Technology has been transforming the way we do business. Today, Data Science and AI being the most disruptive technologies, are rapidly changing not only the business landscape but also our everyday lives.
India has established itself as a global IT hub in the past two decades and now, on its way in becoming the hub for Data Science and AI as well.
Do You Know?
- According to statistics, the year 2020 had over 90,000 vacant employment opportunities in India, with over half of them being for beginners!
- According to the Centre for Monitoring Indian Economy, the Covid-19 pandemic cost more than 22.7 million jobs in April and May 2021. (CMIE).
- According to the Future of Jobs research, commissioned jointly by Ficci-Nasscom and EY, by 2022, 37 percent of the Indian workforce will be employed in new job roles.
NASSCOM Report on AI and Data Science in INDIA
The National Organisation of Software and Service Companies (NASSCOM), a non-profit trade association and advocacy group in India focused on the country’s technology industry, released a report titled ‘75@75 – India’s AI Journey’ to commemorate India’s 75th Independence Day.
Here are some initiatives that are driven by AI in various sectors of the economy:
- Microsoft E-marketplace platform for Farmers – Initiated a platform for farmers around the country to conduct advanced trades, which attracted over 150,000 farmers in its first year. In five years, the medium-term goal is to onboard over five million farmers. The impact and benefit in terms of the gross merchandise value (of transactions) are estimated to be USD 250 million in the first year and USD 8.5 billion over five years if these goals are accomplished.
- Google and Central water Commission – Using artificial intelligence to anticipate floods and save lives – There are three levels of risk in the alerts: some flood risk, greater flood risk, and highest flood risk. They were able to quadruple the advance time of many of their messages because of a recent change to their forecasting system, providing governments more notice and tens of millions of individuals an extra day or two to prepare.
- Intel & Sankara Eye Foundation: Harnessing AI to Transform Diabetic Retinopathy Diagnosis & Treatment – Netra AI, a valuable tool for early detection of this degenerative disorder that leads to blindness, as well as early treatment and control, has a sensitivity and accuracy of 99.7% and 98.5 percent, respectively, when detecting any DR.
- IIT Hyderabad – Covid 19 Test Kit – the goal of producing the self-testing kit was to break the transmission chain by making testing more inexpensive. The kit has a 94.2 percent efficiency, a 91.3 percent sensitivity, and a 98.2 percent specificity.
- Customer Support Automation Platform Verloop.io for Nyka – Nykaa handled over 1.6 million unique discussions in the first 30 days of using Verloop.io. The Verloop.io bot was rated highly favourable or exceptional by almost 90% of the customers that took part in these talks.
Growth of Data Science and AI is predicted to be exponentially increasing for next decades
- The global machine learning market is expected to develop at a CAGR of 44.1 per cent between 2017 and 2022, rising from USD 1.41 billion to USD 8.81 billion!
- Artificial Intelligence is expected to provide 58 million employment by 2022, according to the World Economic Forum!
- According to the World Economic Forum, data scientists and analysts will be the most important rising profession in the world by 2022.
- The global machine learning market is expected to develop at a CAGR of 44.1 percent between 2017 and 2022, rising from USD 1.41 billion to USD 8.81 billion.
- The LinkedIn list of job opportunities shows that there are over 45,000 AI job openings.
The demand for Data Science and AI professionals is only going to increase in coming years and there is a huge scarcity of right talents in these fields.
India is well positioned to meet the global demand for Data Science and AI professionals, thereby providing millions of jobs in this segment in coming years.
If you are exploring to pursue a career in Data Science and AI, this is the time to get started.
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