The Hindu Business Line

As tech adoption surges, AI start-ups rise... and keep ris­ing

- DHYANESH VAISH­NAV Business · Tech Trends · Artificial Intelligence · Tech · Singularitarianism · Startups · Business Trends · Machine Learning · Small Business · Computer Science · India · Iceland · Colombia · Belgium · United States of America · Austria · Mumbai · Big Data · International Data Corporation · Intelligent Automation

With Ar­ti­fi­cial In­tel­li­gence (AI) and Ma­chine Learn­ing (ML) emerg­ing the next big things in the tech­nol­ogy land­scape, In­dia is see­ing a huge spurt in the num­ber of start-ups com­ing up with in­no­va­tive soft­ware solutions in this area.

While Nass­com said the AI start-up ecosys­tem has been grow­ing at 50 per cent CAGR be­tween 2013 and 2018, a re­cent report by In­ter­na­tional Data Cor­po­ra­tion es­ti­mated a po­ten­tial growth of 17 per cent in the an­a­lyt­ics and AI in­dus­try by the end of 2019 in In­dia.

“The rea­sons behind the growth are in­creas­ing vol­umes of data gen­er­a­tion at the en­ter­prise level, dig­i­tal trans­for­ma­tion ini­tia­tives from top ex­ec­u­tives and or­gan­i­sa­tional in­vest­ments in an­a­lyt­i­cal tools pow­ered by Ar­ti­fi­cial In­tel­li­gence and Ma­chine Learn­ing,” said Mohsin Baig, Mar­ket An­a­lyst, En­ter­prise Soft­ware, IDC In­dia.

Rapid growth

Mo­hankr­ish­nan P, Head of Cen­tre for Ex­cel­lence, Data Science and Ar­ti­fi­cial In­tel­li­gence, Nass­com, said the power of AI has been mag­ni­fied by other emerg­ing tech­nolo­gies such as IOT, cy­ber se­cu­rity and In­tel­li­gent Au­to­ma­tion.

“The data ex­plo­sion and the need for com­pa­nies to build a com­pet­i­tive edge by col­lect­ing and con­serv­ing data has con­trib­uted to the steady growth of AI. We have seen a con­stant growth of 50 per cent CAGR be­tween 2013-2018 in the Ar­ti­fi­cial In­tel­li­gence start-up ecosys­tem,” said Mo­hankr­ish­nan.

For ex­am­ple, Hap­tik wit­nessed a 1,000 per cent year-onyear busi­ness growth from 201718 to 2018-19. “The growth in de­mand has been huge and rapid. The mas­sive de­mand has driven a 14X in­crease in the num­ber of ac­tive AI start-ups since 2000, while in­vest­ment in AI start-ups by ven­ture cap­i­tal­ists has grown 6X dur­ing the same pe­riod,” said Aakrit Vaish, co-founder and CEO, Hap­tik.

“Con­ver­sa­tional AI solutions, for in­stance, of­fer cus­tomers 24x7 ac­ces­si­bil­ity to re­solve their queries any time, any­where, en­hanc­ing brand cred­i­bil­ity. AI solutions achieve the de­sired ob­jec­tives at a frac­tion of the cost that would be other­wise be spent in train­ing per­son­nel,” says Vaish.

Process-driven jobs

Ac­cord­ing to ex­perts, the ini­tial adoption of AI has been for process-driven jobs.

“There is a con­sid­er­able short­age of both re­sources and skills within the mar­ket and so in­di­vid­ual pro­cesses nat­u­rally need au­to­ma­tion. This also frees hu­man re­sources from repet­i­tive and fa­tigue-caus­ing work, which ham­pers their ef­fi­ciency and work out­put. More­over, au­tomat­ing such pro­cesses en­ables us to have the per­fect ap­proach for each and ev­ery cus­tomer, while main­tain­ing in­tense per­son­al­i­sa­tion,” said Kar­tik Walia, Head of Oper­a­tions (In­dia), at Am­plify.ai.

Voxta Com­mu­ni­ca­tions, which spe­cialises in voice­bot AI, sees high de­mand for spe­cific AI ser­vices, whereas the de­mand for generic AI re­mains low. “Generic AI ser­vices do not have as much de­mand in In­dia, but any tal­ent pool of AI ex­perts will find de­mand in the US, where the de­mand is suck­ing up AI ex­perts, lead­ing to a short­age,” said Sirish Reddi, co-founder at Voxta Com­mu­ni­ca­tions.

Oth­ers like Sethu­ra­man TA, Co-Founder, Jun­groo, an AIbased learn­ing plat­form, sees the re­sis­tance to let go off ex­ist­ing sys­tems, as a ma­jor chal­lenge in adapt­ing to AI.

Start-ups of­fer­ing AI solutions for travel and tourism, re­tail, ecom­merce, bank­ing and in­surance are par­tic­u­larly see­ing higher adoption of AI and Data An­a­lyt­ics.

The writer is an in­tern with Busi­nessLine, Mum­bai

 ??  ?? An IDC report sees a po­ten­tial growth of 17 per cent in the an­a­lyt­ics and AI in­dus­try by the end of 2019 in In­dia
An IDC report sees a po­ten­tial growth of 17 per cent in the an­a­lyt­ics and AI in­dus­try by the end of 2019 in In­dia

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