News Trust of India: In a revolutionary finding, it has been reported that India possesses an AI-skilled workforce three times larger than that of its global rivals. The collaborative research by Nasscom and the Boston Consulting Group anticipates a solid 15% compound annual growth rate for this talent pool until 2027.
Simultaneously, India’s artificial intelligence (AI) sector sits on the edge of a considerable boom, estimated to see a startling compound annual growth rate of 25-35% throughout the same decade.
Notably, India ranks among the top five nations exhibiting a spectacular 14-fold surge in AI-skilled persons during the previous seven years. The nation boasts the second-highest concentration of capable AI workers, currently employing 420,000 professionals across multiple AI fields, as revealed in the research titled “AI Powered Tech Services: A Roadmap for Future Ready Firms: AI & Gen AI’s function”.
Prominent organizations have made large expenditures in boosting the AI proficiency of their personnel, earmarking a whopping $1 billion for upskilling and reskilling attempts over the next three years. This coordinated effort highlights the vital relevance of human capital in the AI ecosystem.
“Indian tech enterprises, embracing the paradigm shift catalyzed by Generative AI, are diversifying their offerings beyond conventional IT and business process management. They are venturing into AI-driven analytics, intelligent automation, and individualized client engagements,” observed Debjani Ghosh, President of Nasscom.
On a global scale, investments in AI have increased at a compounded annual growth rate of 24% since 2019, culminating in a mammoth $83 billion invested only in 2023. The lion’s share of these expenditures has been put towards AI applications in data analytics, GenAI, machine learning algorithms, and platforms.
The poll performed by Nasscom and BCG, covering over 65 respondents from major tech businesses, mid-tech enterprises, business process management (BPM) companies, and global competence centers (GCC), produced enlightening insights. It showed that 70% of the participants have rigorously specified frameworks for financing AI use cases in terms of capabilities and investments. Moreover, a stunning 70% of organizations have created AI relationships, mostly with GenAI and cloud partners.
Organizations have chosen dedicated AI executives, with strong endorsement from CXO leadership on the AI agenda. A significant 68% of respondents have designated CEOs spearheading AI initiatives, while over 58% have received unwavering support from top leadership for AI endeavors.
“The exponential expansion of India’s AI market underscores the nation’s pivotal role in propelling global innovation. This tendency is obvious across numerous elements – from investments within India to the development of AI applications covering diverse industries, alongside the rising talent pool,” affirmed Rajiv Gupta, Managing Director and Senior Partner at BCG.
Indian firms are diligently aligning themselves with the expanding AI landscape, constructing forward-looking organizations armed with dynamic centers of excellence pushing the AI narrative, Gupta said.
