How is AI changing India?
Hello everyone, and welcome back to yet another excitingepisode of WiZR Voices! I'm your host, Malavika Issar, and today, we're divingheadfirst into the electrifying world of Artificial Intelligence and understandits revolutionary impact in India.
Now you may wonder what is AI? Let’s first begin byunderstanding its true meaning.
Artificial Intelligence is a technology that enablescomputers and machines to simulate human intelligence and problem-solvingcapabilities. Imagine it as teaching a computer to think and learn on its own;just like we do!
On its own or combined with other technologies, AI canperform cognitive tasks that would otherwise require human intervention, suchas learning, problem-solving, and decision-making. But its significance goesbeyond just imitation; AI is quite literally reshaping industries, economies,and societies worldwide. I mean, are we even surprised?
Something interesting to note is that, India’s AI market is growing at a compounded annualgrowth rate of 25-35% and is projected to reach around 17 billion dollars by2027, according to a new report by BCG and NASSCOM.[MS1]
So, what does that mean for us?
Well, from the bustling streets of Mumbai to theinnovation hubs of Bengaluru and Hyderabad, AI is trans forming how we dobusiness in India. As the finance centre of India, Mumbai is adopting AI topenetrate domains such as banking, insurance, and stock market analysis.
Bengaluru stands at the forefront of AI innovation with astaggering 40% of India's AI companies headquartered in the city! With over 200MNCs and research institutions engaged in AI-driven initiatives, Bengalurucontinues to set benchmarks for technological advancement and entrepreneurshipin the country.
On the other hand, Hyderabad, over a coupleof years, has gained the title of being the AI capital of India! The city’svibrant startup ecosystem offers an unparalleled support for AI enthusiasts,researchers, and entrepreneurs, paving way and making it a fertile ground forinnovation and growth.[MI2] [MS3]
In cities like Pune & Chennai, AI is increasinglybeing used in specialized industries. While the automotive industry in Pune, haswitnessed an increase in productivity following the integration of AI-drivenautomation solutions, Chennai is utilizing AI in healthcare to minimize diagnosticerrors and improve patient care.
Across these urban centres, from smart city initiatives likeAI in traffic management, to public health campaigns and better banking systems,AI is entering every industry, and Indians are embracing it as a catalyst forprogress, prosperity and innovation.
Now doesn’t that sound promising folks?
So, let’s go a little deeper into how some ofthese industries have adopted AI in their everyday operations in India.
Let’s start with healthcare.
A recent study suggests that AI is aboutto shake up India's healthcare sector by 2025, potentially increasing the GDPby 25-30 billion dollars. [AK4] AIaims to eliminate longstanding issues such as unequal care distribution andmedical resource scarcity. With rising internet and smartphone usage, integratingAI into healthcare will become more feasible, offering solutions like epidemicprediction and remote diagnosis. This shows just how important AI is to patientcare!
Also, you’d be amazed to know that India haspositioned itself to lead the adoption of AI into healthcare, throughrobot-assisted treatments and telemedicine, due to expanding IT infrastructurein the country. And, it’s a given that we’ll be experiencing more technologicalbreakthroughs with AI in medicine.
Now let’s jump to the Banking & Finance sectorand see how it has been impacting[MS5] [SJ6] [MS7] thebusinesses across the country.
Did you know that India is estimated tohave the highest number of digital bankingusers inthe world, as of 2022 with roughly[SJ8] 295.5 million users? Thecountry also has the most diverse and dynamic customer base in the world,making inclusive financial growth an absolute necessity.
Banks are now using generative AI to analyzedata on companies, summarize financial reports, analyze a customer’s portfolio,and make investment recommendations based on the individual’s risk appetite,financial goals, and so on.
Hyper-personalization with a high level ofconsistency, has only been made possible with AI.
Next up, we have Design.
AI is revolutionizing Design, enhancingcreativity and efficiency across fields like VFX, Animation, Architecture, GameDesign, Fashion, Graphic Design, Interior Design, and Product Design.
In VFX and animation, AI tools streamlinetasks such as rotoscoping, which is the frame-by-frame drawing of realistic animations.In Interior Designing and Architecture, AI aids in space planning and optimizingdesigns for energy efficiency and structural integrity, using VR and AR forimmersive visualization. While Game Designers use AI to create intelligentcharacters and adaptive gameplay, Fashion Designers on the other hand forecastfashion trends and ideate custom designs with AI.
AI image recognition even allows Graphic andProduct Designers to generate concepts with ease! There’s also the addedbenefit of prototyping that is highly valuable in the field of product design.
And apart from helping with the creativeprocesses, AI is also highly involved in streamlining design workflows.
The next industry we’re going to explore hasprobably seen the most versatile applications of AI across its differentdomains.
If you guessed Marketing, then you’re right!
AI is empowering marketersto enhance customer targeting, better position their products and as well asdeliver more personalized and impactful campaigns. Whether it’s DigitalMarketing, Brand Marketing, SEO or Research, AI-powered tools are provingpivotal in developing compelling brand narratives, optimizing website contentand campaign ROIs that ultimately help in building stronger brand equity andloyalty.
Here’s an interesting case study for you.
Heard of Blinkit? Blinkit is an e-commercebrand that has managed to integrate AI models like ChatGPTand Midjourney to power 'Recipe Rover’, a generative AI engine that offersdiverse recipe suggestions based on customer searches. [MS9]
How cool is that!
There’s also an AI solutions platform calledRephrase.ai that allows you to create video content from text! And it canprocess just about any input from blogs to power points and essays. Justimagine that manhours you’ll save when you don’t have to go through the processof creating videos from scratch!
And finally, I wantto touch upon the sectors where AI is born and developed from, the IT and DataAnalytics sectors.
The IT sector in India is already harnessingthe power of AI across various domains, from Cloud Computing to Cybersecurity.AI-driven solutions are revolutionizing business operations, enhancing agility,efficiency, and security. AI tools are facilitating rapid iteration andcontinuous delivery, optimizing product development processes. Whereas in Data Analytics, data analysts and scientists are getting to uncover trends and gain insights into the behavior ofconsumers or other datasets. By using powerful machine learning algorithms, AI ishelping to make sense of massive amounts of information quickly and accurately.It is only evident that the use and importance of AI in data analytics willcontinue to grow as time passes for its benefits in speed, data validation,data democratization, and automation.
These advancements put emphasis on theimportance of developing digital skills to prepare for future demands. Lookingahead, the future of these industries in India will witness further AIintegration, with advanced adoption across sectors, automation of routinetasks, and the emergence of hyper-personalized customer experiences. Overall,AI will continue to be a transformative force, driving innovation, efficiency,and sustainable growth in the Indian IT and Data Analytics sector.
And this is just the beginning. As AIcontinues to evolve, it’s applications will only expand, transformingindustries and driving exponential growth.
While the wealth of opportunities surroundingAI is exciting, is there are fear of losing your job to AI lurking at the backof your mind?
Let’s talk a bit about that.
A report by Research and Information Systemfor Developing Countries, and Indian organization, states that by 2025, ‘85 million jobs may be displaced by a shift in the division of labourbetween humans and machines, while 97 million new roles may emerge that aremore adapted to the new division of labour between humans, machines and algorithms’.[AK10]
In short, while AI may eliminate certain jobroles, it also has the potential to create more new ones. So, AI will providerelief from mundane tasks to help workers focus on tasks that requirecreativity, empathy, and critical thinking – qualities that are inherentlyhuman and irreplaceable.
The transition to an AI-driven economy highlightsthe need for continuous upskilling and reskilling. As traditional job rolesevolve and new ones emerge, individuals must equip themselves with skills tothrive in this dynamic tech-driven world.
And upskilling is a great means of taking yourprofessional career to another level. It is like giving yourself superpowers!It lets you stay relevant, unlock new opportunities, boost confidence andempowers personal growth.
Are you inspired to start your own upskilling journey?Well, we most certainly know the answer!
That’s why we bring to you WiZR! WiZR is India’s UltimateSkilling Marketplace; offering skilling and upskilling courses tailored todiverse learning preferences developed by top institutes across India. Whetheryou’re pursuing specialized training or obtaining advanced degrees, theaccessible programs with flexible EMI options like zero cost and No-cost EMI caterto all career builders.
Let’s look at some of thepopular ways to upskill in AI-
As AI is a rapidly evolving domain, it'sessential to stay curious, keep learning, and experiment with new techniquesand algorithms to stay ahead of the curve.
As we look at the future, the role of AI willonly continue to evolve. From advanced machine learning algorithms to augmentedreality experiences, we know the possibilities are truly endless. And in India,where creativity knows no bounds, the future of AI looks brighter than ever.
And that's all for today's episode of WiZRVoices. Thank you for tuning in! To stay on top of more insightful discussionslike these, remember to follow us on Spotify and YouTube!
This podcast is a production of WiZR. I’m your host,Malavika Issar. Shanika Jhunjhunwala is the executive producer. The content hasbeen researched and written by Maurvee Sharma and edited by Anuradha Kota. Theaudio has been managed by Manjula Gupta.
For more information on how to grow your career withWiZR, visit wizr.in. Here, you can discover your ideal career or skillexpertise level, compare and enrol in over 5000 skilling courses, get certifiedacross 192 in-demand skills and avail no-cost EMI financing on course fee.
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