A survey conducted at the 2022 AI Forum in India in December 2022, commissioned by the Deloitte AI Institute, revealed that Indian business leaders strongly believe in AI’s potential to drive business outcomes and report that they are successfully using AI at scale, with applications in customer experience and marketing and finance and operations.
“Businesses around the world are being transformed by AI, and Indian businesses are driving successful business outcomes and value as they increase their AI adoption and start to scale AI deployments,” said Saurabh Kumar, Partner, Deloitte Touche Tohmatsu India LLP. “Deloitte’s India AI Forum demonstrates our commitment to bring together leading organizations in support of India’s goal to become a global Artificial Intelligence hub over the next decade.”
Despite reported success in scaling AI, challenges remain. Nearly one-third leaders surveyed at the India AI Forum cited data quality issues as their top challenge in implementing AI at scale, while 28 percent noted that proving the business value of AI investments remains a top challenge. Despite challenges, leaders continue to believe that AI can help differentiate their organisations and increase their competitiveness in the marketplace. Leaders overwhelmingly reported that AI will help them differentiate with improved decision-making and gain clarity on business outcomes.
Globally, the AI talent shortage remains an acute challenge, as noted in the fifth edition of the global State of AI in the Enterprise report. However, India is making significant progress in bridging the AI talent gap in comparison with the rest of the world. Only 13 percent survey respondents in the recently released India State of AI report cited lack of skilled AI talent as their top challenge. Additionally, the State of AI in India study found that nearly half of Indian organisations are successfully “redesigning talent practices in light of a mixed workforce of humans and AI,” compared with only 36 percent global organisations. Indian organisations are also prioritising “talent practices and leadership that support human and AI collaboration” at a greater rate than the rest of the world (56 percent in India vs. 35 percent of global organisations.)
Deloitte’s State of AI in India study found that 88 percent respondents are planning a year-on-year increase in AI investment, and nearly half were able to achieve quicker-than-expected returns on their AI investments this year. The global State of AI report also found AI investment to be a priority, with 76 percent respondents reporting that they plan to increase their investments in AI to gain more benefits. According to the International Data Corporation (IDC), the AI market in India is projected to grow at a CAGR of 20.2 percent to reach US$7.8 billion by 2025 from US$3.1 billion in 2020. India is in a position to be a global hub for AI development, investment, and talent over the coming decade and Deloitte is committed to bringing together the brightest minds in the industry in support of this goal.