Indian startups bet on Artifical Intelligence in 2017: PwC-Assocham Report

Researchers and paralegals are increasingly being replaced by systems that can extract facts and conclusions from over a billion text documents a second.

IANS March 09, 2017 17:56:59 IST
Indian startups bet on Artifical Intelligence in 2017: PwC-Assocham Report

New Delhi: As data science gets set to drive the artifical intelligence (AI) market in 2017, a few Indian startups are initiating development of conversational bots, speech recognition tools, intelligent digital assistants and conversational services to be built over social media channels, a joint study by PwC-Assocham said on Thursday.

Indian startups bet on Artifical Intelligence in 2017 PwCAssocham Report

Representational image

Organisations are looking to leverage AI capabilities for predictive modelling.

"Online shopping portals have extensively been using predictive capabilities to gauge consumer interest in products by building a targeted understanding of preferences through collection of browsing and click-stream data, and effectively targeting and engaging customers using a multichannel approach," the report added.

To enable consumers to find better products at low prices, machine learning algorithms are being deployed for better matching of supply with consumer demand.

Some of the areas where AI can improve legal processes, said the findings, include improved discovery and analysis based on law case history and formulation of legal arguments based on identification of relevant evidence.

"Researchers and paralegals are increasingly being replaced by systems that can extract facts and conclusions from over a billion text documents a second. This has the potential to save lawyers around 30 percent of their time," the findings showed.

China is expected to have installed more industrial robots than any other country -- 30 robots per 10,000 workers.

A few thousand workers have already been replaced by a robotic workforce in a single factory, the study added.

Updated Date:

also read

Reliance Industries Q4 profit rises 22.5% to Rs 16,203 crore; first Indian company to cross $100 billion annual revenue
Business

Reliance Industries Q4 profit rises 22.5% to Rs 16,203 crore; first Indian company to cross $100 billion annual revenue

Reliance operates four business verticals -- O2C business includes its oil refineries, petrochemical plants, and fuel retailing business; a retail business that houses brick-and-mortar stores and e-commerce; digital services that cover telecom arm Jio; and new energy business

Reliance becomes top-ranked Indian firm on Forbes Global 2000 list
Business

Reliance becomes top-ranked Indian firm on Forbes Global 2000 list

Forbes Global 2000 ranks the largest companies in the world using four metrics: sales, profits, assets and market value

Meet Campbell Wilson: Air India's new CEO and MD is an aviation industry veteran
India

Meet Campbell Wilson: Air India's new CEO and MD is an aviation industry veteran

Wilson, 50, has 26 years of aviation industry expertise across both full service and low-cost airlines