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87% of Indian firms to hike their AI spend by 10% in 3 years: Report
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IANS | 28 Jun, 2022
Nearly 87 per cent of enterprises in India are likely to increase annual
artificial intelligence (AI) spending by more than 10 per cent in the
next three years, a new report showed on Tuesday.
Approximately
80 per cent of enterprises in the country have at least one AI model in
production, indicating an extensive penetration of AI/machine learning
(ML) across enterprises.
Within providers, too, 64 per cent have
AI/ML as a core element for many of their products, as against 56 per
cent of their global counterparts, according to the report by Bain &
Company's, in collaboration with Microsoft and the Internet and Mobile
Association of India (IAMAI).
"While the availability of data and
cloud-based infrastructure have aided AI adoption, concerns related to
data security, infrastructure, and management continue to be the most
significant barriers for enterprises," said Velu Sinha, Partner, Bain
& Company and co-author of the report.
The report was launched by Amitabh Kant, CEO, NITI Aayog, in the presence of top executives from the companies.
The
thrust in AI adoption for enterprises is maximum in sectors such as
communication, over-the-top (OTT) and gaming, technology, and financial
services.
Further, more than 90 per cent of the digital native
companies in consumer packaged goods (CPG) and retail and financial
services have demonstrated AI/ML adoption.
Nearly 94 per cent of
AI adopters are likely to increase the share of AI/ML-based applications
in the upcoming three years, said the report.
Cloud platforms
and internet of things (IoT) providers emerge ahead among the other
segments of providers on the 'AI Maturity Index'.
More than 80
per cent of the AI/ML features introduced by cloud platforms in India
reached production scale and exceeded the expected gains.
"AI
offers a huge canvas for enabling homegrown innovation and we have an
opportunity to make AI work at scale for India, enabling investment, job
creation and inclusion for all," said Rohini Srivathsa, National
Technology Officer, Microsoft India.
While Indian enterprises are
keen to build their AI/ML models in-house, they exhibit a preference to
buy the scale cloud infrastructure and AI work benches, which helps
them to experiment at will on an elastic compute-storage enablement, the
report mentioned.
"As the AI landscape is rapidly maturing in
India, companies need to understand how to leverage AI to drive business
value," said Dr Shubo Ray, President, IAMAI.
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