The emergence of the artificial intelligence (AI) is leading to the development of numerous applications. AI related words such as machine learning (ML) or big data analytics are gaining attraction. The new category of intelligence is diversifying the human thinking and in some cases, it is replacing humans. The ability of conversation of the technology has shown tremendous potential in the numerous sectors including banking, financial services, and insurance (BFSI).
Sensing these opportunities for growth, nearly 200 AI start-ups in India are working on innovation and development of AI-based solutions for numerous sectors. These companies are adopting the ‘Chabot’ as primary customer support solution. Haptik is one of the AI-based platforms which is building applications for their consumers, publishers, and other enterprises.
The platform has collected 10 times more revenue in past one year due to acceptance from clients such as Coca-Cola, Samsung, HDFC Life, Edelweiss Tokio, Amazon Pay, Goibibo, ClubMahindra, and ICICI Bank. According to the Accenture analysis, AI has the potential to improve revenue by adding US$957 bn to the Indian economy by the end of 2035. Additionally, more than 50% of the Indian retail companies will be using AI by the end of 2020, predicted PeopleStrong, one of the Software-as-a-Service (SaaS) HR technology and solutions company.
Arun Gupta, Chief Executive Officer (CEO) of MoMagic Technologies said, India is currently witnessing the highest growth due to growing consumer base especially the millennials. Along with this, the vast population of the country is offering numerous opportunities for numerous businesses for expansion and growth.
This emergence of technology is creating numerous opportunities for start-ups to crack financial deals and earn dollars from venture capitalists which helped China harbor one of the largest clusters of AI start-ups in the world after the US.