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By Paromita Gupta
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Demand for AI talent is growing at 15 per cent in India, finds BCG and Nasscom’s report AI Powered Tech Services: A Roadmap For Future Ready Firms. India has seen a 14x growth in individuals skilled with AI in the past seven years. Notably, India has the highest AI skills penetration with 3x more AI skilled talent than other countries such as United States, Germany, Israel, and Canada.
Interestingly, among Large Tech AI talent, India tops with 75 per cent.
“In an era where artificial intelligence has not only invaded our living rooms but has also taken centre stage in the global business arena, the emergence of GenAI & ChatGPT in 2023 has sparked a revolution – ChatGPT reached 1 Mn users in 5 days compared to counterparts (Instagram – 75 days, Spotify – 150 days). The AI Software & Services market is already ~$100 Bn and expected to reach $300-320 Bn by 2027. Further, investments in AI are also booming across the globe with a sizeable $83 Bn invested in 2023. Interestingly, Data & Analytics emerges as the dominant theme in these investments (~$42 Bn), with GenAI coming second (~$23 Bn). India is also starting to see GenAI players emerge E.g., Sarvam.ai raised $40 Mn in Series A. These investments and technological transformation have elevated AI from a mere buzzword to a critical element of strategic importance, with enterprise IT spend on AI/ML capabilities likely to experience the highest increase relative to last year, casting a spotlight on technology service providers,” said Rajiv Gupta: Managing Director and Senior Partner, BCG and Debjani Ghosh, President, Nasscom.
Key highlights of the report pertaining to the Indian market are as follows:
Other significant findings from the study are as follows:
1. ML, Python & SQL continue to dominate current skills requirement in AI. But GitHub, PyTorch and Databricks are also beginning to gain traction as important skills.
2. Tech (USD 58 Bn), Banking (USD 27 Bn) & Healthcare (USD 23 Bn) emerge as the top three sectors to receive AI funding globally.
3. India’s AI market growth likely to be at pace with global AI market. BFSI sector is expected to be the highest spender, while Tech (Product & Startups) sector is expected to be a relatively higher spender in India over the next few years.
Features Writer with Entrepreneur India
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