New Delhi, June 24: The spending on Artificial Intelligence (AI) and Generative AI (GenAI) in India is projected to reach $6 billion by 2027, at a compound annual growth rate (CAGR) of 33.7 per cent, a report showed on Monday. AI and GenAI adoption in the country has significantly increased, including software, services, and hardware for AI-centric systems, according to the International Data Corporation (IDC).

“India is the sleeping giant in Generative AI. Its scale, skills, and startups are set to transform not just AI in India but also in the world,” said Dr Christopher Marshall, VP of data, analytics, AI, sustainability and industry research, IDC Asia/Pacific. According to Linus Lai, VP, Digital Business, IDC Asia/Pacific, 76 per cent of Indian enterprises are already focused on GenAI proof of concepts (POCs) or already have an investment plan in place. India To Soon Become Global Electronics Manufacturing Hub As It Doubles Down Local Production Riding on PLI Scheme, Say Industry Experts.

“This AI Moment is not a one-hit-wonder. Its implications for India are widespread and strike at the heart of culture and business model transformation with data as its most valuable asset,” Lai noted. Globally, the AI spending will exceed $512 billion by 2027, more than double its 2024 market size. China's AI-Powered Sex Dolls to Fuel XXX Fantasies With Focus on 'Emotional Connection'! Know About ChatGPT-Like Sex Robots Made To Give You More Lifelike Companionship.

By 2025, 40 per cent of service engagements will include GenAI-enabled delivery, triggering a shift in human-delivered services for strategy, change, and training to prepare organisations for AI everywhere, said the report. --IANS na/dan

(The above story first appeared on LatestLY on Jun 24, 2024 03:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).