India's AI Spending To Grow At 30.8% CAGR To Nearly Rs 6,490.6 Cr In 2023: IDC By CIOReviewIndia Team

India's AI Spending To Grow At 30.8% CAGR To Nearly Rs 6,490.6 Cr In 2023: IDC

CIOReviewIndia Team | Wednesday, 30 September 2020, 13:24 IST

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India's AI Spending Artificial Intelligence in India will be reaching Rs. 6,490.6 crore with a CAGR of 30.8 percent rate as per the research firm IDC.

IDC's Worldwide Artificial Intelligence Spending Guide Forecast said, "Enterprises are relying on AI to maintain business continuity, transform how businesses operate and gain competitive advantage. India's AI spending will grow from $300.7 million in 2019 to $880.5 million in 2023 at a CAGR (Compound annual growth rate) of 30.8 percent.”

Rishu Sharma, Principal Analyst (Cloud and AI), IDC, said, “COVID-19 is pushing the boundaries of organisations' AI lens. Businesses are considering investments in intelligent solutions to tackle issues associated with business continuity, labor shortage, and workspace monitoring. Organisations are now realising that their business plans must be closely aligned with their AI strategies," Sharma added.

IDC report stated, “The variety of industry-specific tech solutions supported by emerging technologies like Internet of Things (IoT), Robotics, Blockchain, etc. are getting powered by complex AI algorithms and are cloud-enabled to reach their max potential.

Ashutosh Bisht, Senior Research Manager, IDC, “In India, BFSI and manufacturing verticals are the two biggest spenders of AI across different use cases making almost 37% of the AI spending in 2019. With the fast adoption of cloud technologies in India, more than 60% of AI applications will be migrated to the cloud by 2024.”

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