Tech Revolutionizing Emerging Markets!
We, as consumers in emerging markets, are witnessing the emergence of Artificial Intelligence (AI) as a powerful force capable of revolutionizing various industries worldwide. Among its numerous applications, one area that holds great promise and potential impact is its ability to empower us.
In countries like India, Bangladesh and across the African continent, AI is opening the door to greater access, affordability and convenience to essential services, improving the quality of life for millions of people. It’s time to learn how AI can help us.
Michael Puscar, an entrepreneur, venture capitalist and published data scientist who has founded companies such as Yuxi Pacific, GITP Ventures, Oiga Technologies and NPCx, says the barriers to adoption of AI technology are now gone.
“You don’t have to be a data scientist, an engineer, or even a programmer anymore. It’s 1997 again; but instead of the Internet, the technology that’s changing the industry is artificial intelligence. The adoption of this technology is a gold rush in all industries, from virtual travel agencies to wine recommendation machines, from customer service to accounting, he says.
India pioneered the service economy in the 1990s through outsourcing, but now artificial intelligence is putting this industry at risk. Although India’s AI market is half the size of China’s, according to a GlobalData study, India’s market is growing faster than China’s. In fact, the AI market size in India was estimated to be US$ 672.11 million in 2022, and AI spending in India is expected to reach US$ 11.78 billion by 2025 and add US$ 1 trillion to the Indian economy by 2035, according to a report by the World Economic Forum. The country is ready to move from outsourcing to artificial intelligence.
“Indian companies have an in-depth understanding of the manual and repetitive tasks that are usually associated with an outsourced project, and this means that the same companies have a unique competitive advantage in automating these processes through AI,” adds Puscar.
But the clock is indeed ticking, he says.
“Just like the Internet boom of the 1990s that created Google (1998), Amazon (1994), eBay (1995) and PayPal (1998), thousands of entrepreneurs are creating successful businesses based on AI technology, and a few hundred are building multi-billion dollar companies. And just like the ’90s boom, this opportunity won’t last forever. The time is now, he says.
Access to Financial Services
One of the significant challenges in developing markets has been the limited availability of traditional banking and financial services. Millions of people in these regions are still unbanked or underbanked, but AI is rapidly changing this landscape. Fintech companies use artificial intelligence algorithms to assess credit risk, allowing those without traditional credit histories to access loans and financial services.
In October, KPMG India and Vianai Systems, a human-centric AI (H+AI™) platform and products company, committed to bring trusted, conversational AI directly into the hands of financial users through Vianai’s Hila Enterprise.
“Putting the power of AI in the hands of finance users is a fundamental step towards bringing AI to all business-critical functions. Finance departments and teams need to be transparent about their work and deliver transparency to the outside world – fast,” says Dr. Sanjay Rajagopalan, director of engineering and strategy, Vianai Systems.
Chatbots and mobile applications powered by artificial intelligence help people manage finances and payments securely. In countries like India, where the government has promoted digital payment systems, AI-based financial instruments have played a crucial role in promoting financial inclusion.
Agriculture and food security
Agriculture remains a critical sector in many emerging markets, providing livelihoods for a significant portion of the population. Artificial intelligence-powered solutions have introduced innovations that improve farming practices and increase food security.
AI algorithms can predict crop diseases, recommend optimal planting times, and monitor weather conditions, allowing farmers to increase yields and make more informed decisions. In Africa, for example, AI-powered mobile apps have become valuable tools for smallholder farmers, providing access to agricultural information and market prices. India is seeing several efforts in this regard.
Recently, Indian grain trading platform Arya.ag along with Bioseed launched a satellite monitoring product, Prakshep, combined with the power of VaMa AI to up the game in farm monitoring and data-based decision making. Sreekanth Chundi, executive director and business director of Shriram Bioseed Genetics, says artificial intelligence and agriculture “promise a more informed future for Indian farmers”.
“Physical monitoring is often time-consuming and expensive, and human impartiality is also a challenge,” he adds.
Similarly, Leads Connect Services, an AgTech data, risk management and financial services company, and Ensured, an AI-based platform-as-a-service (PaaS) security technology provider in India, agreed to form a strategic joint venture (JV). ) leverages technology, data analytics and industry insights to improve the financial sustainability of farmers and agribusinesses by developing customized insurance products that help improve risk management.
Healthcare and telemedicine
Access to high-quality healthcare has long been a concern in developing markets. Artificial intelligence is stepping in to bridge this gap by enabling telemedicine and telehealth services.
“I am deeply disappointed that universal access to quality healthcare will still be lacking worldwide in 2023. But advances in healthcare through artificial intelligence will soon change this. For example, I participated in a project where using artificial intelligence and pattern recognition it was possible to detect septic shock an hour before it occurs. Thus, artificial intelligence technology will increase the standard of living by detecting diseases before they appear,” says Puscar.
Artificial intelligence algorithms are used to diagnose diseases, interpret medical images and even predict disease outbreaks. AI-powered telemedicine platforms allow patients in remote areas to consult with healthcare professionals and receive medical advice, reducing barriers to healthcare access.
Recently, Xume, an Indian AI-powered grocery scoring and recommendation platform, partnered with Microbiome.in, a research platform in the field of gut microbiome, and TruDiagno, a diagnostics company. The trio aims to provide individuals with a personalized in-depth diagnosis that translates this information into actionable real-time intelligence. The idea is to empower individuals to make informed choices based on the status of their gut microbiome and key diagnostic markers.
“We’re all unique, so how can a blanket solution stuck in limitations be the answer to good health? Imagine the power of understanding our microbiome and diagnostic markers to advance functional intelligence, where the answer isn’t giving up our favorite foods, but simply making better choices based on what our gut and body are telling us. This is the future of health and wellness,” says Akshaye Jalan, founder and CEO of Xume.
Also, Molbio Diagnostics, a company in the field of portable testing equipment, has partnered with SigTuple, a MedTech startup in artificial intelligence diagnostics, to build in-use portable devices for many routine but critical diagnostic tests. These devices allow testing to be done at the point of care—a doctor’s office, a public health center, or a hospital emergency room—without the need to send samples to central laboratories.
Training and language support
Quality education is critical to economic and social development, but many in emerging markets face challenges such as language barriers. AI helps by providing language translation and training support. AI-based language translation apps help students learn and understand foreign languages, opening up opportunities for global collaboration and skill development. In addition, artificial intelligence-based educational platforms offer individual learning experiences that adapt to the individual needs of students and make education easier and more efficient.
“Artificial intelligence is the first technology since the advent of the Internet that can truly create equity in education. Of course, poverty means fewer educational opportunities. But while the Internet has brought vast amounts of information to those who otherwise couldn’t have bought an encyclopedia or found a textbook, companies are using AI to improve the quality of education and personalize it for individuals. Soon, the one-size-fits-all 300-student lecture hall will be replaced by individualized learning, which will offer unprecedented opportunities,” predicts Puscar.
Strength for the layman
On Monday, November 6, Sam Altman hosted OpenAI’s first Dev Day event, where he presented how AI technology is accessible to everyone and how it will impact the lives of every person on the planet. He said that more than 100 million people now use GPT weekly, and more than two million people use their API.
Puscar says what he found compelling about the event was that it demonstrated the power of AI in lay hands.
“It shows how a layman can easily train what I call an ‘agent’ – a chatbot that can be trained using images and documents. He showed how you can take a diary or papers written by someone or transcripts of their conversations and easily have a conversation with an AI that responds in the same eerie way,” he says.
Challenges & Considerations
Artificial intelligence holds enormous promise for consumers in emerging markets, but it also brings challenges. Privacy, data security and ethical considerations are today’s concerns. Infrastructure development is also needed so that artificial intelligence-based solutions work even in the most remote areas.
Artificial intelligence is changing the lives of consumers in emerging markets like India. Artificial intelligence has enormous potential to empower individuals, improve access to essential services, and improve the overall quality of life. As governments, companies and organizations continue to invest in AI solutions, we can expect even more significant positive changes in these areas in the coming years. With the right strategies, AI can help bridge the gap between developed and developing markets and create a fairer and more prosperous world.
Navanwita Sachdev is the editor of The Tech Panda.
