India’s artificial intelligence market is expected to grow 5.3 times over the next five years, reaching $126 billion by 2030, according to Mohit Saxena, cofounder and CTO of InMobi and Glance, speaking at the Inc42 AI Summit in Bengaluru, inc42.com reported. Despite this projected growth, Saxena highlighted that India remains far behind global leaders like the US and China in AI development.
Saxena explained that the US benefits from vast funding and access to advanced chipsets, while China’s manufacturing capabilities and long-term commitment to technology development have propelled its AI sector. He noted that China’s lack of access to Nvidia chipsets spurred innovation, as the country invested heavily in building its own technology over two decades. In contrast, India lacks the patience and capital required for such sustained efforts, leading to its position primarily as a consumer of AI technologies rather than a producer.
This gap in investment and long-term commitment has significant implications for India’s AI ecosystem. While the country is poised for rapid market expansion, its dependence on external technologies may limit innovation and competitiveness. Saxena’s remarks underscore the challenges India faces in building a self-reliant AI industry amid global competition, especially given the scale of funding and infrastructure available to rivals.
Looking ahead, Saxena emphasized the importance of cost efficiency, latency reduction, and global expansion strategies for Indian AI companies. He also discussed the future of commerce driven by AI interfaces and decision-making agents, suggesting that India’s AI sector must focus on building defensible technologies and committing to long-term development to catch up with global leaders.