Industry reports revealed that Artificial Intelligence (AI) is expected to contribute to about $967 billion to the Indian economy by 2035, with around $450-500 billion to the national GDP by 2025. Contributing to the country’s GDP target of $5 trillion, AI will account for ten per cent of its significant share.
$136 billion was the estimated global market size of AI in 2022, which is expected to rise at a CAGR of 37% in the seven-year period from 2023 to 2030 respectively.
In India, the AI-generated revenue was recorded at $12.3 billion in 2022, as per the reports, adding that the AI software segment is perceived to expand at a CAGR of 18 per cent by the end of 2025. In terms of investments, global investments in AI surged to a new high at $77.5 billion in 2021, rising from the 2020 figure of $36 billion. Reports pointed at India’s share in global AI investment in was recorded at 1.5% in 2022.
Looking at the demand and solutions offered by AI in various industries, the reports stated that AI is expected to pour $967 billion in the Indian economy by 2035. AI is considered to contribute $15.7 trillion to the global economy in 2030.
The report findings indicated that India has approximately 45,000 job openings in AI, in February 2023. Machine Learning (ML) engineers and Data scientists are among the sought-after careers in the Indian AI segment. Fresher salaries in several AI roles range in between ₹10 lakhs to ₹14 lakhs per annum. Freshers in data engineer profiles have annual salary ranging from ₹3 lakhs to ₹14 lakhs. ML engineers have the salary range from ₹2.5 lakhs to 10 lakhs annually, while those in the data scientist roles are getting salaries in between ₹3.5 lakhs to ₹10 lakhs annually.