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India ranks among top nations in embracing artificial intelligence

The Asia-Pacific region has experienced a remarkable increase in GenAI adoption, encompassing software, hardware, and services for AI-centric systems. Projections suggest that GenAI spending in the region is expected to reach USD 26 billion by 2027.

Edited By: Saumya Nigam @snigam04 New Delhi Updated on: April 21, 2024 13:13 IST
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Image Source : FILE India ranks among the top nations in embracing artificial intelligence

As the Asia-Pacific region experiences a surge in the adoption of Generative AI (GenAI), India is set to join the most rapidly expanding markets in the forthcoming years.

As per the IDC report, the Asia-Pacific region has witnessed an unprecedented surge in GenAI adoption, which further includes software, hardware and services for AI-centric systems.

Furthermore, the region is most likely to witness GenAI spending soar to USD 26 billion by 2027, with a compound annual growth rate (CAGR) of 95.4 per cent for the period.

The report further stated that this surge will highlight the region's pivotal role in driving the next wave of AI innovation and technological advancement,.

Deepika Giri, Head of Research, Big Data and AI, IDC APJ, said that the investment in GenAI will reach its zenith within the next two years, followed by a period of stabilisation.

“China is projected to maintain its position as the dominant market for GenAI, while Japan and India are set to become the most rapidly expanding markets in the forthcoming years,” Giri mentioned.

From software development to customer service, GenAI is revolutionising industries, ushering in a new era of innovation in the region.

The financial services sector is experiencing rapid growth in GenAI adoption in Asia - projected to reach USD 4.3 billion by 2027 with a CAGR of 96.7 per cent, the report said.

Recently Meta stated that it has been testing its AI chatbot, Meta AI in WhatsApp India. The chatbot is available on other Meta platforms including Instagram and Facebook in the country. The Meta AI icon is available in the main chat list in WhatsApp in India. The generative AI-based chatbot runs on the Large Language Model Meta AI (Llama). It allows WhatsApp users to have conversations about anything. 

 

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Inputs from IANS

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