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

New Delhi, June 28 (TIWN) Nearly 87 per cent of enterprises in India are likely to increase annual artificial intelligence (AI) spending by more than 10 per cent in the next three years, a new report showed on Tuesday.

Approximately 80 per cent of enterprises in the country have at least one AI model in production, indicating an extensive penetration of AI/machine learning (ML) across enterprises.     Within providers, too, 64 per cent have AI/ML as a core element for many of their products, as against 56 per cent of their global counterparts, according to the report by Bain & Company's, in collaboration with Microsoft and the Internet and Mobile Association of India (IAMAI).  "While the availability of data and cloud-based infrastructure have aided AI adoption, concerns related to data security, infrastructure, and management continue to be the most significant barriers for enterprises," said Velu Sinha, Partner, Bain & Company and co-author of the report.

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