From automating tasks and fraud prevention to developing next-gen medical solutions, companies across sectors are riding the tailwinds of artificial intelligence (AI). The next decade will see more tangible results over audacious AI claims. Against the backdrop, India is all set to leapfrog in AI adoption with a holistic approach supported by robust tech-driven infrastructure and strong government impetus, finds GlobalData, a data and analytics company.
Kiran Raj, Practice Head of Disruptive Tech at GlobalData, comments: “While digitalization continues to be a major cause for the sweeping transformation across sectors in India, AI will be a fundamental building block underpinning the enterprise digital infrastructure. The country seems to have all the right ingredients in place to make it big in AI, right from dominant position in IT to companies prioritizing efficiency and cost-savings by implementing a holistic approach for intelligent automation, quicker turnaround, and conflict resolution.”
Shagun Sachdeva, Project Manager of Disruptive Tech at GlobalData, comments: “The COVID-19 pandemic accentuated the shift towards digitalization in a relatively short period of time. 2022 laid down the roadmap for various technology integrations including AI, and 2023 will only take it forward. GlobalData sees more and more use cases of AI-powered technology across primary, secondary and tertiary sectors of the Indian economy.”
An analysis of GlobalData’s Disruptor Intelligence Center highlights India’s AI adoption in terms of startup activity and mergers & acquisitions (M&A).
According to GlobalData’s Unicorn Prediction model, 28 Indian startups out of 132 AI startups in Asia-Pacific (APAC) are predicted to create a massive technological disruption and have the potential to become unicorns as of December 2022. In the Indian agri sector, for instance, CropIn Technology Solutions is leveraging AI to improve the productivity and profitability of growers and food processors and allow users to capture real time data from agricultural farms.
Sachdeva adds: “Amid the prevailing global uncertainty, startups are currently on shaky grounds with funding winter, massive layoffs, delayed IPOs, and uncertain profits, therefore, realigning goals and rethinking growth strategies is the need of the hour.”
The AI M&A activity in India rose to 58 deals in 2022 from 25 in 2020, a massive rise of 132%. In December 2022, Wipro Infrastructure Engineering acquired Linecraft.ai, a Pune-based AI-enabled company that empowers manufacturers to get more productivity and quality, thus improving operational efficiency on a real-time basis.
In August 2022, Axis Bank announced to acquire a 5.09% stake in CredAble, an AI-powered fintech platform that enables working capital financing across enterprise ecosystems.
In June 2022, Maruti Suzuki announced the acquisition of a 12.09% stake in Sociograph Solutions, a provider of visual AI platforms for enterprises to improve sales experiences and improve efficiency.
Sachdeva concludes: “Without a doubt, the recent developments in AI have put India on the cusp of a new automation age. The AI adoption and awareness in the country is expected to reach its pinnacle in the next five years as companies integrate AI with edge computing, Industry 4.0, and real-time analysis for complex problems.”