A report published on Monday claimed that AI could potentially contribute $967 billion to the Indian economy by 2035 and make up for 10% of India’s goal of achieving a $5 trillion GDP by 2025, amounting to a stunning $450-500 billion.
The ‘iCET- Forces Shaping Future of Technology’ report by TeamLease Digital has estimated that Artificial Intelligence (AI) will add a colossal $15.7 trillion to the global economy by 2030. This is an unprecedented figure that speaks to the potential impacts AI is forecasted to have worldwide.
According to a report, a CAGR (Compound Annual Growth Rate) of 37 percent from 2023 to 2030 is forecasted for the AI (Artificial Intelligence) market size of $136 billion in 2022. It is expected that this market will significantly grow in the coming years.
The report revealed that AI-generated revenue in India was estimated to be $12.3 billion by 2022 and is projected to have a CAGR of 18% by 2025, translating into the AI software segment being at the forefront of this growth.
In 2021, global investments in artificial intelligence (AI) reached an unprecedented level of $77.5 billion, surpassing 2020 at $36 billion. According to TeamLease, India’s share in AI investments coated 1.5 percent of the world’s total this year.
According to a report, India can expect an addition of approximately $967 billion to its economy by 2035 and approximately $450-500 billion to its GDP by 2025 as AI is likely to contribute 10 percent towards the nation’s goal of a $5 trillion GDP.
The World Economic Forum reported that AI is projected to drive global economic growth, contributing an estimated $15.7 trillion by 2030. This would make it one of the biggest contributors to the world economy and signify a major shift in how we interact with technology.
February 2023 data suggests that India faces a shortage of around 45,000 AI-related jobs, especially requiring Data Scientists and Machine Learning Engineers.
According to TeamLease Digital’s research, a fresher with experience in Artificial Intelligence roles can expect to earn a salary ranging from Rs 10 lakh per annum to Rs 14 lakh per annum.
Freshers’ salaries for data engineers range from Rs 3 lpa to Rs 14 lpa, ML engineers from Rs 2.5 lpa to Rs 10 lpa, data scientists from Rs 3.5 lpa to Rs 10 LPA, and DevOps engineers from 3 LPA to 12 LPA.
Database Administrators are offered an entry-level salary range of Rs 3 lpa to Rs 12 LPA. At the same time, Data Architects and Business Intelligence professionals have higher salaries ranging from Rs 3 lpa to Rs 14 LPA.
The report further observed that people with eight years of experience in this field could procure Rs 25 to 45 LPA salaries. Additionally, candidates with comparable backgrounds earn variable remunerations; highly qualified candidates will likely gain greater packages pegged at Rs 20 LPA or above.
The AI talent base of the world includes around 400k individuals from India, making it the third largest contributor to that pool. Sixteen percent of the global AI talent comes from the country–a figure reported by TeamLease.
Bengaluru has been ranked fifth globally in terms of its top emerging cities with an AI talent pool. A study based on the talent pool, diversity of talent, investment, and India’s evolution of digital foundations placed New Delhi at 18th, Hyderabad at 19th, and Mumbai at 27th in their rankings.
Four major cities are renowned for AI talent pools: San Francisco, Boston, New York, and Seattle. These urban areas have been identified as the top choices for companies recruiting the best AI professionals.
The potential economic benefits of AI are enormous, and its impact on the US economy could be profound. As we continue to explore the possibilities of this technology, it’s important to remain mindful of its potential risks and work to ensure that everyone shares its benefits. With the right approach, we can create a future where AI is a force for good and helps to drive sustainable economic growth for years to come.
Source: The Indian Express
