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India's adoption of AI technologies higher than global average, claims new report
According to new research by Boston Consulting Group (BCG), 30% of Indian companies are maximising value through the use of such emerging technology.
A new research by the Boston Consulting Group (BCG) pegged India's adoption of Artificial Intelligence (AI) higher than the global average. It also said Indian companies are maximising the use of emerging AI technologies.
The report, titled “Where's the Value in AI?”, was based on a survey of 1,000 Chief Experience Officers (CxOs) and senior executives from over 20 sectors, spanning 59 countries in Asia, Europe, and North America. The research also covered as many as ten major industries.
“India's swift adoption of AI is redefining its competitive edge globally, with 30 per cent of Indian companies having maximized AI's value potential--surpassing the global average of 26 per cent... With 100 per cent of companies actively experimenting with AI, India stands out for its readiness to harness AI's potential,” said Saibal Chakraborty, India Leader, Technology and Digital Advantage Practice, BCG.
Also read: Govt mulls setting up Artificial Intelligence Safety Institute
The research found that the maturity of India's AI leaders is broad-based and cut across both traditional and digital sectors. This could lead to potential value creation beyond typical tech-driven industries.
“As India's AI leaders go beyond productivity to reshape and invent new business models, India is poised to lead not only in AI adoption but in generating substantial and measurable value,” said Chakraborty.
Globally, AI adoption stands at 26%, with software, fintech and banking adopting more AI-based applications in daily operations.
Also read: AI's strategic impact in India
In terms of functions, just 4% of companies globally have developed cutting-edge AI capabilities which generate significant value. While 22% of companies have implemented an AI strategy, 74% of them are yet to show tangible value from the use of AI, according to research.
The research notes that global CEOs seek tangible returns from AI technology after years of investing, hiring talent, and launching pilot programmes. However, realising the full potential of such technologies remains difficult.
Even after the widespread implementation of AI-based programmes across industries, the report notes that only 26 per cent of companies could move beyond proofs of concept and generate tangible value.
(With ANI inputs)
