<\/p>\n
Mumbai: India has three times more AI-skilled talent than other countries and this talent pool is expected to see a robust 15% compound annual growth rate through 2027, according to a joint study by Nasscom and the Boston Consulting Group.\u00a0<\/p>\n<\/p><\/div>\n
Concurrently, the country’s artificial intelligence (AI) industry is poised for a significant expansion, with a predicted CAGR of 25-35% in the same period.<\/p>\n
India is among the top five nations with 14 times growth in individuals skilled with AI in the last seven years and has the second-highest installed talent base, with 420,000 employees working in various AI job functions, as per the report titled \u201cAI Powered Tech Services: A Roadmap for Future Ready Firms: AI & Gen AI\u2019s role”.<\/p>\n
Several leading firms have invested heavily in upskilling and reskilling their workforce in AI and related technologies, allocating $1 billion over the next three years for the same. This investment recognizes the importance of human capital in the AI journey.<\/p>\n
\u201cIndian tech companies, with the advent of Generative AI, are expanding their portfolios beyond traditional IT and business process management to include AI-driven analytics, intelligent automation, and personalized customer interactions,” said Debjani Ghosh, president, Nasscom.<\/p>\n
Globally, investments in AI have grown at a compounded annual growth rate of 24% since 2019, with $83 billion invested in 2023 itself. The majority of these investments have been channeled to AI applications in data analytics, GenAI, machine learning algorithms, and platforms.<\/p>\n
Nasscom and BCG conducted a survey with over 65 respondents across larger tech, mid-tech, business process management (BPM), and global capability centers (GCC) companies. The survey revealed that 70% of the respondents have well-defined frameworks for financing use cases in terms of capabilities and investment. Furthermore, more than 70% of companies have AI partnerships in place predominantly with GenAI and cloud partners.<\/p>\n
Companies have onboarded dedicated AI leaders and have strong CXO leadership buy-in on the AI agenda. Over 68% of respondents have dedicated executives leading AI initiatives, and more than 58% of respondents have senior leadership committed to AI initiatives.<\/p>\n
\u201cThe exponential growth of India\u2019s AI market underscores the country\u2019s crucial role in driving global innovation. This is seen in all aspects \u2013 investments within India, use cases across a range of industries, and growth and scale of talent we are seeing in India,” said Rajiv Gupta, managing director and senior partner of BCG.<\/p>\n
Indian companies are starting to keep pace with the growth of AI and the tech sector is creating future-ready organizations with dynamic and evolving centers of excellence driving the AI agenda, Gupta said.<\/p>\n
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