-year compound annual growth rate (CAGR) of 20.2 per cent and total revenue could scale up to $7.8 billion in India.
"The businesses in India will accelerate the adoption of both AI-centric and AI non-centric applications for the next five years," IDC stated.
The report further states AI software segment would lead the run amongst its peers in the hardware and services segment. It says that the software segment would grow from $2.8 billion in 2020 at a CAGR of 18.1 per cent by the end of 2025. Organisations have been increasingly adopting AI applications in their customer relationship management, enterprise risk management and other operational platforms for daily management and scaling up supply chains. This is primarily aimed at improving return on investment (RoI) and cost savings.
"...Increasing business resilience and enhancing customer retention are among the top business objectives for using AI by Indian enterprises,” says IDC's associate research director of Cloud and AI, Rishu Sharma.
IDC stated in the report that about 51 per cent of organizations are processing transactional and social media data through AI/ML solutions. While 46 per cent of them use unstructured or semi-structured data.