Nasscom recently published a study on the generative AI landscape in India. The Generative AI landscape in India as of May 2023 includes 60+ companies committed to providing solutions and services to consumers across multiple verticals.
Over $590 million has already been invested in this sector, with 2022 set to be the year of the biggest inflows. This report, Generative AI Startup Outlook in India – Outlook for 2023, reflects his Nasscom perspective on this fast-growing sector. The research analyzes the market structure, financial conditions, technology landscape, value creation across all use cases, revenue trends, and expectations by Gen AI companies in India. It also mentions Nasscom’s advice to various ecosystem players on what they can do to unlock the massive potential of generative AI and create an environment that fosters market growth.
This report describes:
- Generative AI is a gradual transition from narrow-scope artificial intelligence to general artificial intelligence.
- By 2022, generative AI companies will attract more than $2.5 billion in private investment worldwide, accounting for nearly 3% of total private investment in AI.
- To date, Indian generative AI companies have raised over US$590 million in private funding, accounting for around 70% of the funding by 2022.
- Lack of high-quality training data, patient capital, and computing power proved to be major market barriers for entrepreneurs.
click on the following link to read more on the Nasscom page: https://nasscom.in/knowledge-center/publications/generative-ai-startup-landscape-india-2023-perspective