New Delhi, May 26 : Indiaâ??s artificial intelligence (AI) market is expected to surge more than 50-fold 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 AI-enabled workforces, demographic shifts, energy security, climate risks and changing global economic dynamics are reshaping office market strategies globally.

India 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 said.

It further showed that India adds 2-3 million STEM graduates annually, accounting for nearly one-third of the global skilled talent pool.

With a median age of around 29 years and a population exceeding 1.4 billion, the nation is well positioned to benefit from its demographic advantage as developed economies face shrinking talent pools.

Moreover, major cities such as Bengaluru, Hyderabad, Delhi-NCR, Chennai, Mumbai and Pune rank among the top technology talent acquisition markets in the APAC region.

â??India 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 pool,â?? said Arpit Mehrotra, Managing Director, Office Services, India, Colliers.

The 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 country.

On the sustainability front, Colliers said green-certified buildings currently account for nearly two-thirds of Indiaâ??s Grade A office stock.

In 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