Artificial Intelligence to be $100 billion sector by 2025
Artificial Intelligence (AI) to be $100 billion sector by 2025
AI startups received $14 billion investment in 2019
AI, an effective tool for Indian Judiciary System : CII Summit and Expo on AI Application & Digi-Tech
Day two of Confederation of Indian Industry’s (CII) Summit and Expo on AI Application & Digi-Tech, kick started with a thought-provoking panel discussion on AI in Public Service. The session highlighted the benefits of AI interventions in Agriculture, Smart Cities, Healthcare, Skilling, Education, Public Utility Services, Judiciary and Governance.
Mr. Sameer Dhanrajani, CEO, AIQRATE said that in India we are seeing a great opportunity for AI to support various processes both in the public and private entities. One of the areas where AI can be most effective is in the country’s judicial system. Currently we have 33 million legal cases pending in India. 84% of which has an average pendency of 13 years. AI can be used to deal with all previous cases that we have in our repository by extrapolating it by means of text-mining, multilayer perceptron (MLP) and deep learning. Leaving the legal system to focus on their core job, which is to solve and close cases on an agile basis.
Globally, AI has seen $45 to $58 billion investment during the last year. It is growing at the fastest pace of any exponential technology. The AI segment will be worth over $100 billion by 2025. This gives ample indication of the scale and opportunities in this sector. According to Mr. Dhanrajani, the companies that have adopted AI will take away $1.2 trillion worth of business from their competitors. In 2019 alone AI startups have received $14 billion investment across 600 funding events.
Realizing the importance of AI currently, 28 nations around the world are curating or drafting AI policies and strategies. India is one among them however where the country lags behind is in research. In India we have only 2000 to 2500 research papers submitted every year and China has 10 times more. Out of 34.8 million students coming out of our higher education system in the country only 18% are employed. The job opportunities in the new age will require skills that are not taught in our educational system and this needs to change.
India is uniquely poised to be a global leader in AI, and this is due to the diversity of our population generating a diverse set of data. Attaining a premier position in AI will require convergence of all stakeholders. Towards this, India need to focus on 3 broad areas i.e. Education – infusing new age courses and adapting personalized learning powered by AI, Enable – create an open innovation platform, a pipeline of AI centric solutions and their adoption and Ethics – Draft an operating framework within which AI can be developed, Mr. Dhanrajani elaborated.
The panel discussion highlighted the sectors in India where AI can make the most difference:
- Agriculture – AI holds the key to unlock massive value from India’s agrarian economy by leveraging data to better predict and improve farm yield, speeding up agricultural finance, crop insurance, Kisan help centres and helping predict demand for agricultural produce. I.e. AI sensors in ponds help farmers to gain maximum value from shrimp farming through predictive maintenance.
- Smart Cities – AI driven interventions can add substantial value in analyzing local intelligence to improve traffic conditions and providing predictive intelligence on infrastructure development. It can be used to decentralized and decongest major cities and play a key role in predictive maintenance activities.
- Skilling – Utilizing AI to predict demand for skills and equip educational institutions with insights to train the future workforce.
- Swachh Bharat – AI and specifically computer vision can help substantially improve the success of Swachh Bharat. AI is already being used in the campaign in a big way. There is a WhatsApp number outside every sanitation facility. The user can send photographs of unhygienic conditions without providing any details. The photo will be processed at a central command centre and a call will be made to the vendor within 45 seconds to fix the facility. This is all being done at a cost of Rs 2 crores a month only.
- Healthcare – India’s high and diverse population makes it fertile ground for population health studies. AI can be employed to provide evidence-based treatment options and analyzing clinical notes to suggest a treatment procedure.
Governance – AI can power several governance initiatives ranging from security threats, RTI, potential fraud and corruption to improving the legal system, curbing human trafficking and tracking of missing persons.
Ms. Aparna Gupta, Analytics & Data Science Leader, Oracle Cloud Solutions Hub; Mr Kapil Gandhi, Vice President – Strategy – Intelligent Automation, Genpact Digital; Ms. Padmashree Shagrithaya, Vice President & Head – Analytics, Data Science and Visualization, Capgemini; Mr Sanjeev Kumar, Sr Director Data & Analytics, Baker Hughes; Mr Satyamoy Chatterjee Executive Vice President Analyttica Datalab Inc also participated in the panel discussion chaired by Mr. Sameer Dhanrajani.
With an objective of identifying and showcasing the best Start-up with the most Innovative scale deployment of Artificial Intelligence & Industrial AI in a large corporate environment CII in association with Accenture Ventures held the ”CII AI Challenge” which felicitated the best startups in each of the segment.
AskSid has been recognized as the Best Start up for Innovative deployment of Artificial Intelligence in large scale corporate environment.
Qualitas Technologies has been recognized as the Best Start up for Innovative deployment of Industrial AI in large scale corporate environment.
The summit witnessed a live audience poll for the presentation made by the Start-ups and Orbo.ai was recognized has Best Start up (Audience poll category ).