Artificial intelligence is a game changer for the 21st century. Artificial intelligence systems possess the capabilities to deal with huge databases, identify patterns, and generate insightful decisions. These qualities make them extremely beneficial to companies all around the globe.
In India, the impact of AI has been definite. In fact, according to reports, the Indian AI market is expected to reach $8 billion by 2025. This cornerstone technology is expected to revolutionise every industry in the country, boosting efficiency, reducing costs, and eliminating redundancies. This change is already palpable in the seven industries covered in this article.
Seven industries transformed by AI in India.
1. Healthcare
The worldwide healthcare AI market is expected to grow to $200 billion by 2030, and India is likely to be a significant contributor to this growth with its talented professionals, robust IT, and emerging start-up ecosystem. In Indian healthcare, AI is speeding up diagnosis at a frenetic pace, removing the scope for human error, and streamlining administrative work. Here’s how AI is transforming healthcare systems:
- Artificial intelligence-based imaging technologies, including those used by Apollo Hospitals, help in identifying diseases like cancer in their initial stages.
- Such chatbots as Practo and mfine attend to patients by providing answers and setting appointments.
- Predictive analytics applied by companies such as Qure.ai enable physicians to anticipate health threats and prescribe preventive measures.
- AI is helping streamline paperwork and boost efficiency at hospitals around India.
2. Manufacturing
The manufacturing sector has undergone significant changes in recent times. The pace of these changes has increased, particularly with the advent of AI. More than 54% of the industry firms already use AI to automate, boost productivity, and minimise operational costs. A few instances are listed below for how AI is changing the face of Indian manufacturing:
- Industry giants such as Tata Motors and Mahindra & Mahindra are employing AI-based robots to put products together accurately and minimise human mistakes.
- Bosch’s predictive maintenance detects equipment issues before they lead to any breakdowns.
- Factory floors are using AI to improve the management of their supply chains and streamline inventory and logistics.
- Companies like TVS Motors use computer vision technology to identify potential defects in their components when they are in the production phase.
3. Retail
The global retail AI market is growing fast, projected to cross the $100 billion mark by 2030. India’s AI-powered retail market is also growing steadily as more and more retailers add AI to their operations. As such, artificial intelligence tools have already been adopted in retail to change how consumers shop, primarily personalising and streamlining experiences for every customer. Here’s how AI is transforming the retail sector:
- AI-driven recommendation systems employed by Flipkart and Amazon India make product recommendations to customers based on their interests.
- Customer service requests are managed by chatbots from JioMart and BigBasket, enhancing response rates.
- AI assists retailers like Tata Cliq in demand forecasting, minimising stock deficits.
- Computerised checkout counters operated by Reliance Smart accelerate the billing process and improve customer experience.
4. Agriculture
Agriculture and allied industries contributed around 16% of the Indian GDP for FY2024. India’s agricultural sector is also in the midst of a huge revolution with AI solutions. With a predicted growth rate of 23.1% CAGR, AI is helping farmers overcome the problems of unpredictable weather and labour shortages. AI-powered solutions provide real-time inputs for maximum crop management, precision agriculture, and intelligent irrigation. Such technologies are enhancing productivity, saving resources, and facilitating sustainable farming. Here’s how AI has revolutionised agriculture:
- AI-powered drones used by CropIn monitor crop health and detect pest infestations.
- Smart irrigation systems by Gramophone use AI to optimise water usage.
- Skymet’s AI-driven weather forecasts assist farmers in better planning harvests.
- DeHaat’s AI-powered chatbots deliver real-time agricultural guidance to farmers.
5. Logistics
India’s logistics industry is quickly embracing AI to streamline supply chains, reduce costs, and speed deliveries. The increased adoption of AI-based logistics solutions is likely to boost operational efficiency in key supply chains. The Indian logistics industry is changing with AI inclusions in the following ways:
- Delhivery and Blue Dart are using AI-driven route optimisation to ensure timely and economical deliveries.
- Computerised warehouses at Flipkart and Amazon India are employing AI-powered robotics for sorting and inventory management.
- AI-powered predictive analytics is being used for demand forecasting and inventory management.
- AI-based fleet management systems are being used to track the condition of the vehicle and optimise fuel consumption, reducing operation costs.
6. Information Technology (IT)
Artificial intelligence is revolutionising the IT industry, boosting software development and cybersecurity. Generative AI has the potential to boost productivity in India’s IT industry by 45% in the next five years, according to research. Here’s how artificial intelligence is already revolutionising this industry:
- Infosys and TCS employ AI-enabled coding tools, which assist programmers by debugging and testing automatically.
- AI enhances cybersecurity at Wipro by detecting threats in real time.
- AI chatbots enhance IT support at HCL Technologies by solving frequent technical problems.
- Cloud-based services at Tech Mahindra utilise AI to strengthen data security and management of the cloud.
7. Finance
AI is revolutionising the banking sector, making banking services more efficient and secure. The Reserve Bank of India is encouraging the adoption of AI to enhance fraud detection and risk management. Let’s find out how AI is revolutionising the BFSI sector in India:
- AI identifies fraudulent transactions with the help of tools such as Razorpay’s fraud analytics.
- Banks and NBFCs use AI chatbots to provide 24/7 assistance to customers.
- Robo-advisors help investors make data-driven financial decisions.
- AI tools are being used by lenders in finance to assess the creditworthiness of applicants and reduce application approval times.
Summing it up
From healthcare to online marketplaces, we encounter AI in almost every aspect of our regular lives. In India, AI is accelerating fast-paced change in industries, making businesses smarter, data-driven, and customer-centric. Businesses across various sectors are leveraging AI to process automation, cost reduction, and productivity improvements. As AI technology advances further, its influence will further increase, creating even higher chances of innovations. Keeping pace with AI developments and up-skilling in associated AI technologies will be essential for professionals and companies alike to keep ahead in India’s rapidly transforming digital economy.