Indian Corporations Increasingly Integrating AI, says PwC Reports
In accordance with a report, following the Covid-19 pandemic, Indian enterprises have increased AI adoption, with industrial products and the manufacturing sector seeing the highest adoption rates. According to a PwC report titled 'Towards a smarter tomorrow: Impact of AI in the post-COVID era,' the industrial products and manufacturing sectors have seen the most AI/ML (Artificial Intelligence/ Machine Learning) adoption over the last two years.
According to the report, nearly 64% of the organisations surveyed in the industrial products and manufacturing sector are at an early stage of their AI-based transformation journey, reflecting the opportunities for additional investments and growth led by AI/ML solutions in this sector.
In 2022-23, PwC conducted surveys with over 230 CXOs and decision-makers across India. This was a follow-up survey to the 2020 survey.
"While there has been a significant increase in AI adoption with scalable impact in terms of returns, trends indicate that the travel and hospitality industry has reached a degree of saturation," according to the report.
Furthermore, the report stated that while the technology, media, telecommunications, healthcare, and pharmaceutical sectors have seen steady progress, they are facing certain challenges in measuring return on investment, particularly in the pre- and post-Covid-19 eras.
"In comparison to other sectors, the retail and consumer market has seen a decline in AI adoption due to a gap in the identification of potential use cases amidst changing market forces and consumer behaviour," the report continued.
According to the report, industrial products and manufacturing have seen a maximum increase of 20% in the adoption/implementation of AI/ML solutions over the last two years, from mid-2020 to 2022-23.
It also stated that, in comparison to 2020, the travel and hospitality market is now approaching saturation.