The public and private sector in the country have become more aware of the potential of AI. And the Government has established several committees to study the implications of AI technologies in the country.
India has witnessed a significant increase in the number of job applicants for artificial-intelligence related job in the IT sector.
According to a report by a business analyst firm, by 2025, artificial intelligence and cognitive-computing are likely to generate savings of around US $150 billion for the healthcare sector.
Firms in India are adopting a technology-forward approach. According to data from th4e global job site Indeed, there has been a 179% increase in the number of searches for artificial intelligence-related jobs in India between June 2016 and June 2018. In India, AI-related professions are on the rise as companies are working to implement new and state-of-the-art technology into their management and operations. This has led to an increase in job opportunities for IT-skilled professionals.
It is critical to prepare India’s workforce by the reskilling and upskilling talent in the requisite capabilities in order to keep up with the increasing openings in firms across the country’s industries. Workers must be equipped with the required skills to work efficiently with AI technology.
Data scientist profiles were the most searched AI-related jobs in the past year, followed by software engineers and machine learning engineers.
According to the report, the employer-demand for AI skills outstrips the job seeker supply by 2.2 times, that indicates the need for skill development in the larger science, technology, engineering, and mathematics (STEM) sector and the technology sector in particular.
The AI healthcare market has grown substantially, with a CAGR (compound annual growth rate) of 40% through 2021. According to an analysis by Accenture, the top three applications that represent the greatest near-term value are robot-assisted surgery (US $40 billion), virtual nursing assistants (US $20 billion) and administrative workflow assistance (US $18 billion).
Additionally, other AI applications in healthcare include fraud detection, preliminary diagnosis, dosage error reduction, automated image diagnosis, and physician selection in clinical trials.
Apart from the wider technology industry and the healthcare sector, the automotive sector is another area for the application of AI in the country. Companies want to leverage AI for data management, analytics and programming.
As reported earlier, as the global automotive industry is expanding and developing and introducing new product technologies, there is a growing need to introduce more of these technologies in the Indian automotive industry. Switching over from conventional Internal Combustion (IC) engine-based vehicles to new technologies like electric, hybrid, fuel cells is essential. This change is expected to reduce high import costs of fuel, the country’s dependence on fossil fuel resources, environmental degradation and the effects of climate change.
AI also has the potential to add US $957 billion to the Indian economy by 2035. Investment in AI in the Indian healthcare industry is likely to grow. The focus of most AI-based healthcare initiatives in India has been to extend medical services to traditionally underserved sections of the society. The Policy Commission of India (the National Institution for Transforming India-NITI Aayog) is already working on several Proof-of-Concepts in healthcare using AI. Through AI, cancer-screening and diagnosis are expected to be more accessible and accurate.
Scientists from the National Brain Research Centre (NBRC), and Neuroimaging and Neurospectroscopy Laboratory (NINS) are using AI to develop a smart system to predict Alzheimer’s disease.