According to the latest report by IMARC Group, titled “Artificial Intelligence Market in India: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The India artificial intelligence market size reached US$ 506.1 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 2,981.6 Million by 2027, exhibiting a growth rate (CAGR) of 33.68% during 2022-2027.
Artificial intelligence (AI) refers to a technological solution concerned with building smart machines capable of performing tasks, which require human intelligence, speech recognition, translation, and decision-making based on past experiences. It offers automation, minimizes errors, manages repetitive tasks, processes large amounts of data, and provides meaningful insights.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
AI is employed in the automotive industry for manufacturing different vehicle components. This, along with the escalating demand for autonomous, hybrid, and electric vehicles (H/EVs) due to the growing concerns about carbon emissions, represents one of the major factors bolstering the market growth in India. In addition, the rising adoption of cloud-based solutions for analyzing large amounts of data, improving overall operational efficiency, and enhancing the user experience in organizations, coupled with significant growth in information technology (IT), are contributing to the market growth. Apart from this, rapid digitization, expanding purchasing power of individuals, busy lifestyles, and the growing penetration of smartphones with high-speed internet connectivity is driving the demand for online applications. This, in confluence with the thriving e-commerce industry, is creating a positive outlook for the market in the country.
Breakup by Type:
Narrow/Weak Artificial Intelligence
General/Strong Artificial Intelligence
Breakup by Offering:
Hardware
Software
Services
Breakup by Technology:
Machine Learning
Natural Language Processing
Context-Aware Computing
Computer Vision
Others
Breakup by System:
Intelligence Systems
Decision Support Processing
Hybrid Systems
Fuzzy Systems
Breakup by End-Use Industry:
Healthcare
Manufacturing
Automotive
Agriculture
Retail
Security
Human Resources
Marketing
Financial Services
Transportation and Logistics
Others
Breakup by Region:
North India
West and Central India
South India
East India
Competitive Landscape:
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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Key highlights of the report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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