With the global Data Science Market growing exponentially, the value was recorded to be around USD 3.93 billion in 2019. This value is expected to increase at a Compound Annual Growth Rate (CAGR) of 26% from 2020 to 2027. In today’s scenario, where most of the private companies have switched to work from home and the educational institutions have switched to remote learning, this domain of technology offers a huge opportunity for start-ups in India. Machine Learning and Artificial Intelligence have been used across industries and these techniques are efficiently solving complicated real-world issues. Presently, almost 10% of the enterprises use more than 10 AI applications which range from a chat-bot, fraud identifier, and cybersecurity among others.
In recent times, the Indian start-up atmosphere has witnessed a huge upheaval. The nation has fought its way and established a position among the top 10 countries worldwide that have received millions of funding for AI and ML-based start-ups in the previous year itself. These start-ups are stealing the show through their unique innovative ideas and excellent service. These start-ups owe their success to several factors including hefty funding, out-of-the-box ideas, smooth technology, and a massive home market. Some market reports have pointed out that from 3000 start-ups in 2014, the number has expanded to a remarkable 11000 in just six years! The coronavirus has set new goals for the emerging youth and it has taught us the ‘new normal, a number of start-ups are inclined on developing AI-based medical applications that would come to rescue in the near future.
Data and AI services are hoped to expand India’s economic growth in a huge way. According to the data served by NASSCOM, AI and data will be contributing around $500 billion to India’s GDP which is almost 10% of the Government’s dream of a $5 trillion economy. India’s AI start-up atmosphere has a brilliant future with one-of-its-kind solutions to areas such as smart farming, screening of cancer, and others. With approximately 5,00,000 people working in this sector, the future of AI/ML in India looks promising.
Here’s a list of the top 10 AI start-ups in India
1. NIRAMAI Health Analytics
Bengaluru-based Software Company is dedicated to detecting breast cancer at an early stage. With 1 out of every 12 women having the risk of breast cancer, NIRAMAI promises to detect the disease at an early stage which is crucial to decrease mortality. Their imaging technique is radiation-free, non-touch, non-painful, and suitable for women of all ages. The company claims that their technology can be used in hospitals for regular check-ups and can also be used in screening breast abnormalities on a large scale in rural and semi-urban areas.
Mumbai-based Indian enterprise conversational AI software, Haptik took birth in 2013. It is a software that enables us to converse with technological devices and applications in a free format, natural language, and even through text! This software serves different brands globally and in different industries such as financial, healthcare, insurance, technology, and communications. In 2019, Reliance Industries India limited acquired the company.
The Pune-based start-up is all set to decrease costs, improve revenue, and enhance the ROI of enterprises by using a blend of Artificial Intelligence (AI) and Natural Language Processing (NLP) Technology. Discover.ai builds an enterprise-friendly conversational AI platform that would reduce service calls and enhance the adoption of Apps.
Bengaluru-based AI Start-up Company, that has produced their AI-powered personal assistant, named Niki. It presents a chat-based natural language interface that allows people to interact in their natural language and Niki deciphers the language, understands how Indians converse in their language, following which it comes up with a solution or an apt recommendation.
As claimed by the Mumbai-based Start-up, it is used ‘wherever pen touches the paper in healthcare’. The AI-based technology allows clinicians to digitize case sheets using a digitized pen and encoded paper. Quality care of patients starts with preserving patient histories carefully, Doxper comes to the rescue in instantly digitizing patient case histories.
Bengaluru-based Agri-Tech Company is all set to provide holistic solutions to the problems faced by today’s farmers. It provides future-ready solutions to modern problems and thereby maximizes productivity by reducing the cost of operations. Cropin promises to deliver cutting-edge solutions for every stakeholder in the field through their AI and ML-based technology. The company is driven by its mission to maximize per acre value and to make every farm traceable.
All set to rock the corporate world in the field of HR, BASH uses AI and chat-bot to address the problems faced by the employees. The HR is responsible for addressing queries, replying to emails and notifications manually, and currently, the software or technologies used in the HR facilitate only non-employee-facing activities. This technology can bring a revolution in the Corporate world by improving the employee experience as it facilitates interaction between HR and the employees. They can now just chat and get a solution!
8. Intello Lab
Using AI/ML to automatically analyze the standard of freshness within the produce. It aims to extend transparency within the supply chain and to cut back the chance of wastage.
Their product, VIVA helps accelerate engagement strategy and utilizes leading-edge speech recognition and Natural Language Understanding (NLU) technology. It provides the simplest engagement possible. it’s an intelligent, multilingual platform that will help automate up to 80% of center operations. With 100,000+ hours of coaching data, VIVA has been deployed to assist enterprises to boost customer stickiness and loyalty through a deep understanding of the customer’s context and intent.
Bengaluru-based Indian start-up, SigTuple combines computer science, robotics, and data science to make smart screening solutions, to create healthcare accurately, accessible, and affordable. SigTuple is building a healthier India with quality healthcare, delivered by empowered providers, to ensure standardization and scalability of cutting-edge innovations in supplying.