India’s artificial intelligence (AI) market is expected to grow at a five-year compound annual growth rate (CAGR) of 20.2% and reach $ 7.8 billion in total revenue by 2025, according to the company IDC Search.
Indian companies will accelerate the adoption of AI-centric and non-AI-centric AI applications over the next five years, IDC said in a statement. The AI software segment is expected to dominate the market, growing from $ 2.8 billion in 2020 to a CAGR of 18.1% by the end of 2025.
Organizations leverage multiple AI applications such as CRM (), ERM () and others to manage operations, evolve supply chains in response to real-time or anticipated demands, and many more to deliver benefits to their customers, improve return on investment (return on investment) and achieve cost savings.
Indian organizations plan to invest in artificial intelligence to meet current business scenarios through functions such as customer service, human resources (HR), IT automation, security, referrals and more. Increasing business resilience and improving customer retention are among the primary business goals for the use of AI by Indian companies, said Rishu Sharma, Director Research Associate (Cloud and IA) of IDC India.
