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India among top countries in artificial intelligence adoption

Updated: Apr 20th, 2024

AI in India

As the Asia-Pacific region experiences a surge in the adoption of Generative AI (GenAI), India is set to join the most rapidly expanding markets in the forthcoming years.

According to an IDC report, the Asia-Pacific region is witnessing an unprecedented surge in GenAI adoption, including software, services, and hardware for AI-centric systems.

The region is likely to see GenAI spending soar to $26 bn by 2027, with a compound annual growth rate (CAGR) of 95.4% for the period.

This surge underscores the region’s pivotal role in driving the next wave of AI innovation and technological advancement, the report mentioned.

The head of research at IDC APJ, said that the investment in GenAI will reach its zenith within the next two years, followed by a period of stabilisation.

“China is projected to maintain its position as the dominant market for GenAI, while Japan and India are set to become the most rapidly expanding markets in the forthcoming years,” the head mentioned.

From software development to customer service, GenAI is revolutionising industries, ushering in a new era of innovation in the region.

The financial services sector is experiencing rapid growth in GenAI adoption in Asia - projected to reach $4.3 bn by 2027 with a CAGR of 96.7%, the report said.

(Source: IANS)

- Edited for style