AI and machine learning: Driving a global tech revolution worth trillions
Artificial intelligence is the most prominent commercial opportunity in the rapidly evolving world, with the potential to contribute $15.7 trillion to the global economy by 2030, as indicated by a recent report by PwC. As per the report published by Grand View Research, machine learning, a subset of AI, is anticipated to expand at a compound annual growth rate (CAGR) of over 36% between 2024 and 2030.
Transforming global industries at unprecedented speed
AI and ML are having an impact on many industries globally. These technologies are transforming business operations, making them more efficient and allowing data-driven decisions in various business domains. It is changing business models and generating unprecedented innovation globally. How?
Healthcare
AI-powered diagnostic equipment is leading to an earlier and more accurate diagnosis of diseases such as cancer and heart disease. It is assisting in early disease detection and increasing survival chances considerably. Predictive analytics assists hospitals in determining the patients at risk, lowering the rate of readmission by more than 25%. Artificial intelligence is changing the delivery of healthcare services in developed and developing countries, including drug invention and remote discovery. For example, it was discovered using BenevolentAI's AI platform, which analysed vast biomedical datasets to predict how existing drugs could interact with Covid-19 pathways. The AI suggested Baricitinib as a potential medicine within days, something that traditionally could have taken months, helping accelerate clinical trials and eventual emergency approvals.
Finance
Fraud detection tools empowered with artificial intelligence monitor billions of transactions in real time, and automated trading algorithms make transactions in a matter of seconds. JPMorgan Chase report points out that over $150 million is saved annually through AI-enabled systems.
Global consumer financial services are also being secured, liberalised, and personalised through AI-driven banking services.
Retail and e-commerce
AI-powered predictive analytics can forecast customer purchasing habits with a predicted 90 percent accuracy. It enables retailers to predict demand and customise inventory to ensure the most sales are made, and reduce wastage of stock. These technologies allow dynamic pricing, filtering product recommendations according to the tastes and preferences of customers, acceleration of order placements, easier shopping experiences, and increased satisfaction among customers in both online and offline stores.
Manufacturing
AI-enabled predictive maintenance systems help factories by predicting breakdowns of equipment before they actually occur, up to a 60% improvement in equipment lifetime alongwith reduction in downtime. This not only saves millions of operational costs, but also improves worker safety. AI-empowered robotics is also becoming involved in complicated and risky operations, increasing productivity and product quality globally.
The global AI market size, valued at $196.6 billion in 2024, is projected to surpass $1.8 trillion by 2030. North America currently leads in adoption, but Asia-Pacific is the fastest-growing region, with investments in AI startups increasing year-on-year.
Agriculture
AI is also poised to play a pivotal role in addressing global challenges. Climate scientists are leveraging AI to model weather patterns and optimise renewable energy grids, potentially reducing carbon emissions by up to 10% annually (Source: https://www.drishtiias.com/daily-updates/daily-news-editorials/empowering-india-s-energy-transition-with-ai#:~:text=By%20analyzing%20vast%20amounts%20of,depending%20on%20the%20main%20grid). In developing economies, AI is enabling leapfrog growth.
Empowering people and boosting economies through the AI & ML revolution
While automation raises concerns of job loss, the statistics showcase a clearer picture. World Economic Forum estimations show that by the end of 2025, AI will create 97 million new jobs in fields such as AI engineering, data science, as compared to the 85 million jobs already existing in the market (Source: https://www.forbes.com/councils/forbestechcouncil/2024/03/12/the-future-of-work-embracing-ais-job-creation-potential/).
Artificial intelligence development companies are spending heavily on employee upskilling in response to this change. Google AI training already has more than 3 million learners worldwide, and IBM has committed to skilling up to 30 million people by 2030 globally.
" Every technological revolution disrupts the job market, but it also creates new opportunities that didn't exist before, " said Naveen Khanna, CEO of Octal IT Solution, which is a leading mobile app development company. " The AI era is no different, and the winners will be those who adapt fastest. "
Navigating the ethics and regulatory guidelines of AI innovation
With the faster AI adoption rate, ethical and regulatory systems are taking centre stage. The AI Act of the European Union is projected to become fully operative by 2026. It will establish the first complete regulatory framework for the worldwide use of AI. In the meantime, major economies and nations, are implementing specific policies towards AI and machine learning solutions to make it safer and accountable to innovation.
A PwC survey revealed that 94% of organizations accepts that they have implemented or planning to implement AI in their business operations as AI ethics will be critical to building trust with stakeholders. Issues related to biased algorithms of AI, data-related privacy, and transparency still exist, yet widely used responsible AI principles are being adopted by companies. Gartner reports that by 2027, organizations will implement small, task-specific AI models, with usage volume at least 3 times more than those of general-purpose large language models (LLMs).
Driving the future: AI and ML as the ultimate game changer
The AI and ML will become fundamental to business competitiveness in this decade, as the internet did in earlier periods. Early adopters are already reaping exponential gains, while latecomers risk being left behind. Octal IT Solutions is also committed to providing AI-powered solutions that have delivered up to 45% operational efficiency improvements and 30% cost reductions for enterprises.
" AI is no longer about replacing humans; it's about augmenting their capabilities ," said Arun Goyal, MD, Octal IT Solution, one of the leading voices in AI innovation. "This shift is empowering businesses to make better decisions, streamline operations, and open entirely new markets that didn't exist a decade ago." AI and ML are no longer optional; they are the driving forces shaping the next era of global innovation and economic growth. Businesses, industries, and nations that embrace this transformation today will define the competitive landscape of tomorrow.
Disclaimer - The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it, and does not guarantee, vouch for or necessarily endorse any of the content.
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For 35 years, he sat behind a wooden counter at his readymade garment shop in Lucknow's busy Aminabad market, sandwiched between paan and samosa shops. The shop shut down during the Covid pandemic, and he turned to quick-buck pursuits. 'The money was part of my savings, for my daughter's wedding and education, and now I'm afraid I might have to sell my house,' said a visibly tired Ritesh, wearing a striped cotton T-shirt and running a hand over his receding hairline. He kept glancing at his phone for updates on an order from the new bakery business he has started with his wife. While Ritesh was making his trades in Lucknow, halfway across the world a New York-based firm, Jane Street, was allegedly moving the same markets. Its 'high frequency' strategies, SEBI has said, helped it amass Rs 36,502 crore in profits, purportedly through 'egregious manipulative practices'. Small traders like Ritesh, who had little stock market knowledge and relied on social media tips, suffered. He became part of the 93 per cent of retail F&O traders who lost money between FY22 and FY24, according to an earlier SEBI report. The data shows that about 90 per cent of F&O traders lose money, often because of market illiteracy. More than 75 per cent of loss-makers kept trading even after losing money for two consecutive years. With gambling banned in India, F&O has become a proxy for many. 'Retail traders from smaller cities have been at a disadvantage. Jane Street's alleged manipulation only deepened their losses, quite dramatically,' said Mayank Bansal, a United Arab Emirates-based hedge fund manager who first flagged the expiry-day manipulations. He first noticed the disruption of the F&O market in July 2023 and by January of the next year, his suspicions about Jane Street's apparent manipulation crystallised. 'I was clear that this wasn't random volatility. It was deliberate,' he added. Also Read: Meet the finfluencers straddling tightrope between self-regulation & racking up more followers 'FOMO', finfluencers, and bad F&O bets Ritesh, who wants to reveal only his first name, recalled that when he began trading, he followed at least 15 social media influencers but tracked only five on YouTube. He found them by using the keywords 'best trading accounts to follow'. Sometimes logic mattered, and sometimes brand value. After mass-following several YouTubers, he now sticks to Nitish Kumar or 'NK Stock Talk', an avuncular content creator who shares stock market tips from a swanky office. His videos have titles such as 'How to Make Career in Stock Market' and 'How to Do – Trading Plan and Psychology'. By June 2024 Ritesh was convinced he had cracked the formula for Nifty, which tracks 50 large companies across sectors, and Bank Nifty, which includes the biggest banks. 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There was no job in sight, his father's cloth shop shut down, and family savings dipped to barely Rs 30,000. Farming is the main livelihood in his village, with the younger generation leaving for technical and non-technical jobs in cities like Surat, Rajkot and Indore. With few options at home, VS turned to trading. VS knew nothing about F&O trades. On X, while doomscrolling, he saw Adani stocks start to fall and people boasting about the money they had made. 'It started with a YouTube search after the Hindenburg-Adani report came out in 2023. That is when the chatter over Jane Street's high frequency trade and promises of big gains made headlines,' VS said. LinkedIn was also full of posts about Jane Street's new hires — top IIT graduates with salaries worth crores. Then there were stock market YouTubers. VS was partial to Abhishek Kar, known for data-heavy videos with rapid-fire analysis, bold predictions and technical jargon. 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Dozens of unknown numbers, from across India call to ask 'if you're looking to learn stock market trading'. Risk is rarely discussed. Words like 'hedging' or 'volatility' are tossed around, but with little context, they sound more exciting than foreboding. Jane Street market storm Not many people in India had even heard of Jane Street until the scandal broke. Most small traders didn't read the 109 pages of SEBI's 3 July interim order against it, or even learn about it in pink papers or business news channels. Instead, they were alerted by YouTube and Instagram reels with titles such as Jane Street dhokebaz (Jane Street cheat) and SEBI ne zapt kie 4800 crore (SEBI seized Rs 4,800 crore) flashing in bold fonts, cut with stock footage of tumbling share prices. Jane Street stands accused of manipulating the Indian market for huge profits. The alleged strategy was to buy up Bank Nifty stocks in the morning and then sell them off aggressively by afternoon. This ended up in a situation where the stock prices would fall sharply. Even if Jane Street lost money on those trades, they had another way to profit. They placed big bets — short positions in index options — that paid out when the market dropped. Between January 2023 and March 2025, Jane Street Group made total trading profits of Rs 36,502 crore, according to SEBI's probe. The regulator alleged that Rs 4,843 crore of this amounted to 'unlawful gains'. Now SEBI and the Finance Ministry are discussing ways to rein in F&O trading, and to strengthen the cash market. Another step they've taken is to limit weekly options expiry to just one per week. It helped bring back sanity -Krishna Appala, fund manager at Capitalmind PMS SEBI was watching as Jane Street's so-called 'secret strategy' became part of US court hearings and media investigations. The secret strategy had India written all over it. The F&O segment was booming here, and Jane Street sniffed an opportunity in the surge in trading volumes to sway the Indian markets and rake in millions. SEBI temporarily banned the firm from trading in India and ordered it to place the alleged unlawful gains into an escrow account. The ban was lifted on 21 July, and Jane Street—which has denied the allegations— has vowed not to do any more F&O trading in India until the matter is resolved with SEBI. The Jane Street fracas came in a market awash with new traders. From 31 March 2021 to 30 November 2024, the number of DEMAT accounts in India increased from 3.3 crore to 14.3 crore, a fourfold rise. Post-Covid, retail participation had surged as more and more people sought to make 'easy' money from home. 'A lot of new and inexperienced people entered the market. The growth has been unregulated,' said Krishna Appala, fund manager at Capitalmind PMS. He added that the market has somewhat stabilised after the chaos noted last year. Back when the alleged manipulations were taking place, the market began to feel rigged, said traders who spoke to ThePrint. Ritesh and others couldn't explain how, but it seemed as if someone always knew what was coming. SEBI's interim order put some of those suspicions into writing. 'What is, however, unacceptable and illegal, is the use of egregious manipulative practices to create opportunities to manipulate markets, influence and manipulate indices, and artificially profiteer from such moves with their large trading and risk positions in index options markets,' it noted. Also Read: Just 1 month of NEET classes, Rs 1.46 lakh bill. How coaching centres profit from dropouts A fresh start? The Jane Street case has become part of a bigger political hotbutton over how the market is stacked in favour of the heavyweights. Congress leader Rahul Gandhi posted on X that he had warned in 2024 that the F&O market had become a playground for 'big players' while draining small investors' pockets. 'Now SEBI itself is admitting that Jane Street manipulated thousands of crores. Why did SEBI remain silent for so long? At whose behest was the Modi government sitting with its eyes closed?' he asked. मैंने 2024 में साफ कहा था – F&O बाज़ार 'बड़े खिलाड़ियों' का खेल बन चुका है, और छोटे निवेशकों की जेब लगातार कट रही है। अब SEBI खुद मान रहा है कि Jane Street ने हज़ारों करोड़ की manipulation की। SEBI इतने समय तक चुप क्यों रही? मोदी सरकार किसके इशारे पर आंखें मूंदे बैठी थी? और… — Rahul Gandhi (@RahulGandhi) July 7, 2025 Last week, the Income Tax department surveyed certain broking firms in what it called a tax evasion probe. SEBI chairperson Tuhin Kanta Pandey defended the regulator's role, stating that agencies work within their own mandates. 'The information is largely in the public domain… What SEBI had to do at the interim stage, has been done,' Pandey told media persons. Some market watchers, however, say the response was too little too late and that SEBI needs to set an example. 'If SEBI's interim order holds fort, the punishment ought to be decisive, exemplary, and unforgiving,' said Bansal. 'But the delayed response allowed the damage to spread. You took 1.5 years to act… while the interim order was appropriate, the final order should be harsher. The market is thriving, we just removed the thieves.' I lost money, but I have clarity now. I know who makes profit, and it's not small traders like me Ritesh, business owner and former F&O trader from Lucknow Fund manager Appala argued, however, that SEBI's action against Jane Street is already yielding dividends. Even as the firm pushed the market to an extreme, the regulators have made corrections. 'Now SEBI and the Finance Ministry are discussing ways to rein in F&O trading, and to strengthen the cash market. Another step they've taken is to limit weekly options expiry to just one per week. It helped bring back sanity,' Appala added. Per NSE's average daily volumes data, equity futures have dropped from Rs 2,09,327 crore in FY25 to Rs 1,68,430 crore in FY26. Equity options have fallen from Rs 71,961 crore to Rs 55,514 crore over the same period. 'The market tells you the participation has reduced,' Appala noted. Among those who have quit stock trading is Ritesh. He once spoke fluently about calls, puts, premiums, and expiry days, but they are no longer part of his daily vocabulary. Only his wife knows how much money he lost. 'She's impatient and taunts me,' he said quietly. 'She asks how much money will I lose now? It stresses me out.' From running a family business started by his parents, he's now building a small bakery business with his wife. Every evening, he packs the orders, and delivers them in his car. He's not entirely immune to new and shiny ways to make money. A few months ago, he nearly spent Rs 97,000 on an AI course until he thought better of it. He says he's rebuilding himself. 'My loss,' he added, 'has been my biggest teacher.' What is taking longer to change is his social media feed. The same influencers, the same promises keep coming up. Since January, he's been unsubscribing from the trading channels he once followed religiously. 'I lost money, but I have clarity now. I know who makes profit, and it's not small traders like me,' he said with a dry laugh. (Edited by Asavari Singh)
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