India Artificial Intelligence Market Overview
India Artificial Intelligence Market Size was valued at USD 5.2 Billion in 2022. The Artificial Intelligence Market industry is projected to grow from USD 6.1 Billion in 2023 to USD 23.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.20% during the forecast period (2024 - 2032).Advancements in technology and increasing demand for automation and efficiency are the main market drivers anticipated to propel the Artificial Intelligence Market in the United States.
Fig 1: India Artificial Intelligence Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
India Artificial Intelligence Market Trends
Data-based AI and advances in deep learning are driving market growth
Data-based AI and advances in deep learning drive the market CAGR for Artificial Intelligence. The Indian artificial intelligence (AI) market is rapidly expanding as a result of increased usage of data-driven AI and advances in deep learning technologies. Data-based AI, which involves training algorithms and models using vast amounts of data, has emerged as a major driver of AI market innovation. Companies are embracing data-based AI to acquire insights, streamline processes, and improve decision-making as big data continues to expand and data sources such as sensors and IoT devices become more widely available. Furthermore, advances in deep learning technology have allowed for the creation of more advanced AI models capable of learning from complicated and unstructured input such as photos, sounds, and text. It has resulted in the rise of new AI applications and use cases, including picture identification, natural language processing, and voice assistants. The healthcare, banking, and retail industries in India are driving the growth of the AI market as they progressively embrace AI solutions to increase operational efficiency, enhance customer experiences, and deliver better results. The growing demand for AI-based products and services is likely to drive the India AI market forward throughout the forecast period.
Moreover, The growing deployment of autonomous artificial intelligence (AI) is propelling the AI industry forward. This movement is being driven by advances in algorithms, machine learning techniques, and natural language processing, which enable the creation of complex autonomous Al systems. These technologies provide more precision and reliability, attracting enterprises from a variety of industries. Autonomous Al optimizes processes, resulting in cost savings and increased production. It has applications in the healthcare, banking, industrial, transportation, and retail industries. The cost savings associated with the autonomous aluminum industry, driven by automation, encourage its adoption. As technology progresses and more sectors discover its benefits, the Artificial Intelligence (Al) Market size is expected to grow, stimulating innovation and new opportunities.
India Artificial Intelligence Market Segment Insights
Artificial Intelligence Offerings Insights
The India Artificial Intelligence Market segmentation, based on Offerings, includes Hardware, Software, and Services. The software category accounts for the largest proportion of India's artificial intelligence (AI) market. The software is a critical component in the creation and implementation of AI-based solutions and applications. As AI technology advances, the demand for complex and high-quality software tools and platforms grows. The software solutions are used in a variety of industries, including healthcare, finance, and retail, for activities including fraud detection, image recognition, and chatbots.
Figure 2: India Artificial Intelligence Market, By Offerings, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Artificial Intelligence Technology Insights
The India Artificial Intelligence Market segmentation, based on Technology, includes Machine Learning, Deep Learning, NLP, Context awareness And Computer Vision. The deep learning (DL) technology category dominates the India AI market for a variety of reasons. DL is a subtype of ML that uses artificial neural networks to mimic human decision-making. DL algorithms can process and analyze big datasets rapidly and reliably, making them useful for a variety of applications such as image recognition, natural language processing, and speech recognition. The growing usage of AI technology in a variety of industries, including healthcare, automotive, and retail, has increased demand for deep learning. DL algorithms are capable of spotting patterns and making predictions based on data, making them an important component in the development of AI-powered systems.
Artificial Intelligence Business Function Insights
Finance, Security, Human Resources, Law, Marketing and Sales, Operations, and Supply Chain Management are the business functions used to segment the India Artificial Intelligence Market. Operations and Supply Chain Management would control a sizable portion of the Artificial Intelligence Market. This area uses artificial intelligence (AI) to optimize and streamline several aspects of supply chain operations, including inventory management, demand forecasting, logistics, and production planning. AI-powered solutions in this sector help businesses increase efficiency, reduce costs, and improve overall supply chain performance.
Artificial Intelligence Verticals Insights
The India Artificial Intelligence Market segmentation, based on Verticals, includes BFSI, Retail & Ecommerce, Automotive, Transportation and Logistics, Government & Defense, Healthcare & Life Sciences, Telecom, Energy & Utilities, Manufacturing, Agriculture, IT/lTeS, Media & Entertainment And Other Verticals (Construction, Education, and Travel & Hospitality. The Media & Entertainment segment had the largest share of the India artificial intelligence (AI) market due to the growing use of AI-powered technology for a variety of applications in this industry. AI is being used in advertising and media to perform activities such as personalized content production, targeted advertising, sentiment analysis, and predictive analytics. These technologies aid in researching and comprehending customer behavior, preferences, and trends, allowing businesses to design more successful and targeted advertising campaigns.
Artificial Intelligence Country Insights
The Artificial Intelligence Market in India is expanding rapidly and is expected to continue doing so. The country has a strong technological basis and an increasing number of experienced AI workers. Factors driving the market include increased AI usage across industries, government measures to promote AI research and development, and a flourishing startup environment. Machine learning, natural language processing, computer vision, and robotics are among the several AI applications available on the market. With a vast population and a rising digital economy, India provides numerous prospects for AI-driven innovations and solutions in a variety of industries, including healthcare, banking, retail, and manufacturing.
India Artificial Intelligence Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their Type lines, which will help the Artificial Intelligence Market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new Type launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Artificial Intelligence industry must offer cost-effective items.
Major players in the Artificial Intelligence Market are attempting to increase market demand by investing in research and development operations includes Google (US), Microsoft (US), IBM (US), Oracle (US), AWS (US), Intel (US), Salesforce (US), SAP (Germany), Cisco (US), Meta (US), HPE (US), Siemens (Germany), Huawei (China), NVIDIA (US), Baidu (China), SAS Institute (US), OpenAl (US), H2O.ai (US), iFLYTEK (China), Alibaba Cloud (China), General Vision (US), Darktrace (UK), Blackberry Limited (Canada), DiDi Global (China), Face++ (China), Inbenta (US), Anju Software (US), Butterfly Network (US), Atomwise (US), AlBrain (US), SK Hynix (South Korea), Progress (US), PrecisionHawk (US), AgEagle Aerial System (US), Neurala (US), Twitter (US), Aurea Software (US), Persado (US), 8x8 (US), Appier (Taiwan), GumGum (US), IPRO (US), Graphcore (UK), Preferred Networks (Japan), Applied Brain Research (Canada), Pilot Al (US), Iris Automation (US), Gamaya (Switzerland), ec2ce (Spain), Descartes Labs (US), Mythic (US), Ada (Canada), Mostly Al (Austria), Sentient.io (Singapore), Lumen5 (Canada), Al Superior (Germany), Fosfor (India), Intrinsic (US), Jasper (US), Soundful (US), Writesonic (US), One Al (Israel), and others.
Key Companies in the India Artificial Intelligence Market include
-
Google (US)
-
Microsoft (US)
-
IBM (US)
-
Oracle (US)
-
AWS (US)
-
Intel (US)
-
Salesforce (US)
-
SAP (Germany)
-
Cisco (US)
-
Meta (US)
-
HPE (US)
-
Siemens (Germany)
-
Huawei (China)
-
NVIDIA (US)
-
Baidu (China)
-
SAS
-
Institute (US)
-
OpenAl (US)
-
H2O.ai (US)
-
iFLYTEK (China)
-
Alibaba Cloud (China)
-
General Vision (US)
-
Darktrace (UK)
-
Blackberry Limited (Canada)
-
DiDi Global (China)
-
Face++ (China)
-
Inbenta (US)
-
Anju Software (US)
-
Butterfly Network (US)
-
Atomwise (US)
-
AlBrain (US)
-
SK Hynix (South Korea)
-
Progress (US),
-
PrecisionHawk (US)
-
AgEagle Aerial System (US)
-
Neurala (US)
-
Twitter (US)
-
Aurea Software (US)
-
Persado (US)
-
8x8 (US)
-
Appier (Taiwan)
-
GumGum (US)
-
IPRO (US)
-
Graphcore (UK)
-
Preferred Networks (Japan)
-
Applied Brain Research (Canada)
-
Pilot Al (US)
-
Iris Automation (US)
-
Gamaya (Switzerland)
-
ec2ce (Spain)
-
Descartes Labs (US)
-
Mythic (US)
-
Ada (Canada)
-
Mostly Al (Austria)
-
Sentient.io (Singapore)
-
Lumen5 (Canada)
-
Al Superior (Germany)
-
Fosfor (India)
-
Intrinsic (US)
-
Jasper (US)
-
Soundful (US),
-
Writesonic (US)
-
One Al (Israel).
India Artificial Intelligence Industry Developments
In February 2023, Nestle SA, the Swiss-based global food industry leader, announced the global rollout of its Indian unit's AI model.
In February 2023, The Government of India claimed that it was expanding the INDIAai program by cooperating with India-based tech businesses, startups, and academic institutions with the two goals of "making AI in India and making AI work for India." INDIAai (The National AI Portal of India) is a cooperative endeavor of MEITY, NEGD, and NASSCOM. It was established to prepare India for an AI future.
India Artificial Intelligence Market Segmentation
Artificial Intelligence Offering Outlook
-
Hardware
-
Software
-
Services
Artificial Intelligence Technology Outlook
-
Machine Learning
-
Deep Learning
-
NLP
-
Context awareness
-
Computer Vision
Artificial Intelligence Business Function Outlook
-
Finance
-
Security
-
Human Resources
-
Law
-
Marketing and sales
-
Operations
-
Supply Chain Management
Artificial Intelligence Verticals Outlook
-
BFSI
-
Retail & Ecommerce
-
Automotive, Transportation and Logistics
-
Government & Defense
-
Healthcare & Life Sciences
-
Telecom
-
Energy & Utilities
-
Manufacturing
-
Agriculture
-
IT/lTeS
-
Media & Entertainment
-
Other Verticals (Construction, Education, and Travel & Hospitality)
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 5.2 Billion |
| Market Size 2023 |
USD 6.1 Billion |
| Market Size 2032 |
USD 23.4 Billion |
| Compound Annual Growth Rate (CAGR) |
18.20% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2019- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
By Offering, by Organization Size, by Focus Area, by Region |
| Countries Covered |
India |
| Key Companies Profiled |
Google (US), Microsoft (US), IBM (US), Oracle (US), AWS (US), Intel (US), Salesforce (US), SAP (Germany), Cisco (US), Meta (US), HPE (US), Siemens (Germany), Huawei (China), NVIDIA (US), Baidu (China), SAS Institute (US), OpenAl (US), H2O.ai (US), iFLYTEK (China), Alibaba Cloud (China), General Vision (US), Darktrace (UK), Blackberry Limited (Canada), DiDi Global (China), Face++ (China), Inbenta (US), Anju Software (US), Butterfly Network (US), Atomwise (US), AlBrain (US), SK Hynix (South Korea), Progress (US), PrecisionHawk (US), AgEagle Aerial System (US), Neurala (US), Twitter (US), Aurea Software (US), Persado (US), 8x8 (US), Appier (Taiwan), GumGum (US), IPRO (US), Graphcore (UK), Preferred Networks (Japan), Applied Brain Research (Canada), Pilot Al (US), Iris Automation (US), Gamaya (Switzerland), ec2ce (Spain), Descartes Labs (US), Mythic (US), Ada (Canada), Mostly Al (Austria), Sentient.io (Singapore), Lumen5 (Canada), Al Superior (Germany), Fosfor (India), Intrinsic (US), Jasper (US), Soundful (US), Writesonic (US), One Al (Israel). |
| Key Market Opportunities |
Integration of AI in various applications for improved decision-making and customer experience |
Frequently Asked Questions (FAQ) :
The India Artificial Intelligence Market size was valued at USD 5.2 Billion in 2023.
The market is projected to grow at a CAGR of 18.20% during the forecast period, 2024-2032.
The key players in the market are Google (US), Microsoft (US), IBM (US), Oracle (US), AWS (US), Intel (US), Salesforce (US), SAP (Germany), Cisco (US), Meta (US), HPE (US), Siemens (Germany) and others.
The deep learning category dominated the market in 2023.
Media & Entertainment had the largest share of the market.
