In the 2023 financial year, as reported by Development Bank of Singapore (DBS) Limited, India’s software exports reached a record high of USD $320 billion, and India’s total share in global computer services exports increased to about 11%.
This surge in software exports was primarily driven by the invigorated research and commercial interest in the development of artificial intelligence (AI)-based software, particularly in the field of computers, information technology, image processing, and telecommunications. The growth in such AI-based software production was also due to the advancement in machine learning, increased access to big data, and improvements in computing hardware.
The rising tide of AI-based software applications is profoundly transforming the landscape of technology development in the country. The capacity of algorithms to optimise and automate increasingly complex tasks has led to a surge in productivity in some traditional industries and radical disruption in others. The result of this is new industrial activity and innovation, occurring on a scale that has a direct and measurable impact on patent filings too. The following chart shows a positive trend of increased patent filings at the Indian Patent Office (IPO) for AI-related inventions. Read more