Indian companies will spend more money on artificial intelligence (AI) technology adoption for the coming one and half years, states Intel India Report commissioned along with IDC.
Interacting with media while releasing the report, Intel India Managing Director, Sales and Marketing Group Prakash Mallya said the challenges that AI can address and the roadblocks in implementation are vague.
"This research is a small step towards comprehending this knowledge, and enabling companies such as ours, shape strategy and move ahead in the right direction," he said.
According to the report, nearly 75% of the firms anticipate benefits in business process efficiency and employee productivity with the use of AI. As part of the survey, Intel India and IDC surveyed 194 Indian organisations across sectors.
The Intel India finds big opportunities of AI in telecommunications, media, and technology (TMT), and banking, financial services & insurance (BFSI), retail and manufacturing.
"And 64% of the respondents believe that this technology can empower them in revenue augmentation through better targeting of offers and improved sales processes," states the report.
TMT industry emerges as the top early adopter for AI, with a current adoption rate of 37.5%. Retail, services, and healthcare expected to lead AI adoption in 2019, with an expected adoption rate of 74%.
Intel currently powers 97% of data centre servers running AI workloads worldwide, and has been strategically investing in the development of the ecosystem in India to propel ideation and innovative application of AI.
"Intel already has both hardware and software platforms for building AI applications. When you combine that with democratizing AI through developer education and deep industry collaborations, there is a huge opportunity for us to lead the transformations in India," he said.
Indian enterprises have been quick to adopt AI in the recent past, with nearly 1 in 5 organisations (22.2%) across the four verticals surveyed implementing the technology in some way.
This number is anticipated to soar considerably by mid-2019 with nearly 7 in 10 firms (68.6%) anticipated to deploy AI, indicating that the technology will reach mainstream adoption.
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