India's AI market to reach $17 bn by 2027: Report

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Mumbai: India's AI market is expected to grow at a compound annual growth rate (CAGR) of 25-35% to $17 billion by 2027, according to a report by Nasscom and the Boston Consulting GroupThis growth will be fuelled by multiple factors, including increasing enterprise tech spending, India’s growing AI talent base and a significant increase in AI investments, according to the report titled "AI Powered Tech Services: A Roadmap for Future Ready Firms; AI & GenAI's Role in Turbocharging

Globally, investments in AI have grown at a compounded annual growth rate of 24% since 2019, with $83 billion invested in 2023. The majority of these investments have been channeled to AI applications in data analytics, GenAI, machine learning algorithms, and platforms.

India is among the top five nations with 14 times growth in individuals skilled with AI in the last seven years and has the second-highest installed talent base, with 420,000 employees working in various AI job functions, the report said.

“Indian tech companies, with the advent of Generative AI, are expanding their portfolios beyond traditional IT and business process management to include AI-driven analytics, intelligent automation, and personalized customer interactions," said Debjani Ghosh, president, Nasscom.

Nasscom and BCG conducted a survey with over 65 respondents across larger tech, mid-tech, business process management (BPM), and global capability centers (GCC) companies. The survey revealed that 70% of the respondents have well-defined frameworks for financing use cases in terms of capabilities and investment. More than 70% of companies have AI partnerships in place predominantly with GenAI and cloud partners.

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