![Surge in AI Spending by Indian Enterprises in 2024 Surge in AI Spending by Indian Enterprises in 2024](https://varindia.com/public/index.php/storage/news/uploads/2018/02/65a24125398e1.webp)
A 68% surge in AI spending by Indian enterprises in 2024 is significant and indicates a strong acceleration in the adoption of AI technologies across various sectors.
The Indian enterprises are set to ramp up their AI spending in 2024, driven by successful AI projects and the realization of noticeable benefits. With this the enterprises are benefiting from actionable insights and improved decision-making with 81%, improved customer interactions with 75%, and better forecasts of market demand with 72%.
AI & ML solutions are widely used in bolstering cybersecurity, innovating customer engagement, and creating tailored products and services. However, the adoption of AI is throwing up significant hurdles, including selection of right technologies (46%), identifying suitable use cases (44%), and getting data to train AI models (41%),as per CIO & Leader survey.
The survey revealed that the versatility of AI is prompting businesses to explore diverse applications in the context of business operations, driving growing interest in using AI.
The report uncovers that, the marked increase in AI spending reflects a fundamental shift in enterprise technology investment strategies. It highlights the growing realization of the transformative impact of AI on business operations and its tangible benefits.
The survey underscores the substantial enhancement of AI capabilities, driven by increased availability of data and cloud-enabled processing power. The availability of large volumes of data, multiple AI platforms and cloud-based resources, a growing skill base, and accelerating technological advancements are coming together to lower barriers to trial and adoption.
More than half of the respondents also cited the challenge of selecting the correct technology as a significant barrier to scaling AI deployments. Additionally, 54% of participants are concerned about protecting AI systems from cyber threats, particularly in critical applications. Ensuring AI's compliance with emerging regulatory standards is another significant concern that was highlighted by nearly half of the survey participants.
Moving ahead, this aligns with the global trend of increasing investment in AI, driven by its potential to improve efficiency, optimize operations, and gain a competitive edge.
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