Indian AI Industry Doubles in Size
Thu, April 22, 2021

Indian AI Industry Doubles in Size

The Indian AI industry has doubled in size from $230 million in 2018 to $415 million in 2019 / Photo Credit: violetkaipa via Shutterstock

 

The increasing adoption of artificial intelligence in many countries has become very evident as AI drives more companies and industries to succeed. A recent study conducted by Great Learning, India’s leading ed-tech company, reported that the country’s AI industry has almost doubled in size from $230 million in 2018 to $415 million in 2019. The growth is driven by experienced professionals who have transitioned into a career in AI. It was reported that 65% of AI professionals in the country have shifted to their current role from other fields in the past two years. 

According to LiveMint, one of the fastest-growing news websites in India, the number of AI professionals in the country has almost doubled by 72,000 by the end of 2019 from 40,000 in 2018. More than 3,000 companies have also claimed working on AI projects in 2019, a growth of 200% over 2018. Zairus Master, CEO of Shine.com, a job portal operating in India founded in 2008, stated that the growing convergence between technology and business processes continue to redefine job roles. 

“While tech-based skillsets such as data analytics, machine learning, and AI continued to be in great demand throughout 2019, recruiters also sought softer skillsets such as emotional intelligence, critical thinking, and leadership skills,” Master said. 

The study also reported that newbies joining the industry have also increased by 6,000 by the end of 2019 from only 3,700 last year. Some of the major factors contributing to this growth include bigger AI budgetary allocations from the government, increasing use of chatbots and NLP (natural language processing) voice assistants, improved data management across Indian organizations, rising AI-based optimization of enterprise processes, and large scale adoption of business intelligence. 

Hari Krishnan Nair, the co-founder of Great Learning, stated that it is projected that the growth will continue this 2020. “The fact that the number of vacancies in AI has again trumped the number of available professionals despite the industry doubling its talent pool shows the immense employment potential that the sector holds for those willing to upskill and learn AI,” he said.