According to BCG and NASSCOM report, The AI Software & Services market is already valued at c. $100 Bn and is 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 and Gen AI emerge as dominant themes with the former attracting investments worth c. $42 Bn and the latter c. $23 Bn.
Moreover, India’s artificial intelligence market is projected to touch $17 billion by 2027, growing at an annualized rate of 25-35% between 2024 and 2027.
India has over 420,000 employees who currently hold positions in AI job functions, said the report, adding that the country also has the highest skills penetration concerning AI.
The growth is seen on the back of an increase in enterprise tech spending, the country’s expanding AI talent pool, and a rise in AI investments.
With investment in AI rising, the subsequent demand for AI talent in India is also expected to grow at an annualised rate of 15% until 2027, the report said.
Sharing this report, Sreyssha George, Managing Director at BCG has highlighted the below points on social media.
Global AI Software & Services market is already valued at ~$100 Bn and is expected to reach $300-320 Bn by 2027. This also means a significant impact on the talent pool in India, which we are already seeing,
1. 15% Increase in AI Talent Demand: India’s burgeoning AI sector projects significant growth in the need for skilled professionals.
2. 14-Fold Rise in AI Proficiency: India distinguishes itself with a dramatic increase in AI expertise, marking a global leadership stance.
3. Market Growth Outpaces Talent Supply: With the AI market expanding at a rate of 25-35%, the emphasis shifts towards upskilling and innovation to meet demand.
4. AI Recruitment Surge: A 15% rise in AI leadership roles and a 70% increase in AI engineer hiring reflect the industry’s accelerated demand for AI and ML expertise.
5. Key Skills in High Demand: The industry seeks proficiency in ML, Python, SQL, and increasingly recognizes the importance of GitHub, PyTorch, and Databricks skills
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