TED NewsDesk, New Delhi: A survey conducted by International Data Corporation (IDC) reported on Wednesday that India splurge on Artificial Intelligence would witness a rise in its cost in the coming years. The expenditure is likely to increase to $880.5 million in 2023 as recorded by IDC. Till 2019, the estimated expense on AI was $300.7 million.
Keeping the Coronavirus outbreak in hindsight, almost 50% of Indian ventures are looking forward to expanding their expenses on AI according to the reports of COVID-19 Impact Survey 2020 laid out by IDC. These enterprises still face a lot of statistical challenges which holds them from enforcing AI technology. A new report ‘India Artificial Intelligence Market, 2020’, confirms that these enterprises lack data authenticity or the ability to choose the apt algorithm. Further, the survey reveals that they are focusing on enhancing specific marketing technicalities on the grounds of which AI stands. These pillars include culture, skills, data, ethics and strategy.
Rishu Sharma, Principal Analyst, Cloud and AI at IDC India said, “COVID-19 is pushing the boundaries of organisations’ AI lens. Businesses are considering investments in intelligent solutions to tackle issues associated with about the impacts of pandemic on these ventures.”
“Organisations are now realising that their business plans must be closely aligned with their AI strategies.“, Sharma added.
A recent report outlines the advancement in end-user strategies and their willingness to harbour AI. It further synopsizes COVID-19 impact, AI spending, the business value of AI investments and end-user adoption plans.
“The variety of industry-specific tech solutions supported by emerging technologies like Internet of Things, robotics, Blockchain, etc. are getting powered by complex AI algorithms and are cloud-enabled to reach their max potential.“, said Ashutosh Bisht, Senior Research Manager, Customer Insights and Analysis Group, IDC.
“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“, Bisht added.
The Artificial Intelligence in India includes all those firms which facilitate AI services under the Indian boundaries. However, lack of quality space for experimentation, workforce and reliable data are determinedly some challenging phases hindering the development of AI in the country.