March 18, 2025 02:54 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Violence breaks out in Nagpur over call to remove Aurangzeb's tomb, Fadnavis appeals for peace | Ballet dance between dragon, elephant is the only choice: China after Modi's 'positive' remarks in Lex Fridman podcast | PM Modi meets Tulsi Gabbard, discusses ways to enhance cooperation for tackling terrorism | Trump, Modi are focused on strengthening shared interests of India and US: Tulsi Gabbard | Orry in legal trouble for drinking at Katra hotel near Vaishno Devi pilgrimage site in Jammu and Kashmir | Tamil Nadu: BJP leader Tamilisai Soundararajan detained during protest against TASMAC scam | 'Ranya Rao hid gold wherever she had...': BJP MLA's controversial remark against arrested Kannada actress | Vadodara car crash accused's activities leading up to the dash tracked down | Union minister Aswini Vaishnaw calls Tamil a ‘sweet language’ amid Tamil Nadu’s Hindi imposition row | Bengal's Birbhum witnesses violent clashes over Holi; internet suspended, heavy security deployed
Artificial Intelligence | Indian Economy
Image Credit: Pixabay

AI adoption can potentially add $ 90 billion to Indian economy by 2025: Report

| @indiablooms | Aug 12, 2021, at 01:20 am

Kolkata/IBNS: Artificial Intelligence (AI) has the potential to add around US$ 90 billion to the India’s economy by 2025 which in line with Prime Minister Narendra Modi's vision to transform India into a hub of Artificial Intelligence (AI) R&D by promoting investments in AI technology companies and applications, according to a study.

Further, Investment in AI has accelerated in India during the COVID-19 pandemic and the country has a potential to be a global epicenter of AI, said transaction advisory firm, RBSA Advisors in its latest market study titled “Artificial Intelligence & Its role in Delivering Economic Value to Indian Enterprises"

During the global COVID-19 pandemic, India has reported the highest increase in the use of AI at 45% as compared to other major economies (the US-35%, UK-23% and Japan-28%). In fact, AI startups in India have attracted total funding of US$836.3 million in 2020.

Also, despite the total number of high-value funding shrunk, the companies that received funding almost doubled in 2020 compared to 2019.

In fact, AI startups in India have attracted total funding of US$836.3 million in 2020. Also, despite the total number of high-value funding shrunk, the companies that received funding almost doubled in 2020 compared to 2019, the study said.

 

 

Key Highlights of the Report

• In India, AI start-ups have attracted total funding of US$836.3 million in 2020
• IT services and Technology sectors contribute to more than 60% of the AI Market followed by BFSI, Engineering and Retail
• BFSI sector records highest adoption (~20%) due to increasing penetration of digital banking and cashless payments in India
• Energy & Utilities and Retail sectors report adoption of ~15% each with lot of untapped market opportunities for AI penetration followed by       Pharma & Healthcare, Telecom, Manufacturing, and other sectors

 Rajeev Shah, M&D & CEO of RBSA Advisors said, “The COVID-19 pandemic and applications of data analytics and artificial intelligence has transformed the way businesses are run. Organiastions across the globe are realizing huge potentials of AI as important tools for innovation and transformation to stay relevant and competitive in the global space. The future of Indian ecosystem is poised to witness the rapid penetration and adoption of AI and investors should makefull use of this opportunity."

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Milan Fashion Week: The Street Style Feb 27, 2025, at 02:23 pm
London Fashion Week: Tifaret Collection Feb 26, 2025, at 01:53 pm
Close menu