87% of Indian firms to hike their AI spend by 10% in 3 years: Report

Nearly 87% of Indian firms are expected to increase their annual artificial intelligence (AI) spending by more than 10% in the next three years, and approximately 80% of the firms have at least one AI model in production, indicating an extensive penetration of AI/machine learning (ML) across enterprises.

According to a survey conducted by Bain & Company, Microsoft, and the Internet and Mobile Association of India (IAMAI), 64% of providers also use AI/ML as a core component for many of their products, compared to 56% of their global counterparts.

Furthermore, more than 90% of the digital native companies in consumer packaged goods (CPG), retail and financial services have demonstrated the adoption of AI/ML.

Share of AI/ML based applications are expected to increase by 94% in the next three years, according to the survey.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.