Indian enterprises have increased AI adoption and industrial products: PwC Report
- IBEF
- August 16, 2023
According to a PwC analysis titled "Towards a smarter tomorrow: Impact of AI in the post-COVID era,” Indian businesses have expanded their adoption of Artificial Intelligence (AI), industrial products, and the manufacturing sector is experiencing the highest adoption rates. In the past two years, the industrial products and manufacturing industry has witnessed the most Artificial Intelligence/Machine Learning (AI/ML) adoption.
As a result of the prospects for additional investments and growth driven by AI/ML solutions in this industry, nearly 64% of the companies questioned in the industrial products and manufacturing sector claim they are now at an early stage of their AI-based transformation path.
According to PwC, this survey was conducted with 220+ Chief Experience Officers (CXOs) and decision-makers across the Indian market in 2022-23. This was a follow-up to the survey conducted in 2020.
The report stated that trends show that the travel and hotel industry has reached a point of saturation despite notable growth in the deployment of AI with scalable impact in terms of returns. In addition, the report depicted that while the technology, media, telecom, healthcare, and pharmaceutical sectors have made consistent growth, quantifying return on investments has proven to be a difficulty, particularly in the years before and after COVID-19.
Compared to the other sectors, the retail and consumer markets have seen a decline in AI adoption due to a gap in the identification of potential use cases amidst changing market forces and consumer behaviour. The adoption/implementation of AI/ML solutions in the industrial products and manufacturing industry has increased by no more than 20% over the last two years, from mid-2020 to 2022-23.
Additionally, it stated that the travel and hospitality business is already approaching saturation as opposed to 2020. Nearly 99% of the businesses surveyed today have either adopted AI/ML at scale in at least some areas, reflecting the industry's roughly 7% rise in AI adoption.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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