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Report: AI is no longer a fringe technology in India

According to a recent analysis by Bain & Company, 80 percent of the businesses examined now have at least one AI model in use, proving that artificial intelligence is no longer a cutting-edge technology in India.

The paper, titled From Buzz to Reality: The Accelerating Pace of AI in India, is based on a survey of close to 150 providers and 350 businesses. It will be released on Tuesday.

Microsoft and the Internet and Mobile Association of India have worked together on this (IAMAI). As opposed to 56 percent of their global counterparts, technology solution providers in India are the ones driving AI adoption, with 64 percent of their solutions incorporating AI/ML as a core component. However, only a few use cases have been implemented by most enterprises, who are still in the early phases of adopting AI.

Indian companies are now substantially more interested in using AI to boost business outcomes. However, there is a lot of hype and hyperbole surrounding what exactly qualifies as artificial intelligence. According to the report, businesses aren't bashful about making AI claims about systems that are, at most, rules-based.

Although it can be difficult to attribute value to AI because it is incorporated into software, 85% of executives from early adopters believe it has generated significant value. Value addition is constantly high, especially in more established firms. For instance, personalisation has helped D2C companies increase conversion rates by 2 to 3 percent and pharmaceutical manufacturing companies cut reject rates by up to 20 percent. Players in the fintech industry have succeeded in reducing fraudulent transactions by up to 40%. These businesses invest between 0.4 and 0.7 percent of their revenues in AI/ML and see a ROI of up to two to four times, according to Sudheer Narayan, partner at Bain & Company and co-author of the report.

Key conclusions

The fastest-growing industries for AI adoption for businesses include those in communication, over-the-top (OTT), and gaming (55%) as well as technology (48%) and financial services (39 percent ). In the CPG, retail, and financial services industries, more than 90% of organisations with a digital heritage have adopted AI/ML.


India, which makes just 1% of the worldwide market, is among the top three contributors in the world despite producing 16% of the global talent pool for AI. The quantity of talent in India will only increase, but there will be a clear separation between data engineers, data scientists, and product managers.

In the upcoming years, there is anticipated to be less reliance on cloud platforms for pre-built models and packaged solutions (from 36% of AI feature/use cases in 2019 to a projected 29% in 2023).

87 percent of businesses anticipate raising annual AI spending by above 10 percent.

In the next three years, 94 percent of AI researchers and adopters anticipate that the share of AI/ML-based applications will rise.





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