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It is important
to review range of topics through literature that how AI and India have been
going along, and what future is expected with current facts and figures. A
recent study conducted by Microsoft-IDC has revealed some encouraging stats
regarding the boom and progress of Indian AI industry. The major finding of the
study was that by 2021, the rate of AI innovation will be doubled in India. It
was also found that 1/3 Indian organizations have taken some sorts of steps
with regards to AI. In this particular study, 202 workers and 200 leaders from
business community were surveyed. The findings of the study also revealed that
India has to invest more and build upon so that their AI journey can be
accelerated. It was found that cultural changes are also needed to incorporate
AI in every aspect business so that workers can be more skillful in this
regard. If they would not develop a culture of AI, then its incorporation may
be slow as compared to its expectations. The study also explained the fact that
new skills and development from workers is needed to enhance their role in AI. There
are many developments being made, and one such development was announcement
made by Microsoft that an AI Business School will soon be launched in India,
which is huge news for the better future of AI in India
It
is a fact to keep in mind that AI has changed dynamics of business industry
because it is business friendly in so many ways. A study was conducted by
Accenture, which revealed that by 2035; the companies which will incorporate AI
in their processes, such companies’ will observe 38% rises in their revenue. It
is also believed that return on investment can be higher if AI is used in
production processes, which is already being used by companies in their various
production processes. One of the recent researches in this field explore Ai,
and it was found that if AI is properly incorporated, then it can be great for
economic growth. The business industry can take so many benefits from AI like
various back office operations can be automated with the help of AI. Moreover, the
BPO industry can take so many benefits from AI. It is true that automation and
involvement of technology has brought so many changes, but it is predicted that
if AI is properly implemented across industries in India, then its benefits and
advantages will be greater than any other previous technologies. It means that
India can take great leap in their economic and industrial growth with the help
of AI. However, it can be said that India is having a win-win situation with
regards to AI
There
are so many business sectors around India, which have been increasing the use
of AI, and one of such sectors is the banking sector. The banking face in India
has been changing quickly with the help of AI. The AI has so much potential
that it can actually redefine the work pattern of banks that how they work and
operate their business. The competition has been ever increasing in this
sector, and to stay ahead in the competition, they will have to incorporate AI
as much as possible. The banking industry has observed so many changes with the
boom of AI. For instance, it has been seen that AI Officers have been hired by
more banks and they are investing more to develop AI labs. To serve customers
with routine procedures, AI powered bots are being used by banks. Moreover,
banks are using AI by incorporating various elements such as national
processing language, reasoning algorithms, machine learning as well as image
& pattern recognition. It is also important for banks to reduce their costs
and exceed expectations of customers and meet their margins, and they can
achieve these targets with the AI, if it is properly implemented in their
banking processes. In making various investment decisions for their investors,
the portfolios are managed by banks with the help of machine learning. So, they
need to invest more in research for AI that in what ways it can be beneficial
for them
AI
is going to change the future and one such aspect is related to the workforce. It
is expected that workforce based on AI will observed a boom in next few years. An
analysis released by National Association of Software and Service Companies
revealed that demand to have AI professionals is increasing on routine basis,
and it this demand continues like this, then in next three years time, India
will need around 2,38,000 AI professionals. The AI has taken great pace in last
five to ten years and the way industry is growing, things look very promising
for the future. The Nassscom has made a significant estimate that by 2025; the
worth of AI will be $16b. The encouraging signs for India are that young
students are taking great interest in Ai, and if they continue to develop this
interest, then India will have great future ahead. With more interest of people
in AI, India will be able to get more AI professionals to meet the demands of
AI workforce in the future
The
future of AI is bright in India, and so many considerable opportunities are
waiting for Indian community in different sectors. The stats coming from
business landscape are encouraging for the field of technology and AI. It was
described by LinkedIn that among every 10 jobs in India, 7 jobs are associated
with tech roles related to machine learning and artificial intelligence. There
are so many emerging roles in India with regards to AI. As per facts revealed
by Nasscom, the emerging workplace roles linked with AI are DevOps Engineers,
BI Analysts, Data Architect, ML Speech Vision, and Applied Scientists. These
job roles are needed but career path to become these professionals is not an easy
one like many other industries. The workers have to go through so many learning
processes to become AI professionals of different types. The current stats have
revealed that number of AI professionals in India are 40,000. There are ten
companies in India, which hire more AI professionals than any other companies,
and these ten companies are Amazon, IBM, Accenture, HCL Technologies, Microsoft,
Wipro, Infosys, Cognizant, and TCS. The average experience held by the Indian
AI professionals is around 6.6 years. In 2018, the number of fresh AI
professionals was 3700. In terms of having AI ecosystem, the leading city in
India is Bengaluru as out of 100% AI professionals in India, 32% are working in
this city. The second-best city in this regard is Delhi having 22% AI
professionals. The post graduate or master degree holder’s percentage is 48%,
whereas percentage for doctorate degree holder is only 5%. All of these facts
and figures are important to understand current state of AI in India, and it
also shows a bright future in this regard
It
is also important to know the perspective of people in India that what they think
about Ai and its future. A survey was conducted by an Indian firm named “PwC”
and it came with some interesting results. The respondents of the survey
participated with their valuable answers to have their views on AI. The 71%
respondents have a view that AI will be helpful in solving complex kinds of
problems and life will be made richer. The 58% to 7$% respondents believed that
role of AI will be crucial in aiding global health, cyber security and economic
growth. The business leaders responded with 83% results, which believed in the
more important role of AI advisors at workplace. The 60% participants of the survey had a view
that role of AI would be helpful for people to live better lives, and social
causes will also be enhanced. The business leaders and decision makers respond
suggested that AI powered jobs and solutions will be more important in the
future such as decision support systems, virtual private assistants, machine
learning etc. The business leaders’ percentage to believe in using AI advisors
was 75% as per this survey. When it comes to education as well as personal
health check-ups, the majority of participants were still in favor of using
human expertise. The 61% participants responded that they had used different
kind of digital assistants at work, at home etc. The overall results are
clearly showing that interaction of humans and machine learning based on AI
will be increased in coming years
It
is also critical to know from real world examples that how business is being
impacted by AI in India. A research study conducted in 2013 tried to figure out
AI impact on business. The beauty of AI is that it can create advanced
intelligent machines having capability of human intelligence stimulation. The
AI is setting new trends in improving customer services, forecasting and
decision making. The study analyzed business organizations to see that how
efficiency is brought by AI, and how businesses are able to deal with business
challenges having more opportunities. The study also examined current trends of
Ai, and how these trends can be redefined in the future to get best out of AI
technology. After analyzing all of these aspects of AI related to business, the
study concluded that business firms need to be more responsive and agile in
using technologies such as AI so that that they can take more benefits. It will
not only allow them to grow, but they will also be able to stand out in the
crowded market having intense level of competition. The managers have
significant practical importance of AI, because they can handle so many tasks
with it such as customer services, sales, marketing, recruitment, and
forecasting etc. The role of AI can be important in making real time decisions
with correct strategy and planning to keep business in the right direction. These
results from the study are evident that AI has a big role to play in Indian
business industries, if they are able to use it properly with adequate
implementation. If things are not managed properly, then positive impact can
turn into a negative impact
The
growth of AI technology is evident in India, and it is a wake-up call for all
the stakeholders to see that how things can be improved in this regard. Especially,
government and policy makers have a big role to play. There are various
challenges faced by AI in India, and these challenges look to have proper
solutions to get things done in right manner. It has been observed in India
that application of AI is enforced by the private sector, whereas AI success
achieved by South Korea, China and United States has revealed that private and
public collaboration and funding is needed to keep things on right track. The
existing economic environment and cultural attributes are not enough to
incorporate AI. So, a proper system is needed in every aspect of life to
enhance the inclusion of AI in economic environment. The India must understand
that they need a dedicated AI policy of adaption, innovation as well as
proliferation in different sectors. Moreover, policymakers have to play their
important role by making AI an important tool and component of policy to drive
things forward. Without the help of policy makers, India may not be able to
achieve its AI dreams
It
is a well-known fact that countries are racing to get supremacy in AI field,
and it is critical for countries to adopt strategies to get this supremacy. It
is essential to understand Indian position in this race, have they missed the
bus in this race, or they still in with a great chance? The recent stats have
shown that number of PhD researchers in AI is 22,000 worldwide and 386
researchers out of this number belong to India. These numbers were released by
2018 Global AI Talent Report. It was also revealed that number of researchers doing
research in this field in India is even less than fifty. These stats are
certainly not encouraging for India, as they have taken so many leaps in IT
industry, and it was expected that they would do much better than that. These
stats also show that journey for India in this regard would not be an easy one,
because they will have so many uphill climbs. The China and United States have
made great mark in this AI field, and India has to learn lesson from these
countries so that they can achieve, what they should achieve in this regard. India
should understand the fact that if they want to achieve a status in IT field,
then they will have to integrate AI in all facets of business and life, because
AI is the future of technology
References of Artificial Intelligence (AI) and India
Archana, K., 2019. Here's Why India Ranked Third
In Artificial Intelligence Research Across The World. [Online]
Available at: https://www.indiatimes.com/trending/here-s-why-india-ranked-third-in-artificial-intelligence-research-across-the-world-360738.html
[Accessed 8 August 2019].
Bharadwaj,
R., 2019. Artificial Intelligence in India – Opportunities, Risks, and
Future Potential. [Online]
Available at: https://emerj.com/ai-market-research/artificial-intelligence-in-india/
[Accessed 8 August 2019].
Bhatia, R.,
2018. How artificial intelligence is changing the face of banking in
India. [Online]
Available at: https://www.analyticsindiamag.com/the-truth-about-ai-and-businesses-in-india-its-a-win-win-win-situation/
[Accessed 8 August 2019].
Dewa, N.,
2019. In the race for AI supremacy, has India missed the bus?. [Online]
Available at: https://economictimes.indiatimes.com/small-biz/startups/features/in-the-race-for-ai-supremacy-has-india-missed-the-bus/articleshow/69836362.cms
[Accessed 9 August 2019].
Dhanrajani,
S., 2019. How artificial intelligence is changing the face of banking in
India. [Online]
Available at: https://yourstory.com/2019/05/how-artificial-intelligence-changed-banking-sector
[Accessed 8 August 2019].
GARARI, K.,
2019. Artificial Intelligence workforce to boom in future. [Online]
Available at: https://www.deccanchronicle.com/nation/current-affairs/220519/artificial-intelligence-workforce-to-boom-in-future.html
[Accessed 8 August 2019].
Joseph, A.
A. S., Sarumathi, B. & Saranya, B., 2013. Impact of Artificial
Intelligence in Business. Paripex‾Indian Journal Of Research, 2(9),
pp. 142-144.
pwc.in,
2019. Artificial intelligence in India - hype or reality. [Online]
Available at: https://www.pwc.in/consulting/technology/data-and-analytics/artificial-intelligence-in-india-hype-or-reality.html
[Accessed 8 August 2019].
Rathor, S.,
2019. Artificial Intelligence courses a bigger draw for experience. [Online]
Available at: https://timesofindia.indiatimes.com/business/india-business/artificial-intelligence-courses-a-bigger-draw-for-experienced-techies/articleshow/69883603.cms
[Accessed 8 August 2019].
Skerrett,
D., 2018. The State of Artificial Intelligence Around the Globe. [Online]
Available at: http://www.econtentmag.com/Articles/Editorial/Mobile-Moment/The-State-of-Artificial-Intelligence-Around-the-Globe-126115.htm
[Accessed 8 August 2019].
The Economic
Times, 2019. Artificial Intelligence to double innovation rate in India by
2021: Study. [Online]
Available at: https://economictimes.indiatimes.com/tech/internet/artificial-intelligence-to-double-innovation-rate-in-india-by-2021-study/articleshow/69517220.cms?from=mdr
[Accessed 8 August 2019].
Vempati, S.
S., 2016. INDIA AND THE ARTIFICIAL INTELLIGENCE REVOLUTION. s.l.:Carnegie
Endowment for International Peace.
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