India’s Tech Sector Gears Up for an Artificial Intelligence Revolution

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India’s technology sector is experiencing significant transformation, with a focus on artificial intelligence (AI) driving growth. Companies like BMW are strengthening their partnerships with Indian IT and engineering services firms, positioning India to capture a larger share of the global digital services trade valued at $4 trillion. Global firms are increasingly turning to India to develop their AI capabilities, leading to a surge in hiring. India’s market share in global capability centers stands at over 50%, reflecting its growing importance in the tech landscape.

Indian workers are increasingly engaged in more complex and high-value tasks such as engineering research and development. For example, Canadian insurer Sun Life Financial relied on its Indian office to develop AI tools. Partnerships between Indian firms and global companies are driving innovation in AI, with collaborations expected to create more than a million jobs in data science and AI by 2026. India boasts the largest talent pool of data science and AI workers after the United States, and has seen a 15% increase in the supply of general software engineers, reaching 3 million in 2022.

The growth of AI in India’s tech sector is expected to have a positive impact on the country’s IT outsourcing industry, which accounts for 7.5% of India’s GDP. Industry leaders such as Tata Consultancy Services and HCL Technologies have seen their stocks rally, reflecting investor optimism about the sector’s growth prospects. With global CEOs increasing their investments in AI-related technologies, India’s tech sector is poised for a significant upgrade.

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