Massachusetts-based market research firm IDC (International Data Corporation) has revealed predictions that will impact the AI (Artificial Intelligence) investments for organisations in India in 2020 and beyond.
AI is becoming a priority for organisations in India and the trend is mostly driven by the need to automate, faster route to market, and agility.
About 50% of enterprises in India will embed intelligent automation into technology and process development by 2024. Companies will use AI-based software for operational and experiential insights.
As organisations are already creating a large set of unstructured data, AI will be the backbone when it comes to extracting valuable insights, the company said in a statement.
"With the increasing availability of data, AI can be effective in multiple applications across various verticals including agriculture, transportation, finance, healthcare, retail and many more. India, being a key contributor in the global startup ecosystem, will play a crucial role in discovering the benefits of AI technology across varied sectors." Swapnil Shende, senior market analyst for AI at IDC India said.
The global artificial intelligence software market is expected to touch $118.6 billion by 2025, according to the market research firm Tractica. Global IT firm Accenture in a recent report said, "nearly 80% of C-level executives in India believe that companies will be out of business by 2025 if they fail to deploy AI (artificial intelligence) across their organisations."
IDC India listed ten predictions that will impact technology buyers and suppliers in AI in India in 2020.
1) Outcomes as a Service: By 2025, AI will be the key technology for almost every other business, resulting in 20% of the overall spend on AI solutions as "outcomes as a service" that drives innovation at scale and superior business value.
2) Worker Augmentation: By 2024, 50% of enterprises in India will invest in employee retraining and development, including third-party services, to address new skill needs and ways of working resulting from AI adoption.
3) Digital Trust: Top 100 organisations in India will have formal programmes to monitor their "digital trustworthiness" by 2024, as digital trust is set to become a critical corporate asset.
4) Intelligent Process Automation: About 50% of enterprises in India will embed intelligent automation into technology and process development by 2024. They will be using AI-based software to discover operational and experiential insights to guide innovation.
5) AI is the new UI: By 2024, AI in India is set to become the new user interface by redefining user experiences where over 20% of user touches will be augmented by computer vision, speech, natural language, and AR/VR.
6) Hyper-Personalisation: By 2023, 10% of customer experience applications in India will be continuously hyper-personalised by combining a variety of data and newer reinforcement learning algorithms.
7) AI Edge Applications: By 2025, 30% of computer vision and speech recognition models in India will run on the edge (including endpoints) and feature deep learning on convolutional and recurrent neural networks.
8) Embedded AI: By 2025, at least 50% of new enterprise application releases in India will include embedded AI functionality, but truly disruptive AI-led applications will represent only about 5% of this total.
9) AI Accelerated Chips: In 2023, technology buyer spending on semiconductors (GPUs, FPGAs, AI ASICs, and AI ASSPs) used specifically to accelerate AI training and inferencing will reach nearly $120 million in India.
10) AI Edge Computing: By 2024, nearly 10% of servers that process AI workloads using AI-optimised processors and coprocessors in India will be deployed at the edge.