AI Expansion in India: Artificial Intelligence Investment to hit $6 billion by 2027, the IDC report on the growth of Artificial Intelligence (AI) in India.
The International Data Corporation (IDC) report forecasts that India’s spending on artificial intelligence will reach $6 billion (Approx. 600 Crores Rupees ) by 2027. Also with a compound annual growth rate (CAGR) of 33.7% from 2022 to 2027 too. IDC highlights the trends at the Directions India conference.
This growth is attributed to the increasing adoption of AI and Generative AI (GenAI) in various sectors across India. Further, the IDC report highlights the potential of AI to transform the Indian technological landscape. Making it a global leader in next-generation AI technologies.
International Data Corporation (IDC’s) the Directions India Conference” Highlights:
IDC’s the Directions India Conference was held on June 12, 2024, highlighted India’s growing prominence in the global AI landscape. The conference, themed “The Digital Business Impact of AI Everywhere,” brought together over 160 senior executives from leading technology vendors and IT service providers in India.
IDC projected India’s AI spending to reach $6 billion by 2027, with a compound annual growth rate (CAGR) of 33.7% from 2022 to 2027. This growth encompasses software, services, and hardware for AI-centric systems.
Worldwide AI spending expected to surpass $512 billion by 2027, more than doubling its 2024 market size.
Coming to Global AI, the conference also highlighted the global trend of increasing AI adoption. The worldwide AI spending expected to surpass $512 billion by 2027, more than doubling its 2024 market size.
IDC emphasized India’s potential to become a global leader in next-generation AI technologies. Citing the country’s scale, expertise, and thriving startup ecosystem. AI is set to transform India’s cultural and business models significantly, with data emerging as the most valuable asset.
By 2025, 40% of service engagements are predicted to involve Generative AI (GenAI), reshaping service delivery in strategy, change management, and training.
Finally, IDC’s Directions India Conference served as a platform to discuss the growing impact of AI in India and globally. Further, it highlighted India’s potential to become a major player in the AI landscape. It also provided valuable insights and recommendations for businesses to leverage AI for growth and innovation.
Who is IDC?
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets.
With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC’s analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives.
Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world’s leading tech media, data and marketing services company.