According to TechSci Research report, “India Generative AI Market – By Region, Competition Forecast & Opportunities, 2019–2029,” the generative AI market in India is poised for significant growth in the coming years. Generative AI refers to machine learning systems capable of creating new media similar to human-produced content, such as images, videos, and audio. The media and entertainment industry is already leveraging generative AI for various applications, including the development of virtual reality experiences, personalized content recommendations, and more engaging social media content. The ability to create highly interactive and customized content can revolutionize the entertainment sector and create new revenue streams.
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Beyond media and entertainment, other industries like healthcare, finance, and manufacturing are also expected to benefit from generative AI. For instance, in healthcare, generative AI can be utilized to develop personalized treatment plans based on patient data. In the finance sector, it can analyze vast amounts of financial data to generate investment recommendations. Overall, as more industries adopt this technology, the generative AI market in India is anticipated to see substantial growth in the near future. However, there are also concerns regarding its impact on employment and the necessity for regulations to ensure ethical and responsible use of this technology.
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The market is segmented by component into software and services. By technology, it includes Generative Adversarial Networks (GANs), transformers, variational auto-encoders, and diffusion networks. The market is further segmented by end-use into media and entertainment, BFSI (Banking, Financial Services, and Insurance), IT and telecommunications, healthcare, automotive and transportation, and others.
Generative Adversarial Networks (GANs), a type of generative AI technology, show significant potential across various applications and are expected to play a pivotal role in India's generative AI market. GANs function by simultaneously training two neural networks: a generator network that creates new data samples and a discriminator network that assesses these samples to differentiate them from real data. Through this adversarial process, the generator network is refined to produce more realistic outputs over time. GANs have been applied to generate realistic images, music, speech, and even 3D models. In the media and entertainment industry, they are used to create photorealistic images and videos for virtual reality and other immersive experiences.
Moreover, GANs are valuable for data augmentation, where synthetic data is generated to enhance the training of other AI models. This is especially useful in areas where obtaining large amounts of real data is challenging, such as medical imaging. Despite their power, using GANs poses challenges, including the need for substantial computing power and data for training, and ethical concerns surrounding GAN-generated content, particularly with deepfakes. Nevertheless, GANs are expected to significantly influence the generative AI market in India, especially in media and entertainment, though ongoing research is needed to improve their performance and address associated challenges.
In October 2022, Adobe introduced creator-centric artificial intelligence, a generative AI technology, integrated into its creative tools like Lightroom, Adobe Express, and Photoshop.
In February 2023, Google launched Bard, an AI chatbot based on generative AI. This new chatbot enhances the accuracy and speed of natural language processing by integrating with Google's search engine.
Key market players in the India Generative AI market include:
- Rephrase.ai
- Hushl
- Google India Private Limited
- Microsoft India Private Limited
- Meta Platforms, Inc
- Adobe
- Intel Technology India Pvt. ltd.
- International Business Machines Corp.
- Amazon Web Services, Inc.
- Infosys Limited
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“The market for generative AI in India is expected to grow significantly over the following years because of the technology's expanding use cases, growing adoption by a variety of industries, and the rising demand for advanced AI solutions. A lack of standardized evaluation metrics for generative AI models, a large amount of high-quality training data, and ethical concerns about the potential abuse of generative AI are some of the market's obstacles. Overall, the market for generative AI presents significant chances for companies and researchers to create novel solutions that can raise efficiency, creativity, and productivity in a variety of fields.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Generative AI Market By Component (Software, Services), By Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks), By End-Use (Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Others) By Region, Competition Forecast and Opportunities, 2019–2029,” has evaluated the future growth potential of India Generative AI Market and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Generative AI Market.
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