Artificial intelligence (AI) is expected to add $967 billion to the Indian economy by 2035, and around $450-500 billion to the nation’s GDP by 2025, accounting for 10 per cent of the country’s target of $5 trillion GDP, a report said on Monday.
Meanwhile, AI is expected to contribute $15.7 trillion to the global economy in 2030, the report, titled ‘iCET- Forces Shaping Future of Technology’ by TeamLease Digital, stated.
The global market size of AI in 2022 has been estimated at $136 billion, and it is expected to grow at a CAGR of 37 per cent from 2023 to 2030, the report showed.
In India, AI-generated revenue stood at $12.3 billion in 2022, the report said, adding that the AI software segment is expected to grow at a CAGR of 18 per cent in the country by the end of 2025.
In terms of investment, global investments in artificial intelligence surged to a record high of $77.5 billion in 2021, up from $36 billion in 2020. India’s share in global AI investment in 2022 stood at 1.5 per cent, the TeamLease report added.
The report further stated that AI is expected to add $967 billion to the Indian economy by 2035, and around $450-500 billion to the nation’s GDP by 2025, accounting for 10 per cent of the country’s target of $5 trillion GDP.
Meanwhile, AI is expected to contribute $15.7 trillion to the global economy in 2030, the report further stated.
The findings of the report stated that India has around 45,000 job openings in AI, as of February 2023. Data scientists and machine learning (ML) engineers are among the sought-after careers in AI in India.
The expected salaries for freshers in various AI roles range from Rs 10 lakh to Rs 14 lakh per annum, TeamLease Digital’s research report stated.
For data engineers, freshers’ salary ranges from Rs 3 lakh per annum (lpa) to Rs 14 lpa, while for ML engineers, it ranges from Rs 2.5 lpa to Rs 10 lpa. For data scientist, the freshers’ salary range between Rs 3.5 lpa and Rs 10 lpa, while for DevOps engineers, it lies around Rs 3 lpa to Rs 12 lpa.
For data architect, the salary range lies between Rs 3 lpa to Rs 12 lpa, while for business intelligence, the range stood at Rs 3 lpa to Rs 14 lpa. For database admin, the freshers’ salary range lies from Rs 3 lpa to Rs 12 lpa.
Additionally, candidates with eight years of experience in similar fields can earn even higher salaries, ranging from Rs 25 to 45 lpa, the report added.
According to the TeamLease report, India is the third largest contributor to the AI talent pool as around 400k of the AI talent base comes from the country. India represents 16 per cent of the global AI talent pool.
In terms of top emerging cities with an AI talent pool, Bengaluru has been ranked fifth globally, according to a study based on the talent pool, diversity of talent, investment, and India’s evolution of digital foundations. New Delhi was ranked 18th, followed by Hyderabad at 19th and Mumbai at 27th.
Other top cities with AI talent pools were San Francisco, Boston, New York, and Seattle.