Indian Business Giants to Ramp Up AI and ML Investments in 2024

Majority of Indian business houses with turnovers exceeding Rs 5,000 crore are planning to boost investments in AI and machine learning by 10-30% in 2024. A survey by CIO&Leader, with input from over 350 CIOs and IT decision-makers, highlights increasing recognition of AI for competitive advantage and operational excellence.

In a sweeping move expected to bolster technological innovation, leading Indian business houses with annual turnovers exceeding Rs 5,000 crore, are planning to ramp up their investments in artificial intelligence (AI) and machine learning (ML) by 10-30% in 2024. This insight comes from the 2nd Annual CIO&Leader State of Enterprise Technology (SET) Survey, conducted in partnership with research firm BM Nxt.

The survey, which tapped into the perspectives of over 350 chief information officers and IT decision-makers, revealed that 78% of respondents aim to invest in AI and ML primarily to enhance customer experience and engagement. ''With 76% of organizations planning increased investments in AI/ML projects, the survey highlights the growing acknowledgment of these technologies as essential for competitive advantage and operational efficiency,'' the report noted.

Interestingly, the study also found that 37% of enterprises predict a significant budget increase (25-30% or more) for AI and ML in 2024 — a sharp rise from 25% in 2023. This trend reflects a broader shift towards data-driven decision-making, operational agility, and leveraging AI for strategic advantage, positioning Indian enterprises at the forefront of technological innovation.

(With inputs from agencies.)