AI spending in India set to reach $9.2 billion by 2028: Report

India’s investment in artificial intelligence (AI) is set to grow significantly, with spending expected to reach $9.2 billion by 2028, according to a new report. This rapid increase in AI spending reflects India’s growing interest in adopting AI technology across various industries, from healthcare to finance and manufacturing.

The report highlights that AI is becoming a key driver of economic growth in India. Many businesses are investing in AI to improve their operations, increase efficiency, and offer new services. AI technologies, such as machine learning, data analytics, and automation, are helping companies to make smarter decisions, reduce costs, and enhance customer experiences.

Several factors are contributing to the rise in AI spending in India. The country’s fast-growing digital economy, large tech talent pool, and increasing adoption of AI by businesses are all playing a role. The Indian government is also encouraging the use of AI through initiatives like the National Strategy for Artificial Intelligence, which aims to boost AI development and make India a global leader in AI innovation.

India’s growing AI market is expected to benefit various sectors. In healthcare, AI is being used to improve patient care, assist in diagnosis, and optimize hospital operations. In agriculture, AI is helping farmers increase crop yields and monitor weather patterns. In finance, AI is enabling banks and financial institutions to detect fraud, assess credit risk, and offer personalized services to customers.

With more businesses embracing AI, India’s AI spending is set to rise rapidly in the coming years. By 2028, AI is expected to be an integral part of many industries, transforming the way they operate and compete in the global market. Companies in India are also likely to increase their investments in AI research and development to stay ahead of the curve.

However, experts warn that there are challenges to overcome, such as the need for skilled professionals and the ethical implications of AI. As AI continues to grow in India, it will be important for the country to ensure that the technology is used responsibly and for the benefit of all its citizens.

Overall, AI is poised to play a major role in India’s future, driving innovation and economic growth while also improving everyday life for its people.