India Artificial Intelligence market is estimated to grow significantly at a CAGR of 37.2% during the forecast period. There are a lot of opportunities available in AI technology in India with the increasing adoption of technologies. India is one of the fastest emerging economies for AI in the Asia-Pacific region. Adoption of various government policies to drive AI innovation, adaptation, and proliferation in various sectors such as information & technology, healthcare, consumer goods along with many other sectors. For instance, in May 2019, NITI Aayog, Department of the Indian government, has drawn up a plan for creating an institutional framework for AI in the country.

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The department has circulated a cabinet note to provide $75 billion in funding for the creation of a cloud computing platform called AIRAWAT and research institutes. Moreover, in June 2018, the Indian government defined a national policy on AI in a working paper titled National Strategy for Artificial Intelligence #AIforAll. The NITI Aayog has announced to focus on five sectors that are envisioned to benefit from AI.

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The market is segmented on the basis of offering and end-user industry. Based on offering, the market is divided into software & services and hardware. The market for software and services was the highest market during the forecast period. Based on the end-user industry, the market is segmented into manufacturing, automotive, IT and BFSI, healthcare, e-commerce & logistics, home appliances, and others. Further, policies including Make in India, Skill India, and Digital India programs offer untapped opportunities for AI manufacturers and service providers creating regional innovation clusters for manufacturing automation and robotics in collaboration with universities and startups.

India Artificial Intelligence (AI) Market – Segmentation

by Offering

• Hardware
• Software & Services

by End-User Industry

• Manufacturing
• Automotive
• IT and BFSI
• Healthcare
• E-Commerce & Logistics
• Home Appliances
• Other (Agriculture, Energy & Utilities, Media & Entertainment, Education)

Company Profiles

• Accubits Technologies
• Amazon.com, Inc.
• Forus Health Pvt. Ltd.
• Haptik, Inc.
• IBM Corp.
• InformDS Technologies Pvt. Ltd.
• Niramai Health Analytix Pvt. Ltd.
• Q3 technologies, Inc.

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