According to a new report by Boston Consulting Group (BCG), India has emerged as a leader in Artificial Intelligence (AI) adoption, with 30 per cent of Indian companies maximizing value through the use of this emerging technology. This is higher than the global average of 26 per cent of companies utilizing AI. Industries such as Fintech, software, and banking are increasingly incorporating AI into their operations.
The report highlights that after years of investing, hiring talent, and launching pilots in AI, CEOs are now looking for tangible returns from the technology. However, realizing the full value of AI remains challenging, with only 26 per cent of companies globally having developed the necessary set of capabilities to move beyond proofs of concept and generate tangible value. This indicates that there is still a long way to go for companies to fully leverage AI technology.
Based on a survey of 1,000 Chief Experience Officers (CxOs) and senior executives from over 20 sectors across 59 countries in Asia, Europe, and North America, the report titled ‘Where’s the Value in AI?’ shows that only 4 per cent of companies have cutting-edge AI capabilities that consistently generate significant value. An additional 22 per cent have implemented an AI strategy, while 74 per cent have yet to show tangible value from their use of AI.
India’s rapid adoption of AI is redefining its competitive edge globally, with 30 per cent of Indian companies maximizing AI’s value potential. This surpasses the global average and indicates that India is ready to harness AI’s potential. With all companies in India actively experimenting with AI, the country stands out for its readiness to embrace AI technology.
The maturity of India’s AI leaders spans both traditional and digital sectors, signaling a broad-based adoption that goes beyond typical tech-driven industries. As India’s AI leaders move beyond productivity to reshape and invent new business models, the country is poised to lead not only in AI adoption but also in generating substantial and measurable value from AI technology.
In conclusion, India’s leadership in AI adoption is a testament to the country’s readiness to leverage emerging technologies for business growth. The report by BCG underscores the importance of investing in AI capabilities to drive tangible value for businesses across various industries. By continuing to innovate and explore new applications for AI, Indian companies can stay ahead in the global AI race and secure their position as industry leaders.
