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India Becomes World’s Largest Market for AI and LLM Adoption: BofA Report
AI: The use of artificial intelligence is rapidly increasing in the country, and India has now become the world's largest AI market. According to a report by BofA Securities, India ranks first in the adoption of Large Language Model (LLM) platforms.
The AI bug has started spreading at a fast rate in India. Recently, a report has been generated by the foreign brokerage house BofA Securities. According to this report, currently, it has become the largest market in the world in terms of acquisition rate of the Large Language Model. Because of platforms such as ChatGPT, Gemini, and Perplexity, this has happened.
'Test Bed' for AI: According to the report, India has turned out to be the 'best test bed' for 'Agency AI' applications. 'Agency AI' applications are the ones that not only respond to queries but are also able to reason and perform tasks on their own.
ChatGPT is the leading LLM solutions provider in the Indian market. It has about 145 million regularly active users. Google's Gemini is the second most popular solution with 105 million regularly active users. According to reports, approximately 65 million Indians use OpenAI's ChatGPT daily, while 15 million people use Gemini.
Surprisingly, these global platforms derive a large portion of their user base from India. 38% of its total monthly users come from India. 30% of its monthly users are Indians. 16% of its global base comes from India. Several key reasons have been cited for India becoming the world's largest AI market.
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Jio is offering its users a free subscription to the Google Gemini Pro plan for 18 months. Airtel is also offering Perplexity subscriptions with bundled packs. These offers have led to a significant surge in downloads. Data is extremely cheap in India. Users can consume over 20GB of data for just around ₹160-₹170 per month.
This expansion is beneficial for consumers to increase productivity and learning. However, the report also raises concerns for domestic startups. BofA Securities says that just as Facebook and YouTube captured the market during the social media era, global AI companies could dominate the market before local Indian startups can even scale. Global companies have the advantage of vast data and network access, which could give them an edge over Indian startups in offering agentic AI solutions tailored to local needs.
