India has started late in the race for artificial intelligence domination. In fact, if you consider it as a race, India is nowhere near the nations like China and the USA. But that is probably not the point. What really matters is that 91000 professionals are currently working in the field of AI in India. More than 16 thousand vacant posts are waiting to be filled by AI professionals. Before we proceed further with the scenario of data science and AI in India, let us see how it is actually impacting the businesses in India.
AI in different industries
Artificial intelligence is a subset of data science that has really taken the world by storm in this decade. Companies around the world had been working with data to enhance business for quite a while. AI integration has helped businesses evolve at a brisk pace.
Pharmaceutical companies in India are using AI like a double-edged sword. On one hand, they are using AI to identify new markets and new areas of demand for drugs on the other hand AI is being used in the supply chain itself. Drug development and mass manufacture is a very slow and meticulous process. Machine learning algorithms can reduce the time taken in analyzing protein structures and testing drugs in various situations.
AI in entertainment
The entertainment business is taking its marketing efforts to the next level with the help of artificial intelligence and machine learning. In terms of content creation and casting, AI-driven recommendations are playing a vital role. In terms of marketing and customer service, AI-driven solutions are taking the front seat.
AI in healthcare
The healthcare sector is one of the key domestic sectors using AI in India. Medical data analysis is a vital part of healthcare services and the augmentation of these operations with AI makes things easier for healthcare analytics professionals. While on one side AI is used to optimize care for the patients, it is used to maintain optimal customer service with the help of data.
AI in banking and financial institutes
From risk analysis to identification of fraudulent transactions, to predicting loan defaults, the banking and finance sector is one of the primary utilizers of artificial intelligence. Banks depend on their data scientists to analyze historical data to locate patterns in credit portfolios and transaction records.
The key AI-related technologies
The area of AI which is currently turning heads is deep learning. Deep neural networks are artificial emulators of the functions of the human nervous system. Deep learning is used to drive a number of AI-related operations. For instance, the recommendation systems which we engage with on a regular basis on Facebook or maybe on Netflix are all driven by deep neural networks.
Computer vision – the ability of computers to process and analyze images or visual data is also supported by deep neural networks. This leads to a lot of different operations ranging from self-operating cars to intelligent chatbots.
We encounter a bunch of AI-powered systems on a daily basis like the voice recognition system on Alexa or the image recognition facilities offered by google photos. If you ever participate in the process of image recognition in photos we will experience the very process of supervised machine learning itself. Google gives you a large number of your photos and asks you whether you are featured in those photos. In this process, you are labeling a large number of photos that have your face. So, whenever the same engine encounters your face it will be able to recognize it and label it.
The market situation
The Indian AI market is dominated by multinational companies. Of its $6.5 billion net worth only a minuscule $450 million comes from domestic technology ventures. There is a huge captive market which creates a lot of jobs. Following the MNC market, the banking and financial sector generates the highest amount of business. Domestic IT firms are catching up fast. The overall scenario has not looked too bleak even during the unfortunate event of the Covid-19 pandemic. There has been an overwhelming rush in the data science and AI training institutes across India. The AI landscape in India is a really promising one. Aspirants with data science training are getting great opportunities of working with state-of-the-art technologies. Undergoing a job-oriented data scientist course in Delhi at this domestic IT firm can certainly give your career a much-needed turn and change your life for the best.