India's AI Industry to Grow Threefold, May Reach $17 Billion by 2027
India's artificial intelligence industry is expected to grow rapidly over the next few years. A recent report by Boston Consulting Group (BCG) predicts that the market size may reach 17 billion dollars by 2027. This marks a sharp increase, as companies across the country begin using AI in larger and more meaningful ways.
What started as small pilot projects in many businesses has now turned into full-scale use of AI solutions. These technologies are being used to speed up decisions, improve customer service, and support innovation across fields like finance, healthcare, education, and retail. How will this advancement shape India's tech future?
BCG believes that AI is now a critical part of business strategy, not just a helpful add-on. Indian companies are adopting AI to gain an edge over competitors and move ahead of traditional growth methods. As a result, India is fast becoming a key hub for AI development.
India already has one of the largest pools of AI professionals in the world. More than 600,000 skilled workers are currently part of the country's AI workforce. That number could rise to over 1.25 million in the near future. Many of these professionals are helping to build solutions used by businesses around the globe.
Strong digital infrastructure has supported this growth. Government-backed tools such as Aadhaar for identity, UPI for digital payments, and ONDC for e-commerce have laid the foundation for a fast-moving tech environment. Over 2,000 AI startups have launched in the country in just the past three years.
Several Indian companies are already seeing strong results from their use of AI. For example, an online eyewear brand has started offering virtual try-ons using facial mapping. A digital audio platform has managed to cut down production costs by using AI to create audio content. In real estate, image recognition is helping to verify property listings more quickly.
To make the most of AI, BCG recommends focusing on people and processes as much as technology. Building cross-functional teams, setting up AI-focused units, and offering skill development are all essential steps. The report also stresses the need for ethical AI use and highlights the importance of managing change within organisations.
India's AI journey has just begun, and it is set to make a big impact globally in the years to come.
First Published Date: 13 Jun, 21:07 IST
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
25 minutes ago
- Time of India
Crude jitters, not crisis: Oil firms eye margin hit, but rule out supply shock amid Israel-Iran tensions
Indian oil companies expect their profit margins to shrink due to rising crude prices but do not anticipate a major supply crisis after the Israel-Iran military conflict caused a sharp 9% spike in oil prices on Friday, reported TOI. Benchmark Brent crude briefly surged to $78.50 a barrel before settling at $75.55- $6.19 above the previous close- marking the sharpest single-day swing since Russia's invasion of Ukraine in February 2022. After holding a review meeting with petroleum secretary Pankaj Jain and top officials of state-run oil refiners and retailers, Union Minister Hardeep Singh Puri said India has sufficient energy reserves. 'India's energy strategy is shaped by successfully navigating the trilemma of energy availability, affordability and sustainability under the dynamic leadership of PM Narendra Modi,' he posted on X. India consumes between 4.5 and 5 million barrels of oil per day. The country has emergency reserves of 5 million tonnes- about 37 million barrels- while refiners and oil firms hold additional stocks for 40–45 days. A significant volume of crude is also in transit, and fuel is stored across refineries and depots nationwide. Despite this preparedness, India relies on imports for over 80% of its oil and half of its gas requirements. Around 50% of these imports pass through the Hormuz Strait , a vital chokepoint handling nearly 20% of global seaborne oil flows. 'India doesn't buy any oil from Iran. So there's no worry on that count,' a senior oil company executive said, speaking on condition of anonymity. 'As far as blocking Hormuz Strait is concerned, it is extremely unlikely. It has never happened before, even during earlier wars. Blocking Hormuz will draw in others in the region as both outbound crude and inbound refined products will halt. Iran itself will suffer.' According to a statement by the Iranian government, the country's refineries and fuel depots under the National Iranian Oil Refining and Distribution Company have not sustained any damage and are operating normally. The primary concern for oil companies is declining profitability. 'We are sure to end up taking a hit on profitability as under-recoveries return if oil remains elevated for an extended period,' another executive said. While some believe the market has already absorbed the geopolitical risk—as evident from the fallback in crude prices—most agree that insurance premiums will rise due to increased threat perception and the likelihood of vessels avoiding conflict-prone waters. 'Iran may not block Hormuz. But Teheran-backed rebels could target vessels. Even in such cases, interruptions of a cargo or two can easily be bridged from elsewhere as India has a diversified pallate,' the first executive added. Industry insiders said that margins on petrol and diesel sales are in single digits, while under-recoveries on domestic LPG cylinders have reached Rs 160–170. If crude remains costly, imported LNG- priced against Brent- will also see a rise in cost.
NDTV
27 minutes ago
- NDTV
MG ZS EV Gets Up To Rs 4.4 Lakh Discount For Brand's 6th Anniversary
MG Motor entered the Indian market in 2019 with the launch of the Hector SUV. It's been six years since the automaker has been operating in India and is now celebrating its anniversary with the special one-time limited period offer for the ZS EV. The automaker is offering the electric SUV at a special price of Rs 16.75 lakh (ex-showroom) for the base Executive variant. This is a discount of Rs 13,000 compared to the previous price of Rs 16.88 lakh (ex-showroom). The one-above base Excite Pro variant of the MG ZS EV can now be purchased starting at Rs 18,49,800. This reflects a savings of Rs 48,000 when compared to the previous price of Rs 18,97,800 (all prices Ex-showroom). Buyers opting for the higher variants, Exclusive Plus or Essence, can have the greatest savings. The Exclusive Plus variant of the MG ZS EV is currently priced at Rs 19,49,800, which is a significant Rs 4.15 lakh reduction from the earlier listed price of Rs 23,64,800. Meanwhile, The top-of-the-line Essence variant of the MG ZS EV is now offered at a starting price of Rs 20,49,800, resulting in savings of Rs 4.44 lakh compared to the former price of Rs 24,93,800 (Ex-showroom). MG ZS EV Price List Variant New Ex-Showroom Price Old Ex-Showroom Price Executive ₹16,75,000 ₹16,88,000 Excite Pro ₹18,49,800 ₹18,97,800 Exclusive Plus ₹19,49,800 ₹23,64,800 Essence ₹20,49,800 ₹24,93,800 The MG ZS EV was the brand's first electric vehicle in the Indian market. The SUV competes against models like Tata Hyundai Creta Electric, Mahindra BE6, and others in the country. It comes with a 50.3 kWh battery pack offering a range of up to 461 km on a single charge.
Time of India
27 minutes ago
- Time of India
Cyprus, Canada and Croatia: PM Modi's first foreign visit since Operation Sindoor
Prime Minister Narendra Modi (File photo) Prime Minister Narendra Modi is set to embark on an official visit to Cyprus, Canada, and Croatia from June 15 to 19, the ministry of external affairs (MEA) announced on Saturday. According to the MEA, PM Modi will begin his trip in Cyprus on June 15-16, then travel to Kananaskis, Canada, on June 16-17 to participate in the G-7 Summit, before concluding with an official visit to Croatia on June 18. "At the invitation of the President of Cyprus, Nikos Christodoulides, PM Modi will pay an official visit to Cyprus June 15-16. This will be the first visit of an Indian Prime Minister to Cyprus in over two decades. While in Nicosia, the Prime Minister will hold talks with President Christodoulides and address business leaders in Limassol," the MEA said. The visit is expected to reaffirm the two nations' shared commitment to strengthening bilateral ties and boosting India's engagement with the Mediterranean region and the European Union. In the second leg of the tour, PM Modi will head to Canada to participate in the G-7 Summit at the invitation of Canadian Prime Minister Mark Carney. "This would be PM Modi's 6th consecutive participation in the G-7 Summit," the MEA stated. At the summit, the Prime Minister will join discussions with G-7 leaders, outreach countries, and heads of international organisations on pressing global issues, including energy security, technology, innovation, the AI-energy nexus, and Quantum-related topics. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like GMC's New Sierra Is Turning Heads (See Prices) FrequentSearches | Search Ads Learn More Undo PM Modi is also scheduled to hold a series of bilateral meetings on the sidelines of the summit. The final stop of his tour will be Croatia, where PM Modi will pay an official visit on June 18 at the invitation of Croatian Prime Minister Andrej Plenkovic. This will mark the first-ever visit by an Indian Prime Minister to Croatia, described by the MEA as a significant milestone in India-Croatia relations. During his stay, PM Modi will hold bilateral talks with Prime Minister Plenkovic and meet Croatian President Zoran Milanovic. The visit is expected to further strengthen India's ties with its partners in the European Union.
