A recent survey by CIO&Leader, an Indian technology and research publication, has revealed that Indian enterprises are likely to significantly increase their spending on Artificial Intelligence (AI) in 2024.
As per their Annual State of Enterprise Technology Survey of over 300 CIOs and technology heads, 68 per cent of Information Technology (IT) leaders said that they were gearing up for an increase in AI spending over the next 12 months. While 25 per cent of respondents foresaw a substantial rise in spending, 43 per cent of participants anticipated a moderate increase.
Key findings of the survey
According to CIO&Leader, “AI & ML solutions are widely used in bolstering cybersecurity, innovating customer engagement, and creating tailored products and services. However, the adoption of AI is throwing up significant hurdles, including the selection of the right technologies (46%), identifying suitable use cases (44%), and getting data to train AI models (41%).”
The survey further found, “Enterprises are benefiting from actionable insights and improved decision-making (81%), improved customer interactions (75%), and better forecasts of market demand (72%).”
Annual State of Enterprise Technology Survey
In a press release, CIO&Leader said that the “State of Enterprise Technology” is a comprehensive study “that explores important technology trends shaping Indian businesses” and “provides insights into the current landscape of enterprise IT in India, technology adoption patterns, challenges, and drivers for specific technologies in the year ahead.” It further said, “The report is based on surveys conducted with 300+ IT decision-makers from India’s top organizations between July and September 2023. The study covers Cloud Infrastructure, Security, Data and Analytics, and Artificial Intelligence (AI).
Jatinder Singh, Executive Editor at CIO&Leader, said, “This survey highlights AI’s pivotal role in generating insights, optimizing decision-making, and elevating customer experiences. It reflects AI’s evolution from a technological tool to a strategic business growth catalyst.”
