Growth of AI and Machine Learning in India
The global AI and machine learning market is expected to reach a value of INR 543.18 Bn by the end of 2023, from INR 91.83 Bn in 2017. Big Indian IT Firms are hoarding employees which are proficient in AI and Machine learning owing to the demand-supply mismatch of jobs vs talent in this field.
In India, although the adoption of AI applications is at a very nascent stage, it has a promising future. Among the various AI technologies being implemented in India, the highest investments are in the field of machine learning applications across business functions like finance, accounting, general management, IT, operations, and administration.
The implementation of machine learning reduces the chances of human error, enhances a technician’s accuracy and efficiency, makes machines smarter thereby reducing their reliance on operators owing to which many companies are switching from traditional data interpretation methods, to machine learning. Most machine learning applications are interlinked with cloud-based analytics.
ML has consistently been on the list of LinkedIn’s top emerging jobs every year increasing the demand for machine learning-specific courses and has also been incorporated into the curricula by academia. B. Tech programs now mandatory have AI, IoT, Machine Learning and some other essential components of emerging technologies. However, constant changes in this dynamic field have made it mandatory for professionals to keep ups killing via a noted institution to remain relevant and job-worthy.
From the Indian government putting money on artificial intelligence to the fashion business fusing this innovation to achieve noteworthy developments, a great deal has gone down on this front in India lately. NASSCOM has expressed that there has been a 108% development in the funding that new businesses have received in India in 2018. At present, around 400 new companies in India have put resources into work which includes artificial intelligence and Machine learning.
HDFC Bank utilizes a clever AI-empowered bot for improving the effectiveness of the credit decision procedure. For the signature confirmation process for clearing checks, the bank is utilizing AI with practically 80% precision to process more than 2.5 lakh checks per day.
Indian food delivery startup Swiggy utilizes ML to train its systems to recognize veggie and meat dishes from pictures, and furthermore to unfathomably grow the languages, idioms, words and strings clients could use to acquire precise outcomes.
RBL bank is utilizing an AI backed model to recognize the ideal stacking of ATMs. The AI solution analyses the client’s conduct and ATMs, so as to refill the ATMs on a timely basis.
On cell phones, digital personal assistants, for example, Siri, Google Now and Cortana all endeavor to gain from the use and behavior of the phone’s proprietors.
Games like Far Cry and Call of Duty incline toward these technologies.
Retailers, like Target and Amazon have utilized AI to foresee buyer conduct.
With innovation being a continuous process, AI is the current interest for innovation owing to its catalytic nature towards the efficiency and growth of businesses. AI and machine learning have been around for a while and their complete potential is yet to be discovered and introduced to the innovation universe.