India’s big leap in AI sector! Indian companies will invest billions of dollars; The disclosure was made in the SAP report
- Indian companies plan to invest around $25.9 million in AI, with an expected growth of 45% over the next two years.
- Currently 33% of business jobs use AI and this figure could reach 51% in the next two years.
- 74% of Indian companies are satisfied with the returns from AI and 55% have appointed a dedicated head of AI.
Indian companies in artificial intelligence (AI) are moving beyond the pilot phase and increasingly focusing on value-based implementation. Also, it is emerging as a global leader in its widespread use at the enterprise level, concludes a report released by global software solutions provider SAP. According to this, India ranks second in the world in adopting a strategic approach to AI investment.
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Indian companies plan to invest an estimated $25.9 million in AI, and this investment is expected to grow by 45 percent over the next two years. The report, based on a global study conducted in partnership with Oxford Economics, collected responses from 2,600 business leaders in 13 countries, including India. According to the report, returns from ‘Agency AI’ in India are estimated to increase fivefold to reach $14.4 million. “Agency AI” means autonomous AI systems capable of making decisions, creating and executing multi-stage action plans without continuous human intervention. (Photo Courtesy – Pinterest)
Manos Raptopoulos, global president (customer success) at SAP SE, a provider of enterprise software for business operations and management, said AI has now become the backbone of the ‘autonomous enterprise’. In SAP, AI is developed based on deep industry-specific context and rich business data. It is an AI that truly understands the processes and data of a particular industry. According to the report, 71 percent of companies in India have established an AI strategy that aligns with their business objectives. Currently, approximately 33 percent of business operations use AI, which could reach 51 percent in the next two years.
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74 percent of companies are satisfied
According to the study, approximately 74 percent of companies are satisfied with the current returns from AI and consider the value it creates as a key success metric. The use of AI in various tasks and end-to-end processes is expected to more than double to 40 percent in the next two years, the report said. Additionally, 55 percent of Indian companies have appointed a dedicated head for AI adoption, the highest globally.
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