Among the advancements in technology, AI has been the most revolutionary creation and is expected to have a more noticeable impact on the evolution of humanity. It can improve the efficiency of a workplace by augmenting the work that humans do. By taking over the repetitive tasks of business operations, AI frees up the human workforce and allows them to focus on studies involving creativity and empathy.
AI is the computer science domain that aims to turn computers into intelligent machines. AI and related technologies like Machine learning can duplicate human behavior using advanced algorithms and provide solutions to complicated issues.
Mentioned following are the three mainstream operations of AI:
- Increased technological investments
- More internet penetration
- Improvement in the overall digital infrastructure
According to the reports, the AI market was nearly $ 59.67 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 39.4 per cent to reach around $422.37 billion by 2028. Furthermore, according to the International Data Corporation (IDC), the AI market in India is expected to grow at a CAGR of 20.2 per cent to reach $7.8 billion by 2025 from $3.1 billion in 2020.
Growth of AI Startups
India is the world’s third-largest tech startup ecosystem which, despite the pandemic, continues to grow steadily at 8-10 per cent annually. India’s deep tech startup base has grown at over 40 per cent CAGR over the past four years, with AI and IoT accounting for two-thirds of all deep tech startups.
Every day, we witness Indian startups leverage AI to become the pole-bearers of innovation, solving problems, disrupting industry norms or enhancing capabilities in diverse areas ranging from diary to defense.
With the rapid growth of AI and ML, experts predicted that most businesses would shift to AI-powered systems, apps, security systems, data analysis and other applications in the coming years. Forbes research stated that globally the number of AI startups had increased 14 times from 2000, and the investments in these startups have increased by six times.
Yet another research by Statista stated that 87 per cent of the companies across the globe are making use of AI for sales forecasting and enhancing the possibilities of e-mail marketing.
The massive application of AI can be found in data science due to its analytical capacity. AI can extract insights and patterns from a large set of data and predict possible outcomes.
Some joint data analysis using systems include Google Analytics, automation platforms, business intelligence systems, content management systems and CRMs.
Career Opportunities with AI
With AI, ML and Data Science being at the center of the tech revolution, the field is rife with career opportunities, so much so that there are more jobs than the number of qualified candidates. Experts have predicted that, by 2030, there will be a 31.4 per cent increase in jobs related to data science and Mathematical science. These jobs are primarily AI-based. The ML job market is expected to value $31 billion by 2024 at an annual growth rate of 40 per cent over the last six years.
The change in business operations has resulted in the field of AI gaining massive traction. The fast-paced technological advancement and the trend will only grow in the coming years.
Source: indiaai.gov.in
