India is emerging as the top outsourcing destination for Artificial Intelligence application Development Company, Machine Learning application development, and IoT application Development Company. Let’s learn more about it.
India has been enjoying the prime position of being the global IT outsourcing destination for nearly 2 decades. IT-BPM sector in India accounted for 56% of the world market in 2016. According to the A.T. Kearney’s 2017 Global Service Location Index released in September 2017, India is the top outsourcing destination for global businesses. But now, the country has new feathers of IT skills to add to its leadership-crown in the IT outsourcing industry. They are namely Artificial Intelligence and Internet of Things.
Yes, India is now evolving as the hub for the IOT Development Company of artificial intelligence and internet of things technologies. So the country is no more merely be dubbed as World’s back-office for IT services.
Government’s initiatives like Digital India and Make in India are also attracting more and more organizations and start-ups to make investments in these new-gen technologies. Referring an Accenture’s latest research, AI could add $957 billion to Indian Economy in coming years. It’s been analyzed that AI, ML and IoT technologies can produce better outcomes for both businesses and society in the country. Same Accenture’s research also suggests that AI has potential to lift the total income of the country by 15 percent in 2035.
So, what is Making India as a Preferred AI, ML, and IoT Development Company Outsourcing Destination?
There are certain advantages India has been carrying for so long to emerge as synonymous to AI and IoT. Apart from policies brought by NITI Aayog or the increasing number of software engineering graduating from the country every year, following are the key reasons proposing that India would soon turn into new sort of IT outsourcing Destination.
Growing Number of Startups and Investments
The increasing investments and profit margins suggest that there is a bright future of AI in India. More and more startups are entering the market and, they are also succeeding in drawing big funds. And the implementation of these technologies isn’t specific to IT establishments only. There are limitless applications where AI, ML., and IoT can be implemented to make processes and procedures automated, smart, and self-learning. Let me refer SigTuple to build a context. It’s now country’s highest funded Development healthcare AI startup with $5.8 million series A round. Flutura, which is serving in manufacturing, energy, and engineering industries, is another start-up to receive big funding, from the US and Singapore.
Adoption of New Policies
NITI (National Institution for Transforming India) Aayog has already planned the national policy on AI focusing on scopes of Artificial Intelligence research, adoption, and commercialization. The policy aims to sketch India’s short, media, and long-term goals in Artificial Intelligence in coming years. The focused areas include agriculture, health, and education.
Education and Institutes: Government’s announcement to open an AI research institute is another positive step to turn India into world’s most preferred AI, ML, and IoT related outsourcing destination in coming years. The announced institute would aim at tying together the power of artificial intelligence in solving Indian industries’ deeply rooted problems. IIT Madras and IIT Kharagpur are also bringing in their plans for the same.
The Interest of Global Companies and Brands
Global companies and brands like Samsung, Nokia, PayPal, and Robert Bosch are already in the process of setting up their AI research centers in India. These companies can easily obtain hardware and simpler software solution from India. There is no short of the talent in the country. India already possesses the infrastructure, skill, and capability to support and develop solutions for emerging technologies.
As of now, India already ranks at the third position in terms of AI implementation, after the USA and China, according to the BCG study- “The Ghost in the Machine: Artificial Intelligence in the Factory of the Future.
The study conducted over the manufacturing and technology mergers from about 1100 industrial companies over the world showed that the proportion of AI pioneers is highest in the USA (25%), China (23%) and India (19%). One out of every four companies in India and China has started to integrate AI while German executives are still struggling with the basic questions whether and how to apply AI to their business operations.
The current state shows that India will soon move up the position in terms of implementation, but in terms of being an outsourcing hub for AI, ML, and IoT software Development Company, India already has all infrastructural capabilities and skills to emerge as a leader.