Possibilities and Future Directions

The past few years have seen a significant surge in the usage of AI applications, more than any tech-based service in the recent past. Organisations of all types, and across nearly every industry adopting AI for its access to new insights and creative potential. The Deloitte Tech Trends 2023 report states that in the year 2023-24 alone, over 6.5 lakh employees in India have been expected to undergo upskilling programs related to Generative AI. The same report goes on to state that between 2023 to 2030 the GenAI market in India alone is expected to grow by a CAGR of 24%. At its current pace of development, the global market for conversational AI is set to reach US$14bn by 2025 and ~US$32.6bn by 2030.

Despite these strides being made, Deloitte’s state of AI in India report has found in a survey of over 200 executives across industries and business functions, of the various use cases of GenAI being applied to automate or streamline routine operational practices, its usage for legal document review still had the fewest adopters (at 33% of the surveyed participants). This presents a considerable opportunity for entrepreneurs to build a reliable solution that leverages AI, for routine business operations, knowledge management, marketing, HR, IT and the plethora of use-cases that’ll emerge.