SenseAI Ventures has launched a whitepaper titled "Artificial Intelligence: Beyond the Hype, " which includes the results of a survey of around 100 Indian AI startup founders. 

The whitepaper covers crucial topics such as AI's progress in 2023, its effects on industries, the AI technology stack, new research directions, and adoption models. It is a comprehensive roadmap for understanding AI's current and future trajectory.

Key highlights from the whitepaper include the significant investments made by big tech companies like Nvidia, Microsoft, Google, and AWS, which collectively invested $17 billion in foundational AI models. Additionally, $50 billion worth of GPUs were sold in 2023, laying a robust infrastructure foundation expected to spur explosive growth in AI applications, similar to how investments in physical infrastructure drive economic growth.

The accompanying survey reveals valuable insights into the state of AI in India. SaaS (Software as a Service) emerged as the dominant business model among Indian AI startups, indicating a strong preference for cloud-based solutions. There is also moderate demand for customized AI solutions, reflecting an increasing recognition of AI's potential to address specific business needs.

However, the survey also identifies significant challenges in AI adoption, including cost, complexity, and limited understanding of AI’s implications. These hurdles highlight the need for more accessible and user-friendly AI solutions and better education and awareness about AI's benefits and risks.

Technologically, the surveyed startups predominantly utilize cloud infrastructure and large language models like OpenAI’s GPT-4. They also emphasize the importance of Fine Tuned Models, Proprietary Algorithms, and Unique Data as critical intellectual properties, underscoring the need for customization and domain-specific expertise in AI.

Survey respondents identified security, bias, and data availability/readiness as the most significant risks associated with AI. Despite these concerns, they are optimistic about the impact of emerging technologies such as Explainable AI (XAI), AI agents, and Quantum Computing.

The whitepaper also highlights AI's transformative potential across various sectors. For instance, investment in AI within healthcare is projected to reach $18.8 billion by 2027, and the AI fraud management sector is expected to grow from $10.4 billion in 2023 to $57.1 billion by 2033. These projections underscore AI's critical role in enhancing financial security and economic impact. Research indicates that AI-adopting firms could double their market share, with efficiency gains potentially reaching tenfold by 2024.

Rahul Agarwalla emphasizes that AI is no longer just a buzzword but a transformative force poised to reshape industries, economies, and societies. He highlights India's unique position to lead this change due to its talent pool, entrepreneurial spirit, and vast data resources. SenseAI aims to support bold founders building AI solutions for local and global markets, capitalizing on India's strengths in digital infrastructure, mobile connectivity, and tech talent.

Source: SenseAI

Image source: COPILOT