A strong technology start-up landscape has grown to become the 4th largest in the world according to NASSCOM, a trade association of Indian Information Technology and Business Process Outsourcing industry. India is becoming a hub for startups and presents an enoromous opportunity for growth. The level of transformation becomes faster based on how the company decides to go ahead by dealing with several challenges. The year 2018 saw about 1200 startups come up in India. Several such developments are anticipated to add to the growth of the IT sector in India.
The race for going behind big data has started and the technology has yet not been created to that level that would be able to handle and store such data. Growing need for digitization has encouraged Artificial Intelligence (AI) which can handle several unstructured data to be adopted in a big way and for that to happen, the infrastructure necessary to deal with such big data is required. Some of the start-ups have started building new AI technology. The investors have started showing interest among several B2B companies.
With India seeing several startups emerging from across various sectors such as healthcare and banking, the funding for these sectors is expected to increase in the next few years. The industries have started adapting to the various changes taking place, on account of technology helping provide comfort to the consumers. The shared services model that will benefit consumers are planned to be adopted by businesses. Artificial Intelligence (AI) is being used increasingly by businesses to improve their efficiency. Companies are planning to integrate several verticals in order to help them co-exist together. Several areas such as data entry, payment processing are seeing a future in AI that is planned to be adopted.
Many programmes are being undertaken by India to promote skills for its potential workforce. Many jobs may be created in the long run that require technical skills, owing to AI and machine learning technology anticipated to be adopted across various sectors. With a young workforce, the young population in India can be trained sufficiently to acquire skills to work on Artificial Intelligence. There is a necessity to fill the huge demand for such technically skilled individuals for jobs in AI. The more the number of experts in AI and machine learning technologies could help the faster growth of the industry. Many educational institutions are collaborating with the industry to help individuals acquire the necessary skills for meeting the demands of the industry. Government is also participating by tieing up with institutions in helping individuals acquire technical skills that can meet the various requirements of the industries. The Digital India initiative had been launched by the Government of India to make services available electronically through increased internet connectivity to its citizens. The government has been planning to make India a digital hub by encouraging more individuals with specific skills and talents to promote the digital growth in India with the help of their skills.
Facial recognition technology is being used by various businesses and is an important application that is being used by AI. Several jobs have been created in the past few years, with investments seeing nearly a 100 percent increase in the last year in startups that are dealing with data analytics and IoT.