As an investor, if you are interested in Best Artificial Intelligence (AI) stocks in India 2024, this is the article for you – we share the best AI stocks in India. The AI industry in India (in line with the rest of the world) has been experiencing significant growth over the past few years. With advancements in technology, increasing adoption of AI solutions across various sectors, and government initiatives promoting AI research and development, the industry has seen a surge in investment and innovation
Rise of Artificial Intelligence in India
India’s Artificial Intelligence (AI) industry is experiencing a significant boom. There are many reasons for the rise of AI in India. Let us give you the top four reasons that are driving the rise:
Government Support: The Indian government has recognized the potential of AI and has launched initiatives like the National Strategy for Artificial Intelligence (NSAI) to support research, development, and adoption of AI across various sectors.
Strong Tech Talent Pool: India boasts a large pool of tech talent, including engineers, data scientists, and programmers, which fuels innovation in the AI sector.
Growing Data Availability: The increasing availability of data, fueled by smartphone penetration and internet usage, provides the raw material for training and developing powerful AI models.
Focus on Digital Transformation: Many Indian businesses are embracing digital transformation, and AI plays a crucial role in automating processes, improving efficiency, and gaining valuable insights from data.
Current Landscape of the Indian AI Industry
The Indian AI industry is still evolving, but here’s a glimpse into its current landscape. Here are a few things you must know:
- Market Size and Growth: The Indian AI market is projected to reach $17 billion by 2027, according to a report by Nasscom and BCG. This signifies a significant growth rate, indicating the potential of the market.
- Focus Areas: AI applications are being developed and implemented in various sectors, including healthcare, finance, agriculture, retail, and manufacturing.
- Type of Companies: The Indian AI ecosystem includes a mix of established IT giants offering AI services, startups developing specialized AI solutions, and research institutions working on fundamental AI research.
If you ask the best advisors in the stock market about AI stocks, they will give different names. We have consolidated some of the top names for you in this article:
Affle India: is a mobile marketing and advertising technology company that’s increasingly focusing on AI. They leverage machine learning and deep learning algorithms to generate customer insights for better-targeted advertising. It plans to reach 10 billion connected devices using AI to personalize the mobile advertising experience. This focus on AI-powered marketing solutions positions Affle India as a key player in the evolving mobile advertising landscape.
Zensar Technologies: is a digital solutions company that places a strong emphasis on Artificial Intelligence (AI). Their AI strategy focuses on three pillars: experience, research, and decision-making. They have a dedicated research facility, Zensar AIRLabs, completely focused on AI and have filed for 100 patents in AI in the past two years. Zensar offers AI-powered solutions across various areas and aims to leverage AI to create value for their customers.
Persistent Systems: positions itself as a partner for AI-powered digital engineering and enterprise modernization. Persistent goes beyond fundamental research and aims to deliver practical AI solutions for clients. They collaborate with leading AI platforms like AWS, Google, and Microsoft to offer comprehensive AI solutions.
Tata Elxsi: is a design and technology solutions company at the forefront of incorporating AI into its offerings. They specialize in embedded systems and are developing AI-powered design tools, autonomous vehicle solutions, and other intelligent technologies.
Oracle Financial Services Software: Oracle Financial Services Software offers AI-powered features embedded within its cloud applications. It allows financial institutions to automate tasks, improve efficiency, and gain deeper insights from data.
Things to know before investing in AI stocks
Before you start investing in AI stocks in India, here are a few things to take care of:
- AI Focus and Expertise: Look beyond companies that just claim to be “AI-powered.” Deep dive into their specific AI offerings and applications. Do they have a clear focus on a particular AI niche or a broad range of solutions? How experienced is their AI team?
- Financial Performance and Stability: Evaluate the company’s overall financial health, including profitability, debt levels, and revenue growth. A strong financial foundation is essential for supporting AI research and development.
- Clientele and Market Reach: Assess the diversity of the company’s client base. You must have answers to the questions – are they reliant on a single industry? Do they cater to a wider range of sectors? It can impact their long-term growth potential.
- Investment Horizon: AI is a long-term play. So, please consider investing with a long-term perspective to ride out market fluctuations.
- Diversification: Don’t put all your eggs in one basket. You should spread your investments across different AI companies or different sectors altogether.
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