AI software segment is expected to grow at a CAGR of 18% by the end of 2025 in India.
Research is becoming a major driver of technology innovation, and exponential investments are accelerating the development of both established and new technologies globally. Every sector is changing as a result of crucial and developing technology, which also create favourable conditions for acceptance and innovation. The fundamental potential of these technologies is greatly increasing and opening up new possibilities for every company to innovate, offer better goods and services, improve consumer experiences, lower costs, and increase productivity.
Potential of Artificial Intelligence (AI) in Selected Industries
A report on the Initiative for Critical and Emerging Technologies (iCET) with an emphasis on Artificial Intelligence (AI) has been published by renowned tech employment company TeamLease Digital. The goal of the iCET partnership between the US and India is to increase strategic technology collaborations between the two nations in a number of fields, including AI. The paper looks at the potential of AI in a few different industries, the main uses and job roles of AI in these businesses, and the rising demand for AI specialists and career hopefuls. The research predicts the vacant positions and pay scales for new hires and seasoned professionals across sectors and professions. The survey estimates that India alone has 45,000 AI employment openings.
India-US iCET Collaboration: Focusing on AI Innovation
The Initiative for Critical and Emerging Technologies (iCET), the most recent agreement between India and the US, aims to build a bridge between innovation in both nations by working with India’s tech innovation hubs to support important joint research projects in the field of artificial intelligence (AI). It also gives momentum to technology cooperation with a focus on joint development and joint production. A crucial component of the transformation of the economy, society, and the workforce in the future is AI, one of the iCET technologies.
Important Career Positions in the AI Landscape and Indian Salary
According to the survey, there are many different important job roles in the AI landscape spanning key sectors including healthcare, education, BFSI, manufacturing, and retail. Data engineers, ML engineers, data scientists, DevOps engineers, data architects, BI analysts, and database administrators may all earn up to INR 14 lakhs annually for freshers in various technology professions in India. ML engineers can make up to INR 10 lakhs annually. Applicants who have eight years of expertise in related industries may be paid even more, between INR 25 and INR 45 lakhs annually.
Developing AI Skills for Professional Advancement
Having a rudimentary understanding of AI and its applications can provide people a competitive edge in the job market as automation and AI revolutionise sectors across the board. Additionally, learning AI skills can open doors to higher-paying positions and support people in remaining adaptable and relevant in a job environment that is constantly changing. It’s never too late to start upskilling, and investing in AI skills can have a positive impact on people’s lives and professions over the long run.
Sentiments of Employers and Employees About AI Upskilling
A poll by TeamLease Digital found that 30% of employers believe AI learning efforts are essential to bringing to light the workforce’s latent abilities and that 37% of organisations prefer to give their employees the tools they need to become AI-ready. Clearly, 56% of firms stated that the appropriate steps are being done to close the talent gap in AI. The poll also showed that most employees agree with their employers’ viewpoints.
“As countless businesses continue to integrate Critical and Emerging Technologies (CET), businesses are rethinking and reshaping the future of talent. Job seekers who are aspiring to have careers in CET should possess relevant and in-demand skills by repair, prepare and upskill to make their careers future proof.” said Sunil C., Chief Executive Officer, TeamLease Digital
Governmental Programs to Improve AI-Related Skills
The report also takes into account the actions the Government of India (GoI) made as part of the Union Budget to improve the abilities of young people in the field of artificial intelligence. The establishment of Centers of Excellence for AI is one of the significant initiatives undertaken. These actions are intended to support multidisciplinary research, the creation of cutting-edge applications, and scalable problem-solving across several industries. TeamLease Digital’s report on the GoI also mentions the Pradhan Mantri Kaushal Vikas Yojana, which seeks to give on-the-job training, as another government initiative.
Critical and Emerging Technologies (CET)
Advanced Computing
Advanced Engineering Materials
Advanced Gas Turbine Engine Technologies
Advanced Manufacturing
Advanced and Networked Sensing and Signature Management
Advanced Nuclear Energy Technologies
Artificial Intelligence
Autonomous Systems and Robotics
Biotechnologies
Communication and Networking Technologies
Directed Energy
Financial Technologies
Human-Machine Interfaces
Hypersonics
Networked Sensors and Sensing
Quantum Information Technologies
Renewable Energy Generation and Storage
Semiconductors and Microelectronics
Space Technologies and Systems
Global AI market size
The global artificial intelligence (AI) market is projected to reach $136 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 37% from 2023 to 2030. AI is expected to contribute up to $15.7 trillion to the global economy by 2030, and research shows that 45% of the total economic gains by 2030 are from product enhancements, which will stimulate consumer demand. As businesses across various industries continue to embrace AI, its market size is expected to grow steadily.
Indian AI Market
By 2025, the Indian AI market is anticipated to develop at a 20% compound annual growth rate (CAGR) to reach $7.8 billion. India had $12.3 billion in revenue from AI as of 2022, showing that the country has substantial room for AI growth. By the end of 2025, the AI software market, which consists of AI platforms, solutions, and services, is anticipated to grow at a CAGR of 18%. The increased use of AI in a number of industries, including healthcare, banking, and retail, among others, is credited with this expansion. AI is predicted to evolve at such a rate that it would change the Indian economy and provide up new career options.
AI Investment in India
The artificial intelligence (AI) industry in India is expanding with encouraging trends, with investments growing at a compound annual growth rate (CAGR) of 30.8%. By 2023, the nation’s investment in AI is anticipated to reach $881 million as more businesses attempt to implement AI technologies to enhance their operations and stay competitive.
Globally, spending on AI increased significantly from $36 billion in 2020 to a record-breaking $77.5 billion in 2021. This increase in investment shows how important AI is becoming across a range of sectors, including healthcare, banking, and retail, among others. India’s 1.5% share of global AI investment in 2022 suggests that the industry has room to develop even more. The nation is anticipated to play a big role in influencing the industry’s future thanks to the government’s push for digital transformation and adoption of cutting-edge technology, such as AI.
Potential Contribution to Economy
According to industry reports, Artificial Intelligence (AI) has the potential to contribute significantly to the global economy in the coming years. In fact, it is expected to add up to $15.7 tn to the global economy by 2030. In India, AI is projected to have a significant impact on the country’s economy, with estimates suggesting that it could add $967 bn to the economy by 2035. Furthermore, AI is also expected to contribute between $450-500 bn to the country’s GDP by 2025, which would account for 10% of India’s $5 tn GDP target.
(Copy Right @ India CSR)
