India’s AI market is expected to see a major boom and is projected to grow to $17 billion (roughly Rs. 1,41,640 crore) by 2027.
QX Labs AI launched its GenAI Platform in Dubai Last Year
Photo Credit: Ask QX
Artificial intelligence (AI) is one of the biggest buzzwords of 2024, with companies around the world racing to integrate the technology into their products. In terms of emerging as a hotspot for activities-related to AI, India can be considered on par with the US, according to Generative AI (GenAI) firm QX Lab AI. Co-founded by a team of Indian ‘technepreneurs', QX Lab AI is set to compete with Google's Gemini and OpenAI's ChatGPT services with GenAI capabilities. In a recent conversation with Gadgets360, the UAE-based company said up until now only the US was seen as a hub for tech innovation and trials but this trend has started to change.
A QX Lab AI team is set to demonstrate Ask QX, the firm's GenAI platform that is said to be 'neurologically' trained, at the upcoming Gen AI Summit 2024 in Bengaluru.
“For any new technology the United States has always led the way in terms of incubation. However, if we look at deploying the solutions to cover the mass audience, I feel India is the place to go as its population (compared to US' citizenry of around 300 million) is much larger and is also tech savvy," Tilakraj Parmar, Co-Founder and Chief Executive Officer, QX Lab AI told Gadgets360.
India's AI market is projected to see a major boom, especially in the next three years. A recent report by Boston Consultancy Group (BCG) and industry watchdog Nasscom estimates that India's AI market is projected to reach $17 billion (roughly Rs. 1,41,640 crore) by 2027. Healthcare, cybersecurity, logistics, education, and automation are among top sectors that will reap benefits of the growth of the AI sector.
Earlier last month, the company unveiled Ask QX — a generative AI platform that is claimed to be ‘neurologically trained,' and generates real time responses to questions in over a hundred languages. “Neural network algorithms, such as those found in GenAI [platforms] hold the potential to establish connections between the brain and computers. This will improve the precision of diagnoses, and boost abilities in neuroscience,” Parmar said. He also agreed that the rapid rise of AI tech, however, raised some concerns that should be addressed as soon as possible.
Generative AI platforms like Gemini and ChatGPT for instance, have shown a remarkable progress in generating quality content in the form of images, text, and music. However, ethical concerns regarding issues like data discrimination, privacy violations, and unauthorised access among others, linger as these services continue to be fine-tuned by their parent organisations.
As more players are entering the industry, Parmar observed, the quality and diversity of AI generated outputs could become a challenge. After all, AI is fetching all of its information from the web which could lack coherence, exhibit biases, or fail to capture the complexity and nuances of human creativity.
“Human feedback is very important to avoid biases and improving the performance,” Parmar said, while advising sector players to adopt a quick problem-solving approach while facing growth hurdles. “For effective training of the data models, heterogeneous datasets are also important,” he added.
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