Breaking Boundaries: Indias AI Innovators Leading the Charge
Published on : Wednesday 06-03-2024
As the Artificial Intelligence Market is going crazy across the world, could leading AI players in India make the most out of it?
The beginning of the year 2024 has brought a lot of promises in the advancement and growth of AI. This fact is supported by the leading chip maker, Nvidia, which broke the record for the biggest-ever single-day jump in a company’s stock market value, adding US$277 billion. This tremendous increase fueled Japan’s main stock index, European shares and Wall Street’s blue-chip listings, hitting all-time highs.
Nvidia witnessed a 16.4% increase in its shares as trading started a day after the company reported bullish results. The company’s bumper earnings drove a tremendous stock market rally in the West. From the US to Europe and Japan, equities hit all-time highs. “The AI market had hit ‘the tipping point’. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, CEO, Nvidia.
With rising investor interest in artificial intelligence, companies worldwide now tout AI product roadmaps. “This was a ‘game-changing moment’ for the tech bulls and puts jet fuel in the tech bull market thesis,” said Dan Ives, the MD, Equity Research at Wedbush Securities.
Artificial Intelligence in India
Artificial Intelligence (AI) is one of the most cutting-edge and advanced technologies of modern days. It encompasses various techniques and approaches and enables machines to assess data, recognise patterns, and make data-driven decisions.
According to Statista, the AI market in India is estimated to reach US$14.72 billion by 2030 from US$ 5.47 billion in 2024. The market is growing at a CAGR of 17.94% during the projected time frame.
AI in India is the key to driving economic growth. It is paving the way for new opportunities for AI companies in India while creating room for a new generation of talent pool. Indian firms are harnessing AI to expedite customer experience, driving innovation for new products and services and transforming businesses. Top industries utilising AI in India include: manufacturing information technology; agriculture; defence; automotive; e-commerce & retail; healthcare; education; and government agencies, among others.
In recent years, AI innovation has sparked tremendously to become the buzzword in the agendas of every technology firm worldwide. Not only in big companies, AI has also proven to be incredibly beneficial for startups in India. It gives young businesses the ability to take their operations to the next level.
Top 10 AI companies in India
As the AI ecosystem in India is thriving, several top Indian companies and startups have made their way into the industry transforming businesses. These AI startup companies leverage AI tools and methodologies to help their clients drive innovation. Here is the list of top 10 Artificial Intelligence companies in India to know in 2024:
Arya.ai
Founded in 2013, Arya.ai is a Mumbai-based company that offers ‘Autonomous AI’ product stack for financial institutions. The company builds a comprehensive AI platform to empower other AI companies and developers, streamlining rapid development, training, and deployment of AI-ML models.
MachineHack
Established in 2018, MachineHack is a premier platform for Generative AI. The company encourages collaboration and knowledge sharing and is serving as a catalyst for the growth and advancement of Generative AI professionals in this ever-evolving field.
Rephrase.ai
A text-to-video generation platform, Rephrase.ai offers a video and animation creation solution that uses advanced AI technology. The company’s deep tech generative AI technology develops hyper-personalised professional-quality videos for businesses worldwide.
Scribble Data
Established in 2017, Scribble Data is a machine learning and generative AI company that offers AI-powered data products to help businesses streamline their workflows. The company’s Hasper GenAI Engine is a purpose-built platform that brings the power of Generative AI and ML technologies to enterprise workflows.
Beatoven.ai
Based in Bengaluru, Beatoven.ai is an AI-powered music creation platform for video and podcast content creators. The company uses advanced AI music generation techniques to create unique mood-based music. Beatoven.ai has been picked up by Google for its India Accelerator Programme.
Karya
Another one of the top Artificial Intelligence companies in India is Karya. Founded in 2021, this Bengaluru-based startup focuses on creating employment opportunities for rural Indians by using AI. Karya is used by Microsoft for sourcing local speech data for AI products.
Endimension
Incubated at IIT Bombay, Endimension Technology is a healthcare artificial intelligence startup for medical image analysis. The startup builds AI algorithms to automatically spot abnormalities and diseases from medical scans. This is another AI startup in India which has been picked up by Google for its India Accelerator Programme.
CoRover
Headquarters in Bengaluru, CoRover is a Conversational and Generating AI platform. The company specialises in AI chatbots to improve operational efficiency and customer experience. Its BharatGPT is a revolutionary innovation which integrates voice modality in more than 14 Indian languages and 22 languages for text modality. This platform is built in collaboration with BHASHNI, a National Language Translation Mission (NLTM) under MeitY.
Ripplr
Founded in 2019, Ripplr is a Bengaluru-based AI-powered full-stack distribution and logistics services provider. The company’s distribution services include Brand Onboarding, Supplier Onboarding, Warehouse Onboarding, and Store Onboarding (Web, Excel Upload, and Salesman App). Its logistics services include Surface Transport, Warehouse Management, Air Freight, Live Tracking, and End-to-End Fleet Management.
Krutrim AI
A part of the Ola Group, Krutrim AI is a full-stack AI solution provider. This one of the AI startups in India endeavors to deliver a state-of-the-art AI computing stack that involves the AI computing infrastructure, foundational models, AI Cloud, and AI-driven end applications for the Indian market.
Conclusion
Artificial intelligence has a pivotal role in driving significant value across industries. As more and more businesses continue to invest in AI research and development, we at Industrial Automation believe that the importance of this cutting-edge technology in shaping the future of the industry will only continue to grow.
Frequently asked questions about AI in India
Is Artificial Intelligence in demand in India?
As India is witnessing rapid technological advancements, AI is at the forefront of this transformation. Companies across industries are increasingly harnessing the potential of AI to improve efficiency, drive innovation, and gain a competitive edge.
What are some key government initiatives promoting AI in India?
As India is now prepping for cutting-edge technologies, several initiatives have been undertaken by the government. Some of the Initiatives by MeitY in AI include Centre of Excellence on Gaming, VFX, Computer Vision & AI at Hyderabad; INDIAai; Project AIRAWAT, and the National Program on Artificial Intelligence.
What are the key challenges of AI adoption in India?
It is no wonder AI has the potential for economic growth. However, there are some challenges in its adoption including data security and privacy, lack of AI expertise and investment, dearth of AI infrastructure, and lack of integrity and ethics with AI and ML solutions, among others.
What industries do the top AI companies in India specialise in?
The top AI companies in India specialise in a wide range of industries, including healthcare, finance, banking, e-commerce, agriculture, and manufacturing.
How is AI contributing to economic growth in India?
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