UTF8QIndiaÃââsAImarketmaycross500b UTF8QillionreshapeofficedemandReport

New Delhi May 26 Indiaâs artificial intelligence AI market is expected to surge more than 50fold from over 9 billion currently to upwards of 500 billion in the coming decades positioning the country as a major driver of office demand and workplace transformation in the Asia Pacific region according to a report released on Tuesday The report by Colliers India highlighted that AIenabled workforces demographic shifts energy security climate risks and changing global economic dynamics are reshaping office market strategies globallyIndia is emerging as a key AI and talent hub due to rapid digitalisation rising adoption of AI technologies strong government support and a large skilled workforce it saidIt further showed that India adds 23 million STEM graduates annually accounting for nearly onethird of the global skilled talent poolWith a median age of around 29 years and a population exceeding 14 billion the nation is well positioned to benefit from its demographic advantage as developed economies face shrinking talent poolsMoreover major cities such as Bengaluru Hyderabad DelhiNCR Chennai Mumbai and Pune rank among the top technology talent acquisition markets in the APAC regionâIndia will continue to remain a preferred destination for global firms owing to competitive rentals relatively lower cost of living and availability of a large and relatively younger talent poolâ said Arpit Mehrotra Managing Director Office Services India ColliersThe report noted that the continued expansion of global capability centres GCCs especially in areas such as artificial intelligence machine learning engineering and cloud computing is expected to further strengthen office leasing demand in the countryOn the sustainability front Colliers said greencertified buildings currently account for nearly twothirds of Indiaâs Grade A office stockIn addition the country has more than 420 million square feet of Grade A office buildings that are over 10 years old and hold retrofitting potential representing an investment opportunity of over 5 billion the report said IANS