India has adopted artificial intelligence (AI) at a rate higher than the worldwide average, according to a recent study by the Boston Consulting Group (BCG). Additionally, it stated that Indian businesses are making the most of cutting-edge AI technologies.
A study of 1,000 Chief Experience Officers (CxOs) and senior executives from more than 20 industries in 59 countries across Asia, Europe, and North America served as the basis for the report, “Where’s the Value in AI?” Up to ten significant industries were also addressed in the study.
“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.
“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.
The adoption rate of AI is 26% worldwide, with software, fintech, and finance implementing more AI-based applications in their day-to-day operations.
According to functions, only 4% of businesses worldwide have advanced AI skills that are highly valuable. According to study, 74% of businesses have not yet demonstrated measurable benefits from the use of AI, even though 22% of them have adopted an AI strategy.
The study points out that after years of funding, recruiting, and starting pilot projects, global CEOs want to see measurable results from AI technology. Realizing these technologies’ full potential is still challenging, though.
Only 26% of businesses were able to get beyond proofs of concept and provide real value, according to the survey, despite the extensive use of AI-based programs across industries.
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