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AI spending in India to reach USD 6 billion by 2027: IDC

Spending on AI and Generative AI (GenAI) in India is at surge, and have been projected to reach USD 6 billion by 2027. This growth is driven by a robust compound annual growth rate (CAGR) of 33.7 per cent, as per the recent report.

Edited By: Saumya Nigam @snigam04 New Delhi Updated on: June 24, 2024 18:44 IST
AI, USD 6 billion, 2027, IDC
Image Source : FILE AI spending in India to reach USD 6 billion by 2027

The spending on Artificial Intelligence (AI) and Generative AI (GenAI) in India is growing rapidly and it has been projected to reach USD 6 billion by 2027, at a compound annual growth rate (CAGR) of 33.7 per cent, a report showed on Monday.

AI and GenAI adoption in the country has significantly increased, including services, software and hardware for AI-centric systems, according to the International Data Corporation (IDC).

Dr Christopher Marshall, VP of data, analytics, AI, sustainability and industry research, IDC Asia/Pacific said, “India is the sleeping giant in Generative AI. Its scale, skills, and startups are set to transform not just AI in India but also in the world."

According to Linus Lai, VP, of Digital Business, IDC Asia/Pacific, 76 per cent of Indian enterprises are already focused on GenAI proof of concepts (POCs) or already have an investment plan in place.

“This AI Moment is not a one-hit-wonder. Its implications for India are widespread and strike at the heart of culture and business model transformation with data as its most valuable asset,” Lai noted.

Globally, AI spending will exceed $512 billion by 2027, more than double its 2024 market size.

By 2025, 40 per cent of service engagements will include GenAI-enabled delivery, triggering a shift in human-delivered services for strategy, change, and training to prepare organisations for AI everywhere, according to the report.

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Inputs from IANS

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