94% of Indian firms using GenAI in at least 1 function, highest globally: Report

Most of the Indian enterprises (94%) are now using generative AI (GenAI) in at least one function, the highest percentage globally across 19 countries surveyed, according to a report on Monday. 

However, only 24% of Indian respondents believe their GenAI applications are production-ready as respondents across Asia-Pacific cite key hurdles including cost (40%), skills (38%), governance (38%) and quality (33%), found the report by AI company Databricks.

More than seven in 10 Indian respondents see AI as crucial to their long-term goals. Despite the momentum, only 29% believe investment across technical and non-technical domains is sufficient.

By 2027, 100% of all Indian respondents expect GenAI adoption across both internal and external use cases.

“As businesses in India rapidly adopt AI, they are setting a new benchmark for integrating data-driven solutions tailored to the customers’ unique needs,” said Anil Bhasin, Vice President and Country Manager for Databricks India.

The report “reinforces the importance of data intelligence and highlights that industry leaders will be those who take a holistic approach, focusing on robust data management, governance, and specialised expertise,” he added.

The AI market of India is growing at a CAGR of 25-35% and is expected to reach $17 billion by 2027, according to a recent Nasscom-BCG report.

While more companies are investing in AI than ever before, struggles related to delivering business-specific, highly accurate, and well-governed results at a reasonable cost are preventing organisations from scaling their AI efforts and achieving more transformational results.

According to 86% of Indian respondents, within the next three years, natural language will be the primary or only way non-technical staff will interact with complex datasets.

Notably, organisations are also using AI to improve customer service, fraud detection, and patient care, among the many other use cases, highlighting the long-term potential of the technology to accelerate overall business success, said the report.

(This story was taken from a syndicated feed and was only edited for style by Gujarat Samachar Digital team)