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Sector Overview

The technology industry in India is in a truly exciting phase right now, unlike any other country at any other point in time. For more than two decades, India’s technology services industry was at the forefront of driving the technology-enabled transformation of businesses across the world. But now with great initiatives like Digital India combined with Emerging Technologies, India is not only transforming digitally but leading the global digital space as well. According to the market research report, India digital transformation market is expected to reach $710.0 billion by 2024, registering a CAGR of 74.7%, during the forecast period. The growth in the market can be attributed to increasing adoption of emerging technologies and surging on Industry 4.0 in the country.

Indian businesses as well as the government has been witnessing multiple use cases of AI in recent years, with digital assistants, cab aggregators, targeted advertisements, biometric recognition and online recommendation engines being the most common applications. Organizations have started realizing the efficiencies and growth opportunities of digital transformation solutions. Similarly, government bodies are increasingly employing AI-powered applications such as image and speech recognition, and robotics to bolster defines equipment and techniques. Hence, with increasing use of AI by government bodies, the market for AI is expected to be fastest growing solution type in the forecast period.

FICCI's Engagement

Understanding the importance of Emerging Technologies in next phase of Digital Transformation of the country, FICCI has taken a new initiative and formed a new committee as “Artificial Intelligence and Digital Transformation”. The committee have top leaders as members and the group will primarily focus on strategizing the Digital Emerging Technologies Adoption, for Digital India 2.0 keeping the crucial factors in mind like: Implementation Challenges, Risk Assessment & Way Forward, Skilling Gap, Awareness Shortfall, Bridging Collaboration, and Policy framework. The committee engages its members and all stakeholder for the overall growth of ICT Adoption across sectors, and the major role played by Artificial Intelligence and Machine Learning.