In 2019 alone AI startups have received $14 billion investment across 600 funding events.
The Confederation of Indian Industry’s (CII) Summit and Expo on AI Application & Digi-Tech highlighted the benefits of AI interventions in Agriculture, Smart Cities, Healthcare, Skilling, Education, Public Utility Services, Judiciary and Governance.
Globally, AI has seen $45 to $58 billion investment during the last year. It is growing at the fastest pace of any exponential technology. The AI segment will be worth over $100 billion by 2025. This gives ample indication of the scale and opportunities in this sector. According to Dhanrajani, the companies that have adopted AI will take away $1.2 trillion worth of business from their competitors. In 2019 alone AI startups have received $14 billion investment across 600 funding events.
Realizing the importance of AI currently, 28 nations around the world are curating or drafting AI policies and strategies. India is one among them however where the country lags behind is in research. In India we have only 2000 to 2500 research papers submitted every year and China has 10 times more. Out of 34.8 million students coming out of our higher education system in the country only 18% are employed. The job opportunities in the new age will require skills that are not taught in our educational system and this needs to change.
India is uniquely poised to be a global leader in AI, and this is due to the diversity of our population generating a diverse set of data. Attaining a premier position in AI will require convergence of all stakeholders. Towards this, India need to focus on 3 broad areas i.e. Education – infusing new age courses and adapting personalized learning powered by AI, Enable – create an open innovation platform, a pipeline of AI centric solutions and their adoption and Ethics – Draft an operating framework within which AI can be developed, Dhanrajani elaborated.