AI (Artificial Intelligence) has evolved in recent years and more companies have embraced it, while start-ups continue to take the industry by surprise with new, more innovative solutions. The global market size for Artificial Intelligence (AI) is expected to increase by USD 75.54 billion over the 2019-2023 timeframe. Likewise, the global artificial intelligence technology market is expected to experience massive growth in the coming years, with sales increasing from about US$ 9.5 billion in 2018 to an estimated $118.6 billion by 2025.
The overall AI market involves a multitude of applications under AI submodules such as natural language processing, automation of automated processes, and machine learning.
In India, start-ups based on AI began to emerge in 2016. The rise in the AI start-up room has been unprecedented over the next two years. A recent report reported that in India’s startup capital, Bengaluru alone, about USD 87.85 million was generated in the AI room. Because of the phenomenal growth in the AI industry, India has emerged as a nation with a robust ecosystem that enables AI start-up professionals and entrepreneurs to kick off their businesses. The Indian market offers enormous potential for technology-based solutions and has been an influential facilitator for the adoption of analytics and AI-based solutions in recent years. Also a key driver for the adoption of AI applications in India was the government’s effort to use technological advances to reduce financial losses and improve performance quality.
Consequently, in recent years, AI has become one of the hottest sectors with its software promising to revolutionize and automate every conceivable industry.