Among the several AI technologies being deployed in India, the maximum investment is in the field of ML applications
The global machine learning (ML) market is likely to reach a value of Rs 543.18 billion by 2023, growing at a compound annual growth rate (CAGR) of around 42.99 per cent, according to a latest report by Orbis Research.
The global ML market was valued at Rs 91.83 billion in 2017, as per the report.
This massive growth is due to the technological advancements and its proliferation in the area of data generation.
Though the adoption of artificial intelligence (AI) applications is still in the emerging stage in India, it is expected that the market will grow at a high rate in the next few years. Among the several AI technologies being deployed in the country, the maximum investment is in the field of ML applications.
The investments in AI are expected to grow at a CAGR of 33.49 per cent during the 2018-2023 period. In 2017, the investments in AI stood at Rs 773.64 billion.
Citing the reason for such high anticipated investments, the report mentions the rising popularity of AI technologies, especially ML applications, across various business functions such as finance, accounting, IT, general management, administration and operations.
Key growth drivers
The implementation of ML cut down the chances of human error. In addition, the technology makes the machines smarter, thus reducing their dependence on operators. In fact, ML improves accuracy and efficiency of technicians, due to which several organisations are shifting from traditional methods of data interpretation to ML. This, in turn, supporting the growth opportunities for ML market in India.
On the other hand, cloud-based analytics, when combined with ML, enables analysts in detecting anomalies in real-time, which helps them rectified those anomalies swiftly. With the introduction of stream-based analytic platforms, new avenues have been opened up for extensive use of ML applications in several sectors of Indian market.