Overview of the artificial intelligence use cases and investments made by different verticals in 2020 in India.
Enterprises across industries in India are using AI technologies to move forward. Most organizations in India have started using AI in combination with Internet of Things (IoT) and cloud to solve a market need. The COVID-19 pandemic acts as an accelerator in the increased adoption of AI among India enterprises.
In a recently released IDC report, Demystifying Artificial Intelligence: How Far Are Indian Enterprises in Their Artificial Intelligence Adoption Journey? AI use cases have gained momentum in India driven by the need to ensure speed of new product development, facilitate better customer experience, improve higher employee productivity, and achieve high competitiveness in the market.
This study reviews how organisations across verticals adopt AI for different use cases, the business risk associated with AI adoption, opportunities, challenges, and considerations for vendors to deliver an effective AI experience to the end-user.
Indian organisations are leveraging AI to help them with real-time analysis, providing enhanced experiences, and automation. With AI that supports innovations at scale, delivers enhanced customer experience and improves operational efficiency, organizations will continue to find ways to gain more value from their data and improve overall customer experience.
“According to IDC’s FERS Survey Wave 1, 62 per cent of organisations in India have plans to increase their AI/ML spend. For 2020, automated customer service agent is the top AI use case, and we are also witnessing other use cases like fraud analysis and investigation, IT automation, recommendation system, and diagnosis and treatment gain momentum,” said Rishu Sharma, principal analyst, Cloud and AI at IDC India.
The COVID-19 pandemic has accelerated the adoption of intelligent technologies across organisations in India. Businesses today look to develop resiliency through technologies that can help them prepare better for future uncertainties. Increasingly, the need for businesses to collect, process, and leverage data for real-time decisions has resulted in businesses’ AI adoption.
“To combat the rising impact of COVID-19 pandemic, organisations have started to re-think their business strategies and move towards intelligent technology adoption. COVID-19 has fuelled Indian organizations to accelerate digitization and move beyond AI pilot phase, and start leveraging AI for multiple business functions,” said Swapnil Shende senior market analyst, AI at IDC India.
Industry-wise, IDC is witnessing high spending from verticals like BFSI and manufacturing. The BFSI sector is the leading vertical in AI spending with a 29 per cent share in 2020 (according to IDC’s Worldwide Artificial Intelligence Spending Guide, Feb V1 2021) and is exploring multiple use cases varying from fraud analysis and investigation, video KYC, and conversational AI platforms.
“Adoption of AI is no longer a choice it has become a must for enterprises. Adoption of AI technology in core process is giving a cutting-edge by making the business more innovative, agile by refining the information (data collected) and converting that into useful insight to address different business problems more efficiently,” said Ashutosh Bisht senior research manager at IDC Asia/Pacific.
