Artificial Intelligence to be $100 billion sector by 2025 – CXOToday.com

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 ofConfederation of Indian Industrys (CII)Summit and Expo on AI Application & Digi-Tech,kick started with a thought-provoking panel discussion onAI 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, AIQRATEsaid 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 countrys 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 andEthics 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:

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.AparnaGupta,Analytics&DataScienceLeader,OracleCloudSolutionsHub;MrKapilGandhi,VicePresidentStrategyIntelligentAutomation,GenpactDigital;Ms.PadmashreeShagrithaya,VicePresident&HeadAnalytics,DataScienceandVisualization, Capgemini;MrSanjeevKumar,SrDirectorData&Analytics, BakerHughes;MrSatyamoyChatterjeeExecutiveVicePresident AnalytticaDatalabInc also participated in the panel discussion chaired byMr. 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 withAccenture Ventures held theCII AI Challenge which felicitated the best startups in each of the segment.

AskSidhas been recognized as the Best Start up for Innovative deployment of Artificial Intelligence in large scale corporate environment.

QualitasTechnologieshas 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.aiwas recognized has Best Start up (Audience poll category ).

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Artificial Intelligence to be $100 billion sector by 2025 - CXOToday.com