Priority of AI in the shape of India Techday
Global investments in AI have more than doubled in the last few years, from $ 36 Bn in 2020 to a high of $ 77 Bn in 2021. However the current rate of AI investments in India is growing at a CAGR of 30.8% and is poised to reach. $ 881 million By 2023, it will still represent only 2.5% of the total global AI investment of 340 billion. This creates a huge opportunity for Indian enterprises to adopt AI to accelerate investment and drive equal growth in all sectors. For India to achieve its $ 1 trillion GDP target by FY2026-2027, it needs to have a strong relationship with the maturity of adopting AI.
Debjani Ghosh, President NASSCOM “The true value of AI in this tekde emerges from the ability to transition from technology potential to technology performance,” he said. Epidemics has made the timing crucial for organizations to build specialized AI capabilities on a scale across all areas ranging from data and technology silos to structured data utilization strategies. The first AI adoption index of its kind will not only provide the necessary criteria for organizations on AI maturity but will also help in taking key structural steps to understand the potential of AI’s tangible national value. ”
With rapid digitization, Indian enterprises have already started their AI journey. Companies are moving from ‘no defined AI strategy’ and cost consideration to testing PoC and implementing limited use-cases. According to the study, 65% of organizations have an AI strategy defined at the functional or enterprise level. Although process optimization is becoming the primary driver for the adoption of AI in organizations, there is a focus on achieving customer-centric goals by taking advantage of AI as a tool for innovation and growth. Larger organizations are driving innovation with AI, helping through alignment with dedicated budgets, resources, and broader objectives.
India is a global hub for AI talent
With a growing number of STEM graduates and digital natives, India is one of the largest talent hubs for AI. India is currently the 2nd largest global hub in training and hiring AI talent. However, the rapid growth in AI applications has led to an increase in the recruitment of AI professionals. While the talent pipeline has grown over the past two years, the rapid surge in talent demand has led to a gap in supply demand. Companies increasingly rely on contract and gig models while focusing on building internal AI talent through recycling and upskilling. Institutions are also investing in research talent in specialized educational institutions. According to the study findings, 44% of businesses already have a dedicated or cross-functional AI team structure, while 25% rely entirely on outsourcing as their primary source for AI talent. It is also helping to reduce the supply gap.
Specific field-centric AI strategy key to diversifying growth
Top sectors such as BFSI, retail, healthcare, and industrial and automotive converge on overall AI maturity, but differ greatly in preferences, suggesting the need for further sector-specific AI strategies. While traditionally lagging behind in the adoption of AI, such as industrial and automotive, AI PoC-to-production, using AI for operational optimization and focusing on cloud investments, sectors such as BFSI and retail pinned expansion, transition Is. Innovation at the core of modern systems, data standardization models, and their AI initiatives to improve the customer experience and reduce operational costs using AI. However, for a data-intensive sector such as healthcare, which could benefit greatly by shifting to AI-led preventive healthcare strategies, there is a huge need for AI advocacy and RoI demonstration to realize its full potential. India’s healthcare market has grown 3X + from $ 110 billion. 2 372 billion in 2016. In 2022, driven by increased investment in cutting-edge healthcare technologies ranging from remote diagnostics to robotic surgeries and preventive healthcare analytics. The use of AI to improve healthcare systems could potentially generate 25 billion. Will add economic value to India by 2025.
Future Vision – Maturing AI in India
Indian enterprises today have set up a foundation to further embrace the public / hybrid cloud and data standard, build the world’s leading AI talent and scale up their AI initiatives with early adoption of responsible AI models. However, in order for India to generate the potential of B 500 Bn through AI and data, organizations need to move beyond the data silos to build effective data usage strategies in building blocks of data, technology stack, talent and value based effective lab-to-market. Innovation
