AI a catalyst for data-driven the new oil;
Sachin Dev Duggal taps Rs 60,000 crore
market in India
Artificial intelligence (AI) has ingrained itself into every aspect of our lives. Its
potential for transformation spans various sectors, including manufacturing,
services, agriculture, healthcare, education, and finance. Its applications
transform quality control, production lines, and supply chain management,
while also addressing developmental challenges like healthcare, education, and
financial access. Winds of change have started to blow not just in the
international environment but also in India.
This has been validated by the most recent report from International Data
Corporation (IDC), India Artificial Intelligence Market, 2021, which projects
that the country's AI market would increase from a market value of USD 3.1
billion in 2020 to USD 7.8 billion by 2025 which is approx. INR 60,000 crore,
at a compound annual growth rate (CAGR) of 20.2%. Additionally, by 2025, the
AI services market in India is anticipated to develop at a CAGR of 35.8%,
leading the worldwide AI market.
This has in a way attracted the interest of Sachin Dev Duggal, founder and CEO
of Builder.ai, having its office in Gurgaon, is an AI-powered customized app
development platform. Looking at the growing popularity of AI in the Indian
market Sachin Dev Duggal is thinking of expanding Builder.ai’s services in
India.
In the new world, data is the new oil, and it is the new wealth. There are many
AI companies in India offering app development services that are AI-powered
and don’t require coding expertise, such as Technoduce (Coimbatore),
Technostacks (Ahmedabad), Appy Pie (Noida), Zoho Creator (Chennai, Andhra
Pradesh), Appian (Chennai) and others. This shows the tremendous
possibilities of the growth of companies that operate on low code 0r AIpowered customized app development.
Microsoft has recently invested in Builder.ai, integrating its own AI Assistant
Natasha into its Teams. Natasha will help to upgrade and enhance the Teams
video and chat software. She will analyze all the conversations within the
Teams, track down the issues/problems, and come up with a few suggestions
related to resolving the issue.
AI's main sterilization in India is driven by increased technology investment,
internet penetration, and improved digital infrastructure. Businesses are
adopting AI, ML, cloud, and analytics, while national and state governments are
increasing AI technology spending for various use cases.
Since the AI market in India is expanding at a rapid rate and the technological
advancement of AI is gaining significant popularity among the youth, looking at
this trend Sachin Duggal thinks that AI has a promising future in India, in
which Builder.ai can make a notable difference.
“Builder.ai offers ready-to-use AI-powered customized app development
solutions and its technology is that simple anyone can use it, and it can light up
the innovative minds of India assisting them in their business journey whether
it is a startup, SMEs, or MSMEs, Builder.ai helps their businesses or ideas grow
by assisting them in their business journey”, believes Sachin Duggal.
The pandemic has accelerated digitalization in India, with 80% of
organizations investing in AI to address business scenarios across customer
service, HR, IT automation, security, and recommendations. This
transformation of business processes is driven by AI and ML, with increased
investments introducing new, cost-effective solutions.
AI is being used across various industries, including banking, financial services,
and insurance, for operational efficiency, innovation, and customer
satisfaction. Manufacturing organizations also use AI for predictive
maintenance, risk reduction, revenue growth, and resilience. By 2023, 35% of
1000 companies plan to use AI tools in areas like CX, security, facilities, and
procurement.
The AI industry is predicted to see significant growth, with over 40% of
consumer-focused AI decision-making systems in finance, healthcare, and
government sectors by 2023 and 40% of knowledge workers using AI-enhanced
robot assistants by 2024. This shows the enormous capability of AI in the
Indian market. The ongoing trend and adaptability of AI in India signifies its
promising future, and it has also interest Builder.ai's Chief Wizard Sachin Dev
Duggal to expand Builder.ai's AI-powered customized app development
technology in India.