Artificial Intelligence will gain a firmer foothold in businesses across multiple sectors this year, according to a report by the International Data Corporation on the ‘Top 10 Artificial Intelligence Predictions 2020 and Beyond for the Indian Market.’
The report stated that AI adoption is on the rise, especially in terms of gaining valuable insights for business in the data-driven economy. Artificial Intelligence will be leveraged by businesses to streamline unorganised data to gain valuable insights.
“Indian organisations are looking at leveraging AI, driven by the need for automation to increase productivity,” said an IDC press statement quoting Rishu Sharma, Principal Analyst, Cloud and Artificial Intelligence at IDC India. “As we deal with a large set of unstructured data being created in the digital era, AI will be the backbone when it comes to extracting valuable insights.”
The report also states that Artificial Intelligence will become integral to businesses by 2025, with increased spending on AI innovations. Over 20 per cent of the total spend on AI will go towards building AI solutions as ‘outcome as a service’ to drive innovation, according to the report.
Businesses will also focus on more complex technologies such as embedded AI and edge computing in the upcoming years, apart from customer applications.
At least 50 per cent of enterprise applications will have an embedded AI functionality built within the system by 2023, according to the report.
"Artificial Intelligence in India promises to develop advanced solutions that tackle organisational challenges and speed up strategic formulation," said Swapnil Shende, Senior Market Analyst for AI at IDC India.
Improving In-House Processes with Intelligent Solutions
AI will also aid enterprises in improving operations as well as optimising various in-house processes through automation. By 2024, over 50 per cent of the enterprises will invest in leveraging AI to build and retain a more skilled work force through process automation and AI-driven operational insights.
The AI market will also work towards bettering the user experience in regard to computing as well as mobile applications. According to the report, 10 per cent of customer experience applications will be hyper personalised by 2023.
Artificial Intelligence is said to be the ‘next big thing’ for businesses. According to reports, as per Nasscom, the Artificial Intelligence start-up ecosystem has grown steadily at a 50 per cent CAGR between 2013-2018.
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