By 2025, the market of artificial intelligence is expected to grow at a CAGR of 20.2 per cent over five years, with total revenues of $7.8 billion in India
As more companies realise the role artificial intelligence can play in providing a competitive advantage and in sculpting the future of work, the focus of artificial intelligence (AI) based projects in India will shift towards cost efficiencies and employee productivity, according to a Deloitte report.
The Deloitte 2022 Technology, Media and Entertainment and Telecom report showed that the convergence of computing processing, connectivity and artificial intelligence will bring about more engagement between businesses and customers.
Currently, most applications of artificial intelligence are in areas where there is a strong human element, like human resources, or where efficiencies can be gained, like contact centres, said P N Sudarshan, partner and TMT industry leader, Deloitte India.
There is a shift underway to extend this to areas like education to try and accelerate the learning process. By 2025, the market of artificial intelligence is expected to grow at a CAGR of 20.2 per cent over five years, with total revenues of $7.8 billion in India, predicts International Data Corporation (IDC).
Globally, the priorities around AI are shifting towards regulation and securing emerging technologies like AI, said Duncan Stewart, director of TMT Research, Deloitte Canada.
Homomorphic encryption and federated learning are among the set of privacy enhancing technologies that are being deployed towards solving the problem of how artificial intelligence tasks can be performed more privately and securely.
India is well poised to latch on to non-fungible tokens, or NFTs, among other trends. Entertainment and sport NFTs could potentially disrupt the industry if regulation is favourable. The market is likely to be more volume focused, driven by fractional NFTs, which would also lower the entry barrier, it said.
The ongoing global shortage of semiconductor chips means India has the potential to tap into its domestic market and set up domestic semiconductor and electronics manufacturing facilities in the next three-five years.
“As the ecosystem matures in the medium to long term, we expect India to emerge as a strong regional hub in semiconductor and electronics manufacturing”, Sudarshan said.
“The government’s recent announcement on the Production Linked Incentive (PLI) scheme for the semiconductor and electronics manufacturing industries has the potential to create an end-to-end ecosystem for manufacturing electronic products. We expect the broader shift to digital to continue in 2022 and drive the industry growth in the future”, he added.
When it comes to addressing the top three challenges for at-scale treatment of mental health in India – awareness and stigma, access to medical professionals, and cost-effective treatment, Technology will also play a significant role, and this will gain more widespread applications in the next few years.
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