Artificial Intelligence in India to Grow at a CAGR of 30.8% for 2019-23:IDC
By MYBRANDBOOK
International Data Corporation (IDC) has published a new report analyzing the India Artificial Intelligence (AI) market to provide an all-inclusive view on the growing customer demand for AI in India. The report also explores the businesses’ approach across the core AI pillars including, strategy, culture, data, skills, and ethics.
Enterprises are relying on AI to maintain business continuity, transform how businesses operate, and gain competitive advantage. According to IDC's Worldwide Artificial Intelligence Spending Guide Forecast, India's AI spending will grow from US$300.7 million in 2019 to US$880.5 million in 2023 at a CAGR of 30.8%.
"COVID-19 is pushing the boundaries of organizations' AI lens. Businesses are considering investments in intelligent solutions to tackle issues associated with business continuity, labor shortage, and workspace monitoring. Organizations are now realizing that their business plans must be closely aligned with their AI strategies," says Rishu Sharma, Principal Analyst, Cloud and AI at IDC in India.
The latest report provides comprehensive coverage of the market overview including AI spending, end-user adoption plans, the business value of AI investments, and COVID-19 impact. The report also provides insights on evolving end-user plans as they progress on their approach to adopt AI. Other key highlights of the report are:
• Enterprises rely on AI to maintain business continuity, transform how businesses operate and gain competitive advantage. As per IDC's 2019 Cognitive AI Adoption Survey, almost 20% of enterprises are still devising AI strategies to explore new businesses and ventures.
• As per IDC's 2020 COVID-19 Impact Survey, Wave 7, half of India enterprises plan to increase their AI spending in 2020.
• Data trustworthiness and difficulty in selecting the right algorithm, are some of the top challenges that hold organizations back from implementing AI technology.
“The variety of industry-specific tech solutions supported by emerging technologies like 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% of the AI spending in 2019,” said Ashutosh Bisht, Senior Research Manager for IDC's Customer Insights and Analysis group. “With the fast adoption of cloud technologies in India, more than 60% of AI Applications will be migrated to cloud by 2024,” added Bisht.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
VVDN TECHNOLOGIES
PRAMA HIKVISION INDIA PRIVATE LIMITED
ADITYA INFOTECH LTD.
STERLITE TECHNOLOGIES LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
ICONS OF INDIA : S KRISHNAN
S Krishnan as the secretary for the electronics and information techno...
ICONS OF INDIA : SUNIL BHARTI MITTAL
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
PARTNER SPEAKERS
PSU
IFFCO - Indian Farmers Fertiliser Cooperative
IFFCO operates as a cooperative society owned and controlled by its fa...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
