The startup has tied up with Canadian trade body Nrich Group to market its AI products.
GeniSIGHTS, a startup founded by IIT Madras alumnus Rajesh Kumar, has launched a joint vehicle with Nrich Group, a Canadian trade body, to target the North American markets for business analytics products. Through the partnership, geniSIGHTS will get access to Canadian and North American markets, to develop Artificial Intelligence (AI) products for government and business entities.
Rajesh Kumar, MD, geniSIGHTS, said,:“The joint venture with Nrich would be the driving force for geniSIGHTS to succeed in Canada. We have formulated a clear business plan and our initial focus would be on mid-tier companies and government organisations, among others.”
Abu Becker, CEO, Nrich Group, said,:“We are confident that this joint vehicle would create a huge opportunity to create local employment in Canada and has significant revenue-generating potential for the JV.”
The market for conversational AI is huge with North America expected to hold the biggest share while the Asia Pacific region is expected to grow at the highest compound annual growth rate (CAGR) during 2019–24. Various conversational AI platforms like chatbots and voice assistants are already used by many companies for their day-to-day operations.
GeniSIGHTS, a subsidiary of IIT Madras-incubated firm Aaum, is aiming to disrupt the way in which businesses currently consume business intelligence (BI) and dashboards through its flagship product FLASH — a first-of-its-kind AI-powered dashboard with voice support to enable businesses to process big data. It understands the user’s voice commands and provides intelligence from analysing data. Parvathy Sarath, chief analytics officer, geniSIGHTS, said,“We have seen a lot of traction for AI products in the Canadian and North American markets before. FLASH is first of its kind AI-powered dashboard with voice support from geniSIGHTS. With this collaboration, we are confident that we will be able to create a wonderful synergy between both the markets.”
Markets andMarkets, an US-based market research company forecasts the global conversational AI market to grow from $ 4.2 billion in 2019 to $ 15.7 billion by 2024, at a CAGR of 30.2% during the forecast period (2019–2024). Worldwide revenues for BI and Big Data is expected to grow from $ 130.1 billion in 2016 to more than $ 203 billion in 2020, an increase of more than 50%, according to International Data Corporation.