Machine Learning and Artificial Intelligence are two of the technologies that have witnessed tremendous growth in innovation and investment in the last few years. They have found applications across various industries such as fashion, healthcare, manufacturing, real estate, voice-based solutions, agriculture, etc. Startup culture boomed in 2016 in India, and since then, the surge has been staggering. India’s startup capital Bengaluru has alone raised $87.85M in the AI space. Due to this spectacular growth in the sector, a robust ecosystem has emerged in India that enables founders and an artificial intelligence developer to kick-start their venture. This article details the IT sector and startup culture in India and tech startups that have helped put the nation on the AI path.
Table of Contents
- Overview of the Indian IT Sector
- Startup Culture in India
- Top Indian Startups
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Overview of the Indian IT Sector
Artificial Intelligence adoption has been possible in India due to the IT prowess and strong tech startup story. India has the edge over other nations in harnessing AI power because of its vibrant technical startup ecosystem, offshoring industry, and firm IT services. For machine learning and artificial intelligence algorithms to run on big data, technologies that can store and digitize data are required by Indian companies. They are the laggards as the changes in legacy systems are slow. Amateur startups have taken up building new ML and AI technology such as chatbots for online banking companies and eCommerce. B2B companies in the consumer space found their market in the USA until a few years ago because of the challenges due to India’s lack of an addressable market. The new AI technologies are being leveraged by the IT industry to build BPO AI applications and world’s best business process automation. The services are low-cost and comprehensive, including AI chatbots for customer service operations, directing support resources to customers, and routing. AI is being used in conversation services, automating voice, providing analytics, routing calls, and feedback in call centers.
AI has also found applications in data management, payment, HR processing, and quality assurance workflows, and data management. Backoffice expertise and BPO can also develop a high margin product industry using AI. NASSCOM promotes product development, and India would be the first to carry out these operations if it happens.
Startup Culture in India
In 2019, tech startup funding increased by 9%, reaching $4.9 billion. The total number of deals was 381, and the average size of each was $12.8 million, up 12% YoY. The fintech sector witnessed the top deals, and logistics and transportation received maximum finding. SAP Startup Studio is one of the many startup accelerators set up by big technology companies. After China and the USA, India is the largest startup economy spread across sectors such as food, banking, FMCG, diagnostics, logistics, transportation, and healthcare. Technology is disrupting people’s lives and the core of existing businesses in this phase of the fourth industrial revolution. The industry has adapted according to leisure and the convenience people expect from the technologies. It is beneficial for Indian businesses as 60% of the nation’s GDP is formed by services. A shared service-oriented business model is bringing sellers, assets, and the technology favors buyers on the same scalable technology platform. The model’s flexibility around different verticals exists together.
Top Indian Startups
Here are few artificial intelligence startups that have changed the ways of AI in India:
- Niki.Ai- Started in 2015, the company’s main product is an AI-based chatbot and shopping assistant. It automates phone recharges, payments, and online ordering.
- Bash.ai– Since 2017, Bash.ai is helping to automate HR procedures and systems by replicative cognitive HR functions and virtual assistants. Their chatbot helps companies communicate in a highly accurate manner with their employees. The main aim of the startup is to create an ecosystem where AI and HR people can co-exist.
- Arya.ai-It is a Mumbai based startup that helps other AI startups solve complex problems efficiently. Their core product Vega’s aims to help researchers and data scientists build Deep Learning algorithms at scale. The company is spread across Singapore and the UK.
- Uncanny Vision– The Bengaluru based startup delivers deep learning-based cost-effective, and scalable security for next-generation cities and industries. They also enable real-time actionable analytics and surveillance for high-value customers in retail and banking.
- Flutura– It is another Bengaluru based startup focused on IoT. Cerebra’s flagship product provides prognostics and diagnostics to unlock new business value for engineering and energy customers. They offer big data analytics solutions that can transform operational outcomes by monetizing machine data.
- Haptik– They specialize in the development of AI-based chatbots for service companies, enterprises, and consumers. Haptik provides drag and drop builder and detailed conversational analytics to its customers.
- Mad Street Den– It is one of the first AI and computer vision startups in India. The company is based in Chennai, and its vision is to bring AI into the daily lives of customers along with IoT and social media. Their flagship product is Vue.ai.
The prominent AI applications include facial recognition, natural language processing, and video analytics. Every office is now equipping facial recognition technology for surveillance and other features. This has solved many safety-related issues, and this is just one example. Indians also form an ideal testing ground for building an NLP neural network because of 22 national languages. AI systems are being used in understanding speech, translation, registering, and providing feedback. The future has endless possibilities. If you are considering entering the space, sign up for a certificate course in artificial intelligence.