Artificial Intelligence or AI is a field of Data Science that trains computers to learn from experience, adjust to inputs, and perform tasks of certain cognitive levels. Over the last few years, AI has emerged as a significant data science function and, by utilizing advanced algorithms and computing power, AI is transforming the functional, operational, and strategic landscape of various business domains.
AI algorithms are designed to make decisions, often using real-time data. Using sensors, digital data, and even remote inputs, AI algorithms combine information from a variety of different sources, analyze the data instantly, and act on the insights derived from the data.
Most AI technologies – from advanced recommendation engines to self-driving cars – rely on diverse deep learning models. By utilizing these complex models, AI professionals are able to train computers to accomplish specific tasks by recognizing patterns in the data.
Analytics India Magazine (AIM), in association with Jigsaw Academy, has developed this study on the Artificial Intelligence market to understand the developments of the AI market in India, covering the market in terms of Industry and Company Type. Moreover, the study delves into the market size of the different categories of AI and Analytics startups/boutique firms.
Overview of the Artificial Intelligence Market in India
As a part of the broad Data Science domain, the Artificial Intelligence technology function has so far been classified as an emerging technology segment. Moreover, the AI market in India has, until now, been dominated by MNC Technology and the GIC or Captive firms. Domestic firms, Indian startups, and even International Technology startups across various sectors have, so far, not made a significant investment, in terms of operations and scale, in the Indian AI market. Additionally, IT services and Boutique AI & Analytics firms had not, till a couple of years ago, developed full-fledged AI offerings in India for their clients.
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The AI market has, however, started to transform. As revealed in the Computer Vision Market study and the AI and Analytics start-up investment study, the Data Science space in India, specifically the AI function, is evolving into an innovative enterprise segment. MNC Technology, Domestic, Advanced Engineering, Healthcare, and Semi-conductor firms, to name a few, are now developing advanced Artificial Intelligence capabilities in India and providing top-notch AI services to firms across various industries and geographies.
AIMResearch has developed this study to research the development and scope of the AI market in India.
The AI market has been analyzed on the basis of various segments, including the sector the enterprises fall under and the type of companies.
AIMResearch has gone a step further to determine the market size of the Boutique AI and Analytics firms providing specialized AI services. These include the following types of firms:
- End-to-end Analytics Products & Services
- Artificial Intelligence / Computer Vision
- IoT / Logistics
- Natural Language Processing
Scope and Methodology of Report
The scope of the report covers the total addressable market in India within the Artificial Intelligence domain. The companies and enterprises considered covering the firms that have operations based in India, regardless of the geography and/or the clients the firms are servicing.
The firms include Indian corporations (domestic conglomerates and domestic IT firms), MNC firms (including Technology and Engineering firms), Hi-tech Electronic / Chip & Semiconductor firms, Communications & Media enterprises, Banking & Financial (Public Sector, Private Sector, and Captives) firms, Energy, Industrial, Mobile Payments (Fintech), eCommerce, and Healthcare firms.
The market size has been categorized by Company Type and Industries or Sectors. The research also studies the salaries of AI personnel and the salaries advertised for AI open jobs.
The reference period of the data in the report is July – August 2020. The source of the data in this report includes all secondary sources in the public domain and some primary sources as well through discussions with hiring managers and domain leaders.