Indian Companies Opt for AI & ML, Eyeing 85 Percent Growth

Bengaluru, India – A recent report has revealed that over 63 percent of Indian enterprises will invest on Artificial Intelligence (AI) and Machine Learning (ML) to automate business in 2024, representing an increase of 85 percent in AI investments as compared to the year 2023. According to Automation Anywhere, a world leader in software, 33 percent of these organizations have already adopted Generative AI to support growth and modernization of their businesses.

Ankur Kothari, Co-founder and COO, Automation Anywhere, stresses the importance of intelligent automation, including AI and Generative AI in dealing with the huge productivity challenge the global community faces at large. While it is generally acknowledged that AI has tremendous potential for Indian companies, there are issues that need to be addressed. Most notably, 39 percent mention data challenges and regulatory and ethical concerns as main barriers.

In addition, nearly half of respondents state challenges relating to technological complications as well as data security when adopting AI. Nevertheless, nearly one-third believe strongly that they are capable of instituting strong protective measures against possible risks. More and more organizations are increasing their investments in automation and AI/ML, targeting Generative AI to discover new use cases and increase business results.

Satyen Makhija, Partner and Head - Automation and Platforms, KPMG, highlights the move away from automating rule-based volume transactions and towards the provision of real-time business intelligence to support a company’s strategies. More than 80 percent of Indian organizations are also expected to determine intelligent automation success using return on investment and customer / employee satisfaction metrics. Nearly two-thirds are seeking industry-specific intelligent automation to address their unique needs.

Image Source: Magic Wand Media

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