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Although early GenAI technologies date back to 2017, incredible progress has been made in the last 12 months, marked by the flourishing array of Indian startups. Since then, multiple tech giants see India as a key player in shaping the future of technology.
The transformative potential of AI is monumental, with projections suggesting a boost to India’s GDP by an astonishing 7.2%, equivalent to a USD 438 billion surge, by 2030. Recognising this potential, a myriad of sectors, including pharmaceuticals, banking, financial services, insurance (BFSI), retail and manufacturing are rapidly assimilating GenAI solutions into their operational frameworks.
That said, AI cannot be shoehorned into every aspect of all businesses. However, when applied the right way, businesses stand to benefit a great deal. Here’s how:
What’s trending across sectors
To give a glimpse of the vast applications of AI, let’s take a look at sectors such as retail, BFSI and healthcare and how they are leveraging the technology to scale up the potential of their services and solutions.
Retail
Retailers are utilising GenAI to handle inventory, customise shopping experiences, and elevate supply chain transactions. In fact, 71% of Indian retailers felt the need to adopt generative AI as their online business expanded. Hence, it comes as no surprise that the market for retail AI solutions, which was valued at USD 6 billion in 2022, is expected to grow by more than 30% per year by 2032.
BFSI
In the banking and finance industry, GenAI is used to detect fraudulent activities and manage investments. It analyses huge amounts of data to find malpractices indicating fraud, helping with smarter investment decisions. By the end of 2024, AI-driven improvements could save banks up to USD 487 billion.
Healthcare
In the healthcare sector, particularly biotech, GenAI is used to analyse vast datasets, provide end-to-end server security, and monitor and analyse critical incidents. By the end of 2026, AI in the biotech industry is expected to generate around USD 19.3 billion in revenues globally.
Collaborating with AI
The synergy between AI and human innovation is fostering a new era of collaboration across industries. By utilising GenAI, startups and small businesses are elevating their products and solutions to new heights.
Given its capabilities, there is a growing discourse that AI could negatively impact the job market. However, a recent work trends report highlights that AI is not replacing human jobs but transforming them. It serves as a valuable aid to human innovation and creativity by freeing humans from the charge of repetitive tasks, helping them take on value-added roles.
The ethical deployment of GenAI is not merely propelling economic growth but igniting a crucible of innovation, positioning India as a contender on the global tech stage.
(The author is the Senior Director of Technology Solutions at Visionet)
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