India’s developments speak for themselves, with the active rollout of 5G cellular services that are sure to be a game changer – leading to multiple revenue opportunities for all involved players as it laid the foundation for advanced Internet of Things or IoT applications for industry and personal use. Cloud computing followed suit with worldwide end-user spending growing steadily to 20.4% in 2022 to total $494.7 billion, which is according to a latest forecast. In 2023, we can see end-user spending reaching nearly $600 billion.
Developments in the immersive reality sector also picked up last year, with augmented reality and virtual reality leading the way. Companies set up large-scale virtual worlds that blended with reality to create computer-generated applications in the space of education, gaming, fitness and product design and development. The decentralization of the internet was also a big topic of discussion last year and the uses spell out a bright future going into 2023. Web 3.0 was built on decentralization, increased utility and privacy for users facilitated by digital contracts over peer-to-peer networks, Web 3.0 has established itself as the next phase of the internet ecosystem. In fact, as per a report launched in December 2021, Web 3.0 and blockchain can add a staggering $1.1 trillion to India’s GDP by 2032.
AI-based solutions saw never-seen-before growth in 2022 through chatbots, autonomous vehicles and cybersecurity to name a few. Highly advanced language models allowed for AI programs to generate almost human-like speech and actions. Chatbots stood out as they took businesses by storm, finding themselves entrenched in the areas of Banking, eCommerce, Healthcare, Mobility, Government and Education to name a few.
Israel is considered a leader in the commercialization of AI technology, we see more and more industry verticals adopting AI, and we will see companies being built from the ground up with AI at their center AI has entered the healthcare and energy arenas, agriculture, travel and banking. AI-powered automation will deliver hundreds of millions in cost savings. At the same time, worldwide spending in the AI market is set to breach the $500 billion mark this year, according to the latest International Data Corporation (IDC) report.
Companies, interested to know about AI technology offered by Israel companies, please contact Ms. Kavitha, Trade Officer
Ministry of Economy & Industry, Israel
Consulate General of Israel, Bangalore