Why Do 74% of Indian Business Leaders Prefer AI as Their Leading Tech Adoption?
Synopsis
Key Takeaways
- 74% of Indian business leaders favor AI for tech adoption.
- Cloud computing and digital assets follow closely behind.
- Strong foundational systems are critical for tech scalability.
- Government initiatives support the optimistic outlook for AI.
- The majority of firms outsource their digitalization efforts.
New Delhi, Dec 16 (NationPress) Approximately 74 percent of India's business executives have identified artificial intelligence (AI) as one of their top three technology adoption priorities, according to a report released on Tuesday.
The analysis by Standard Chartered Bank revealed that AI is closely followed by cloud computing at 64 percent and digital assets at 46 percent as the next preferred technologies.
Globally, about 70 percent of corporate leaders are concentrating on establishing robust foundational systems for emerging technologies, particularly cloud computing, in the near to mid-term.
AI (55 percent) and digital assets (50 percent) are seen as crucial elements influencing the future of trade digitalization, emphasizing the necessity for a strong underlying infrastructure to realize value on a larger scale.
“By emphasizing connected data flows, compliance, and consistency, businesses are paving the way for technologies such as artificial intelligence and digital assets to scale effectively and responsibly. When these foundational layers are solid, innovation can thrive, driving sustained growth across global value chains,” stated Michael Spiegel, Global Head of Transaction Banking at Standard Chartered.
The report also highlighted that the optimistic outlook for AI is bolstered by government initiatives like the National Strategy for Artificial Intelligence.
Numerous AI companies have been expanding their investments and operations in the world's most populous nation, as noted in the report.
According to the bank, 68 percent of Indian respondents reported fully outsourcing their digitalization tasks, 30 percent collaborate with third-party providers, while only 3 percent manage it entirely in-house.
Over half of the corporations identified a lack of interoperability and integration as the primary hurdle to trade digitalization, with regulatory and implementation issues keeping many processes reliant on paper.
This report, drawn from a survey of 1,200 C-suite and senior leaders across 17 markets, indicated that 80 percent of respondents rely on banking partners for guidance on digitalization and the adoption of digital assets.