Investments made in artificial intelligence (AI) applications in India are set to grow at a compound annual growth rate (CAGR) of 30.8%, reaching $881 million by next year, according to industry body National Association of Software and Services Companies (Nasscom).
The industrial and automotive manufacturing sector has been the highest adopter of AI and automation, but on overall terms, India still has a long way to go in terms of maturity in adoption of AI by enterprises across sectors, Nasscom said in its report titled ‘AI Adoption Index’ published on Thursday.
The Nasscom report, published in partnership with consultancy Ernst & Young (EY), Microsoft, US data analytics firm EXL and tech services company Capgemini, conducted a market survey to formulate an AI adoption index—a score that would define how mature the adoption of AI is across industries.
The scale is divided into four parts—‘explorer’ for early-stage AI adoption, ‘enthusiast’ for new adopters of AI tech into business framework, ‘expert’ for cross-industry collaborators, and ‘evangelist’ for AI innovators building their own products and solutions.
In this scale, Nasscom said that India stands at the ‘enthusiast’ grade, with even its most advanced AI adopters falling in this grade.
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