AI spending in India to grow to USD 880.5 million by 2023

Share on facebook
Share on google
Share on twitter
Share on linkedin
Time to Read: 2 minutes

"Enterprises are relying on AI to maintain business continuity, transform how businesses operate and gain competitive advantage. India's AI spending will grow from USD 300.7 million in 2019 to USD 880.5 million in 2023 at a CAGR (Compound annual growth rate) of 30.8 per cent," as per IDC's Worldwide Artificial Intelligence Spending Guide Forecast.

India’s AI (artificial intelligence) spending is expected to grow at a CAGR of 30.8 per cent to touch USD 880.5 million (around Rs 6,490.6 cr) in 2023, research firm IDC said on Wednesday.

Rishu Sharma, Principal Analyst (Cloud and AI) at IDC in India, said COVID-19 is pushing the boundaries of organisations’ AI lens.

“Businesses are considering investments in intelligent solutions to tackle issues associated with business continuity, labor shortage, and workspace monitoring. Organisations are now realising that their business plans must be closely aligned with their AI strategies,” Sharma added.

The report cited IDC’s 2019 Cognitive AI Adoption Survey to state that almost 20 per cent of enterprises are still devising AI strategies to explore new businesses and ventures.

Data trustworthiness and difficulty in selecting the right algorithm are some of the top challenges that hold organisations back from implementing AI technology.

“The variety of industry-specific tech solutions supported by emerging technologies like Internet of Things (IoT), Robotics, Blockchain, etc. are getting powered by complex AI algorithms and are cloud-enabled to reach their max potential.

“In India, BFSI and manufacturing verticals are the two biggest spenders of AI across different use cases making almost 37 per cent of the AI spending in 2019,” Ashutosh Bisht, Senior Research Manager for IDC’s Customer Insights and Analysis group, said.

He added that with the fast adoption of cloud technologies in India, more than 60 per cent of AI applications will be migrated to the cloud by 2024.

Related Article  India The First Country To Implement Faceless Tax Assessment Using AI

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.xtechalpha.com.)

RSS Latest Technology News

  • Spacefarer Ariana Grande outfit now available in Fortnite October 22, 2021
    Fortnite's collaboration with pop star Ariana Grande continues with yet another outfit inspired by her being added to the game today. Available in the Fortnite store today is Spacefarer Ariana Grande, a distinctly different skin to the Ariana Grande ...
    Ryan Galloway
  • Twitter is finally letting everyone create Spaces October 21, 2021
    The Spaces team sent out a tweet to announce the change, noting that users on both Android and iOS will now be able to host Spaces. It also offers a GIF that briefly refreshes users on how to host a Space, in case you've forgotten after all these months.
    Emma Roth
  • Microsoft fixes Windows 11 AMD CPU performance issues with new update October 21, 2021
    This new Windows 11 update also includes a large amount of fixes, including one to solve an issue that prevents the Start menu from opening after your OS upgrade, and fixes to input delays for certain Bluetooth mice and keyboards. You can find the full ...
    Tom Warren

SUBSCRIBE FOR XTECHALPHA NEWS AND RECEIVE WEEKLY UPDATES

Follow Us

AI spending in India to grow to USD 880.5 million by 2023

by NK Time to Read: 1 min
0
AI Tool to Reshape Treatment by Predicting Cell Behaviors
Get to know the latest updates on exponential technologies, new age industry segments with our weekly XTechalpha Xclusive newsletter straight in your mailbox.