Recap of the Year 2024: AI, Gen AI, BI & Data Analytics Industry
We recap the year 2024 in retrospective looking at how the AI, Gen AI, Data Analytics & BI Industry panned out last year. The key pointers & takeaways are taken from published research and articles from renowned market research and consulting firms globally and in India.
- According to a report by Allied Market Research, the business analytics software market was valued at approximately $177 billion in 2024, underlining its growing importance for organizations seeking data-driven solutions and strategies to enhance business operations.
- According to a report by Gartner, Generative AI adoption levels vary across organizations, with data analysis and prediction being the top use cases. While 60% of organizations report using generative AI solutions beyond ChatGPT for specific applications, only 12% use the technology extensively, and 48% use it to a limited extent.
- According to a report by NASSCOM, India Tech Industry Digital Talent Demand and Supply Analysis 2024 reveals that Hyderabad holds the fourth position in India’s digital tech talent pool, with Bengaluru leading at 25-26%. However, sectors like AI, Big Data Analytics, and IoT continue to face a significant demand-supply gap, exceeding 50%.
- According to a report by Analytics India Magazine, the leading programming languages on GitHub in 2024 were JavaScript, Python, and TypeScript, showcasing their continued dominance in the software development community. The top 10 AI and machine learning tools reshaping industries in 2024 include GPT-4 (redefining NLP), TensorFlow 3.0 (deep learning), and PyTorch Lightning (AI development). The top AI tools and generative AI products in 2024 included Code Whisperer, Google Cloud’s Duet AI, Salesforce Einstein GPT, and Amazon Bedrock, all of which are transforming AI capabilities across various sectors.
- According to a report by Software Development Times, 2024 marked a profound integration of AI across industries, with ChatGPT reaching over 100 million users. Major tech companies like Microsoft and Google incorporated generative AI into products like Bing, Google Bard, and Amazon Bedrock.
- According to a report by Forbes, AI-powered tools such as deep learning and machine learning continue to drive productivity and efficiency in businesses. 48% of businesses are optimizing AI for machine learning, data analysis, and other applications to improve performance.
- According to a report by IBM, Indian and Chinese companies are leading AI adoption, with India’s AI market reaching $680 million in 2024, highlighting the growing role of AI in the global business landscape.
- According to a report by Statista, Statista published data-driven statistics on AI’s global impact, showing a dramatic rise in AI adoption worldwide. The report highlighted AI’s growing influence on global economies, with increased investments and widespread application across sectors.
- According to a report by Business Insider Intelligence, Business Insider Intelligence predicted significant growth in AI adoption, particularly in emerging markets. The report covered how AI is becoming a major enabler for businesses in these regions, fostering innovation, optimizing processes, and supporting economic growth.
- According to a report by the World Economic Forum, 3 in 5 organizations believe that big data and analytics skills are becoming increasingly important in the evolving business landscape, highlighting the critical role of data expertise in modern business operations.
