New Delhi, November 11
India is leading in Artificial Intelligence (AI) adoption, according to new research by Boston Consulting Group (BCG), which pegged that 30 per cent of Indian companies are maximizing value through the use of such emerging technology.
According to the BCG report, 26 per cent of global companies utilise AI.
Fintech, software, and banking sectors are increasingly using AI in their operations.
After years of investing, hiring talent, and launching pilots in artificial intelligence (AI), CEOs are now seeking tangible returns from the technology, said the report. In the same breath, the report said realizing its full value remains difficult.
Even with the widespread implementation of AI programs across industries, only 26 per cent of companies have developed the necessary set of capabilities to move beyond proofs of concept and generate tangible value, according to new BCG research.
The report, titled 'Where's the Value in AI?', was based on a survey of 1,000 Chief Experience Officers (CxOs) and senior executives from over 20 sectors, spanning 59 countries in Asia, Europe, and North America, and covering as many as ten major industries.
While just 4 per cent of companies globally have developed cutting-edge AI capabilities across functions and consistently generate significant value, an additional 22 per cent have implemented an AI strategy.
74 per cent per cent of companies have yet to show tangible value from their use of AI, said the report.
"India's swift adoption of AI is redefining its competitive edge globally, with 30 per cent of Indian companies having maximized AI's value potential--surpassing the global average of 26 per cent... With 100 per cent of companies actively experimenting with AI, India stands out for its readiness to harness AI's potential," said Saibal Chakraborty, India Leader, Technology and Digital Advantage Practice, BCG.
Moreover, the maturity of India's AI leaders spans both traditional and digital sectors, signalling a broad-based adoption that's driving value beyond typical tech-driven industries.
"As India's AI leaders go beyond productivity to reshape and invent new business models, India is poised to lead not only in AI adoption but in generating substantial, and measurable value," said Chakraborty.