In the coming years, India is expected to join the markets that are growing at the fastest rate in the Asia-Pacific region as a result of the increased usage of Generative AI (GenAI). According to a report from IDC, the adoption of GenAI, which includes software, services, and hardware for AI-centric systems, is reportedly surging at an unprecedented rate in the Asia-Pacific region. GenAI spending in the region is projected to increase at a compound annual growth rate (CAGR) of 95.4% to $26 billion by 2027.

According to the report, this upsurge highlights the region's critical position in propelling the next wave of AI innovation and technological growth. The investment in GenAI will peak in the next two years, according to Deepika Giri, Head of Research, Big Data and AI, IDC APJ, and then stabilize.

In the upcoming years, Deepika Giri, (Head of Research, Big Data and AI, IDC APJ) stated, "China is projected to maintain its position as the dominant market for GenAI, while Japan and India are set to become the most rapidly expanding markets."

GenAI is transforming industries, from customer service to software development, and bringing in a new wave of innovation in the area. The adoption of GenAI in the financial services industry is proliferating in Asia; according to the report, it is expected to reach $4.3 billion by 2027 at a CAGR of 96.7%.

Source: https://indiaai.gov.in/news/india-ranks-among-the-top-countries-in-artificial-intelligence-adoption