- The growth of the market is attributed to the growing popularity of AI technologies, especially ML applications.
- The global machine learning market is expected to reach a value of INR 543.18 Billion by the end of 2023
Though the adoption of artificial intelligence (AI) applications is still at a nascent stage in India, it is anticipated that the market will grow at a high rate in the coming years.
According to a report by ResearchAndMarkets, investments in artificial intelligence is expected to expand at a CAGR of 33.49 percent during the 2018-2023 period in India. The country’s AI spending was INR 773.64 Billion in 2017.
Among the various AI technologies being implemented in India, the highest investments are in the field of machine learning (ML) applications
ML is being adopted aggressively by retail, transportation (especially airlines) and financial services companies operating in India.
In 2018, this resulted in the creation of ~0.18 Mn to ~0.2 Mn new jobs, for professionals who have skills and expertise in machine learning applications.
As per the report, the global machine learning market is expected to reach a value of INR 543.18 Billion by the end of 2023, from INR 91.83 Billion in 2017, expanding at a CAGR of nearly 42.99 percent.
This growth is attributed to technological advancements and its proliferation in the field of data generation.
The implementation of machine learning reduces the chances of human error. Also, it makes machines smarter, thereby reducing their reliance on operators.
Meanwhile, the introduction of the concept of stream-based analytic platforms has opened up new avenues for the extensive use of machine learning applications in various sectors of the Indian market.