 "artificial intelligence machine learning")
“Provision of infrastructure will continue to be the largest contributor to overall expenditure,” said Srinivasamurthy | File image
Spending on artificial intelligence (AI) in the country could triple to $5 billion by 2027, according to an Intel-IDC report released Tuesday.
According to the report, Indian entities spent $1,703.8 million on AI in 2023.
“AI spending in India is expected to reach $5 billion, with a CAGR (compound annual growth rate) of 31.5% between 2023 and 2027. By 2027, AI will be everywhere,” a said Sharath Srinivasamurthy, associate vice president of IDC.
He said that in 2023, major expenditure of $209 million was related to the provision of AI infrastructure and associated software.
This was followed by augmented customer service agents at $168.8 million, digital support at $113.1 million, augmented threat intelligence at $100.1 million, and program advisor recommendation systems at 97. 1 million dollars.
“Infrastructure provision will continue to be the largest contributor to overall expenditure,” Srinivasamurthy said.
Santhosh Viswanathan, Intel vice president and general manager for India region, said India is ready for AI as around 20% of the world’s data is produced in the country and it is the third most large global market.
Viswanathan said India leads globally in terms of availability of technical skills.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: May 14, 2024 | 1:46 p.m. STI
