AI adoption has potential to add $90 billion to Indian economy by 2025

After the advent of the COVID-19 pandemic, India saw a spike in the use of AI around 45 percent.

India, where the government is on its toes to improve the quality and speed of its economic data, with the help of Artificial Intelligence (AI) can potentially add nearly $90 billion by the year 2025, states a report.

 

After the advent of the COVID-19 pandemic, India saw a spike in the use of AI around 45 percent while other major economies like the US saw 35 per cent, the UK - 23 per cent and Japan - 28 per cent development in this field.

 

According to a homegrown independent Transaction Advisory firm, RBSA Advisors, AI startups captured a total funding of $836.3 million in 2020. While the high-value funding decreased, the companies received funding almost doubled in 2020 as compared to 2019.

 

Market advisors believe that the future of Indian ecosystem is all set to witness the fast selection of AI and investors should make full use of this opportunity.

 

"The future of Indian ecosystem is poised to witness the rapid penetration and adoption of AI and investors should make full use of this opportunity," said Rajeev Shah, MD and CEO of RBSA Advisors.

 

Meanwhile, IT services and technology sectors contribute over 60 per cent of the tech field, followed by BFSI, engineering and retail.

India Scanner News Network

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