IT services, tech startups put India on route to AI: ETILC
Do you know artificial intelligence and machine learning algorithms to run on big data, Indian companies require technology that will digitize and store data? Industry is now increasingly adopting this infrastructure.
Kaushal Sarda, CEO, Kuliza Technologies says, We believe India has a major advantage over other countries due to its vibrant tech-related startup ecosystem, strong IT services, and an offshoring industry, to harness the power of AI. Since legacy systems are slow to change, they are the laggards. But nimble-footed startups are finding an opportunity to build new AI and ML technology like chatbots for ecommerce and online banking companies.
They are Challenged by the lack of an addressable market within the country, B2B companies in the consumer space had until a few years ago found their market in the USA. Research Company YS Research feels 2019 may close as the year of the B2B unicorn (a privately-held startup company valued at over $1billion).
YS Research. Says, Tech startup funding in H12019 is up 9% YoY to $4.9 billion. Firstly the average deal size is $12.8 million up 12% YoY, and the total number of deals is 381. Secondly the fintech sector saw the maximum deals; while transportation and logistics raised the maximum funding, with the highest average ticket size.