Active Stocks
Wed Oct 04 2023 15:59:47
  1. Tata Steel share price
  2. 125.3 -2.11%
  1. Axis Bank share price
  2. 994.4 -4.38%
  1. Power Grid Corporation Of India share price
  2. 199 -0.15%
  1. NTPC share price
  2. 235 -2.55%
  1. Tata Motors share price
  2. 613.5 -1.1%
Business News/ Ai / AI and Machine Learning set to drive India's $8 billion digital advertising industry, say experts

AI and Machine Learning set to drive India's $8 billion digital advertising industry, say experts

AI and operational machine learning are expected to transform the communication sectors, including advertising and PR. These technologies have the potential to significantly impact the Indian digital advertising industry, which is currently valued at USD 8 billion.

For representation purposes (REUTERS)Premium
For representation purposes (REUTERS)

Industry experts predict that artificial intelligence and operational machine learning will have a transformative effect on communication sectors such as advertising, public relations, and content creation, reported PTI. 

As per the report, these technologies, including generative intelligence and machine learning, are expected to significantly impact the Indian digital advertising industry, which is currently valued at approximately USD 8 billion (about â‚ą66,142 crore), as stated by Siddharth Jhawar, the General Manager of Moloco in India.

"Advertisers have long pondered the effectiveness of their ads, many relying on intuition alone. Operational machine learning, however, can revolutionise the USD 8-billion Indian digital advertising industry as it can run thousands of mini experiments to decide which ad creative appeals to which type of users," said Jhawar.

Given the diverse linguistic and cultural landscape of India, this holds particular significance, he noted.

Notably, Google has introduced advertising campaign processes and the automatic creation of ads through the utilization of Learning Language Models (LLM) and generative AI within Google Ads.

According to Dan Taylor, the Vice President of Global Ads at Google, leading companies such as Myntra, Samsung, HDFC, and Tata AIG have witnessed growth rates of up to 18 per cent through the use of Performance Max. This advertising tool incorporates Google's AI technologies for bidding, budget optimization, audience targeting, creative development, and attribution.

Jhawar also emphasized that companies have the opportunity to leverage deep neural networks, which fuel machine learning, to boost revenue using first-party data. Importantly, this can be achieved while upholding data privacy and delivering personalized experiences to customers.

Wizikey, a communication software-as-a-service provider, has introduced Imara, an AI Avatar designed for public relations and communications. Imara utilizes generative AI to analyze news data and derive valuable insights. This development is in line with the growing trend of brands incorporating generative AI in their operations, which has also sparked interest and discussions within the workforce.

Archana Jain, the Founder and Managing Director of PR Pundit, an integrated communications consultancy firm, emphasized that public relations must embrace the ongoing transformation fueled by AI. She believes that the PR industry is on the brink of experiencing further disruptions in the upcoming years.

Jain highlighted the benefits of AI in PR, stating that professionals can now analyze vast amounts of data rapidly and efficiently. This ability enables them to make well-informed decisions and develop more effective PR strategies. Additionally, AI facilitates the creation of innovative content tailored to digitally-focused target audiences. Even in fundamental tasks like media coverage tracking, AI plays a pivotal role in enhancing overall efficiency within the industry.

Google has reportedly been testing a product designed to generate news articles by processing ingested information. Positioned as a tool to assist journalists, the product was showcased to media organizations, including The New York Times, The Washington Post, and News Corp, which owns The Wall Street Journal, according to the report.

According to a McKinsey study, the implementation of AI has the most significant reported revenue impact on marketing and sales.


"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 07 Aug 2023, 09:37 AM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App