India is a breeding ground for many industries. The increase in educated population and the run towards growth has unraveled technology into the country. Today, technology is a core element of growth in the Indian ecosystem. While well-established companies are embracing artificial intelligence for further improvement, Indian start-ups are ballooning like never before. Fortunately, technology-based Indian start-ups landscape has evolved to become the 3rd largest in the world.
India is one of the leading markets for analytics and data science services, and various data science vendors have seen significant growth over the last few years, as organisations across verticals are investing billions of dollars in data science and analytics to optimise their processes. In fact, despite the pandemic and the resulting quarter-long slowdown, the data science functions across organisations have not been significantly impacted, suggesting that data science and analytics are a mainstay of business processes and value generation. The pre-COVID numbers suggest that as of March 2020, the analytics function in India earned consolidated revenues of $35.9 Bn, a 19.5% growth in revenue over last year. In the post-COVID world, companies are veering towards digital transformation to ensure business continuity – and the analytics and data science functions are playing a crucial role in this journey. As companies are looking to establish AI and Data Science capabilities, the market is further maturing, driving the need for data science vendors/service providers to facilitate the booming market. Over the last few years, multiple vendors with unique capabilities in data science, have not just grown from small operations but also matured in terms of capabilities.
Travelers who wander the banana pancake trail through Southeast Asia will all get roughly the same experience. They'll eat crummy food on one of fifty boats floating around Halong Bay, then head up to the highlands of Sapa for a faux cultural experience with hill tribes that grow dreadful cannabis. After that, it's on to Laos to float the river in Vang Vien while smashed on opium tea. Eventually, you'll see someone wearing a t-shirt with the classic slogan – "same same, but different." The origins of this phrase surround the Southeast Asian vendors who often respond to queries about the authenticity of fake goods they're selling with "same same, but different." It's a phrase that appropriately describes how the technology world loves to spin things as fresh and new when they've hardly changed at all.
Travelers who wander the banana pancake trail through Southeast Asia will all get roughly the same experience. They'll eat crummy food on one of fifty boats floating around Ha Long Bay, then head up to the highlands of Sa Pa for a faux cultural experience with hill tribes that grow dreadful cannabis. After that, it's on to Laos to float the river in Vang Vieng while smashed on opium tea. Eventually, you'll see someone wearing a t-shirt with the classic slogan – "same same, but different." The origins of this phrase surround the Southeast Asian vendors who often respond to queries about the authenticity of fake goods they're selling with "same same, but different." It's a phrase that appropriately describes how the technology world loves to spin things as fresh and new when they've hardly changed at all.
Digital transformation will create trillions of dollars of value. While estimates vary, the World Economic Forum in 2016 estimated an increase in $100 trillion in global business and social value by 2030. Due to AI, PwC has estimated an increase of $15.7 trillion and McKinsey has estimated an increase of $13 trillion in annual global GDP by 2030. We are currently in the middle of an AI renaissance, driven by big data and breakthroughs in machine learning and deep learning. These breakthroughs offer opportunities and challenges to companies depending on the speed at which they adapt to these changes.
TORTOLA, BRITISH VIRGIN ISLANDS / ACCESSWIRE / June 8, 2020 / BVI Tortola sports hedge fund AI Sports targets Asia as its core market and aims to soon having tens of millions of dollars under management. AI Sports - which has an investment fund that bets on sport on behalf of members, and trades or hedges its bets looks to be the first sports wealth management fund to set foot into Asia. In recent years, with the rise of big data analytics and machine learning technology, artificial intelligence (AI) technology has been gaining popularity in different business applications, and has achieved wonderful results in applications such as search engines, personalized recommendations, and intelligent customer service, etc. AI Alpha Go, an AI computer program developed by DeepMind Technologies and acquired by Google even manage to defeat the Chess Master World Champion in 2017. This proves that AI technology has reached maturity and is able to replace human expertise in some highly intelligent industries. The Financial Investment sector is undoubtedly the most valuable and challenging sector for any artificial intelligence applications.
Using dotData, an automated machine learning vendor, one of the largest insurance firms in Japan built out an AI platform that provides a personalized experience to customers. Mitsui Sumitomo Insurance, one of the largest insurance firms in Japan, began the process of digital transformation several years ago. The company launched multiple projects, and continues to start new projects, to send it further into the digital age. One of MSI's more ambitious undertakings is the MS1 Brain platform, an AI in insurance project to create a more personalized experience for customers. Released earlier this year, the MS1 Brain platform uses machine learning and predictive analytics, along with customer data, including contract details, accident information and lifestyle changes, to recommend products and services to customers based on their predicted needs.
Its impact is drastic and real: Youtube's AIdriven recommendation system would present sports videos for days if one happens to watch a live baseball game on the platform ; email writing becomes much faster with machine learning (ML) based auto-completion ; many businesses have adopted natural language processing based chatbots as part of their customer services . AI has also greatly advanced human capabilities in complex decision-making processes ranging from determining how to allocate security resources to protect airports  to games such as poker  and Go . All such tangible and stunning progress suggests that an "AI summer" is happening. As some put it, "AI is the new electricity" . Meanwhile, in the past decade, an emerging theme in the AI research community is the so-called "AI for social good" (AI4SG): researchers aim at developing AI methods and tools to address problems at the societal level and improve the wellbeing of the society.
By Jayadipta Chatterji Mehta A strong tech startup story and IT prowess give India an edge over others in artificial intelligence (AI) adoption. In the second part of our series on AI, members of The Economic Times India Leadership Council, ETILC's core group on technology weigh in on India's advantages as a market leader in IT services. "We believe India has a major advantage over other countries due to its vibrant tech-related startup ecosystem, strong IT services, and an offshoring industry, to harness the power of AI," they say. The members include Kaushal Sarda, CEO, Kuliza Technologies; Dilipkumar Khandelwal, MD, executive VP, SAP Labs India; Anil Valluri, President, India and SAARC, NetApp; AS Rajgopal, MD, NextGen; Piyush Sinha, deputy MD, NEC Technologies; Anuj Gupta, CEO, Hitachi Systems Micro Clinic, and Vikas Gupta, CEO and CTO, GreyMatter Software Services. For artificial intelligence and machine learning algorithms to run on big data, Indian companies require technology that will digitise and store data.
Artificial intelligence, big data and machine learning will increasingly be put to use monitoring the energy performance of buildings and helping owners cut costs, according to Keith Gunaratne, the founder and managing director of technology firm EP&T. Founded in 1993, EP&T specialises in the development of energy conservation technologies in the commercial sector. One of its products, Edge Zeus - an AI and machine-learning platform that allows energy performance to be monitored and controlled through a mobile device – has been deployed in 12 buildings in the portfolio of the Abu Dhabi Financial Group, or ADFG. In one of the buildings – Abu Dhabi's Seaside Tower – the technology has led to a 29 percent reduction in energy consumption and cost savings of over AED 626,000 in a 12-month period. "What we would like to see in the local market is an accommodative environment that fosters the take-up of data science as a solution that remains attractive to the c-suite," Gunaratne said.