Today, AI is a crucial tool for many businesses, and the market for the technology is growing quickly in India. From online shopping to the data used for scholastic tasks, AI has become an integral part of human life. Also, many Indian start-ups are expanding and developing AI solutions in education, health, financial services, and other fields. For the last few years, it has been attracting numerous companies to adapt to the trend, driving investments towards them due to its increasing demand in the present and future. Investing in digital technologies can create huge revenue in the coming years.
Artificial Intelligence (AI) is the key to driving commercial development for the world. By 2030, AI is estimated to add up to $ 15.7 Trillion to the global economy, which may be more than the current GDP of India and China combined. Closer to home, India has enormous potential for an artificial intelligence revolution, being the third largest talent pool for AI talent in the world, with investments in India's AI capabilities growing at a CAGR of 30.8 percent and expected to touch $ 881 Million in 2023.
AI in Day Today LIfe
Artificial intelligence, machine learning, and big data are all gaining popularity. AI is currently not a thing that represents what is to come. It is present and exists all around us. Artificial intelligence has permeated every aspect of our existence. Every single one of us is currently incorporating this idea into one structure or another. It's being used everywhere, from individual computerized assistants like Siri, Google Assistant, and Alexa to self-driving automobiles. Utilization is increasing steadily in rapidly rising fields such as medical services, banking, online business, and manufacturing. Many Indian enterprises and organizations are utilizing artificial intelligence to compete in the AI race.
Furthermore, organizations such as Swiggy and Zomato, which have invested heavily in computer-based intelligence in recent years, have witnessed the power of innovation to both support and increase development. This has dominated the discussion in India over the genuine capacity of computer-based intelligence for various organizations.
Here are the top 5 Indian companies leading the AI race in 2023 in the Indian securities exchange.
Coforge
Coforge is an IT services company providing end-to-end software solutions and services. It is among the top 20 Indian software exporters. The company was formerly known as NIIT Technologies and was incorporated in April 2003. It provides AI-based digital business assistants, deep learning, machine learning, multi-currency, multi-lingual, multi-channel experience, image recognition, robotic process automation (RPA), natural language processing (NLP), and workflow automation. In the past, the company has made a few acquisitions to increase revenue and enhance geographical and customer presence. In April 2021, Coforge completed its strategic investment in SLK Global Solutions. SLK Global has deep domain expertise in the banking and insurance segments in North America. It enjoys multiple long-standing and scalable relationships with marquee clients with strong growth potential. Over the span of five years, the company has given a return of 1,202 percent. Currently, shares of Coforge are trading at Rs 5,136 per share.
Happiest Minds Technologies
Happiest Minds is an IT consulting and services firm that was founded in 2011. The company works on disruptive technologies such as Artificial Intelligence, Cloud, Internet of Things (IoT), blockchain, robotics/drones, virtual reality, and other services. In September 2020, the firm was listed on the stock exchange. It's one of the most popular Indian artificial intelligence stocks.
Saksoft
Saksoft is a leading provider of information management solutions to successful companies around the world. The company is a mid-sized IT company and provides end-to-end business solutions that leverage technology and enable their clients to enhance business performance. It mainly focuses on getting transformations through efficiency, productivity, enhanced customer decisions, and service innovations by increasing the combination of AI and automation. Saksoft gives a boost to digital transformation and applies intelligent automation to solve major business problems with the assistance of modern technology like IoT, AI, machine learning, and automation. The company has delivered good profit growth of 20.1 percent compound annual growth rate (CAGR) over the last five years. Saksoft shares are trading at Rs 913 on the BSE.
Tata Elxsi
Founded in 1989, Tata Elxsi is a part of the Tata Group and performs in the midcap range in the stock market. Today, Tata Elxsi is one of the leading providers of design and technology services in various industries. These include automotive, broadcasting, communication, healthcare, and transportation. When it comes to AI, the company has had success in various fields like self-driving cars, video analytics solutions, etc.
On the financial front, the company has performed well over the last few quarters. It has had a compounded profit growth of 19 percent for the last five years. In the past five years, the stock has provided a 535 percent return compared to Nifty IT, which returned 95 percent returns to the investors.
Persistent Systems
Persistent Systems offers a secure and scalable mobile networking capability based on its cutting-edge Wave Relay MANET technology. Persistent products provide a total solution consisting of voice, video, and situational awareness to mobile users with no reliance on fixed infrastructure. Also, the company has developed machine learning and AI solutions that help companies at every stage of their AI and machine learning development. It uses AI to help companies improve and scale their operations, prioritize cases, and design platform architecture. Financially, the company has performed well. It has achieved a compounded profit growth of 10 percent and sales growth of 13 percent over the last five years. In the last five years, the stock gave returns of 462 percent. Currently, shares of Persistent Systems are trading at Rs 3,479 per share.