India’s Artificial Intelligence (AI) market, valued at $3 billion in 2020, only accounted for approximately 1% of the global pie, according to the International Data Corporation (IDC). But over the next five years, the market is expected to grow by 20%, the second-fastest rate among major economies after China.

A new report from Bain & Company claims that India, which produces 16% of the world’s AI talent pool, is not a market where AI is a fringe technology. Titled “From Buzz to Reality: The Accelerating Pace of AI in India”, the report looks at India’s AI landscape from the perspective of companies and vendors.

The report’s conclusions are based on the results of a survey conducted by 148 providers and 343 companies and was done in collaboration with Microsoft and the Internet And Mobile Association of India (IAMAI).

Main conclusions

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The report states that 80% of companies surveyed had at least one AI model in production and that technology solution providers are the drivers of AI adoption in India, with 64% having AI/ML as a core element for many of their companies. products, as against 56% of their global counterparts.