Adoption of AI could add $ 500 billion to India’s GDP by 2025: Nasscom

Adopting artificial intelligence (AI) and data utilization strategies could add $ 500 billion to India’s GDP by 2025, a new NASScom report said Thursday.

AI adoption in the four major sectors of BFSI, Consumer Goods (CPG), Retail, Healthcare, and Industry / Automotive is the “AI Employment Index” NASScom, EY, and Microsoft, EXL, Capgemini.

The current AI investment rate is India Is growing at a compound annual growth rate (CAGR) of 30.8% and is ready to reach $ 881 million by 2023, but still represents only 2.5% of the world’s total AI investment of $ 340 billion. To do.

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This creates great opportunities for Indian companies to accelerate investment, drive AI adoption and drive equitable growth across the sector. India needs to be strongly correlated with the maturity of AI adoption to reach its $ 1 trillion GDP target by 2026-2027, the report said.

Debjani Ghosh, President of Nasscom, said:

With the rapidly expanding digitalization, Indian companies have already embarked on an AI journey.

According to the report, 65% of organizations have AI strategies defined at either the functional or enterprise level. With the proliferation of STEM graduates and digital natives, India is one of AI’s largest talent hubs.

India is currently the second largest global hub in training and recruiting AI talent.

“But the rapid growth of AI applications has led to a surge in recruitment of AI professionals. The talent pipeline has grown over the last two years, but the surge in talent demand has created a supply-demand gap,” the report said. Says.

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According to the survey results, 44% of companies already have a dedicated or cross-functional AI team structure, and 25% rely entirely on outsourcing as the primary source of AI talent.

The Indian healthcare market has tripled from $ 110 billion in 2016 to $ 372 billion in 2022 due to increased investment in cutting-edge healthcare technology. Using AI to improve the healthcare system could create $ 25 billion in economic value added to India by 2025, the report said.

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Adoption of AI could add $ 500 billion to India’s GDP by 2025: Nasscom

Source link Adoption of AI could add $ 500 billion to India’s GDP by 2025: Nasscom

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