Publication date: 23 Jul 2024
IDC Reveals GenAI Impact on Indian Enterprises
Contact
For more information, contact:- Miguel Carreon Email: mcarreon@idc.com
- Michael De La Cruz Email: mdelacruz@idc.com
- Neha Gupta Email: ngupta@idc.com
Indian AI Market to Skyrocket to Almost $6 Billion by 2027
INDIA, 23 July 2024 – The recent IDC Playbook Tech Marketing Leaders: Maximizing Business Potential through Generative AI — Leveraging Generative AI for Maximum Impact highlights the significant impact of Generative AI (GenAI) on Indian enterprises, as well as its implications specifically for technology marketing leaders. The Indian AI market is poised for exponential growth, projected to surpass USD 5.9 billion by 2027, driven by a robust compound annual growth rate of 33.7% over five years.
The GenAI solutions market is experiencing a surge, presenting numerous opportunities for vendors, particularly in productivity-related use cases such as report summarization, job description generation, and code creation. The market is expected to evolve, initially focusing on business function use cases, where AI models are integrated with enterprise data for specific functions like marketing, sales, service, and procurement. Eventually, enterprises will leverage GenAI for industry-specific use cases that require extensive customization to address unique industry processes or activities.
Despite the growing excitement around the potential of GenAI for enterprises, there is also considerable confusion regarding business-relevant GenAI use cases and how they fit with traditional AI. According to IDC’s Digital Business Survey 2023, India, n = 305, the top barrier in India in using GenAI is that organizations face the challenge of accuracy and confabulation, data security and privacy, increase in bias, copyright/IP infringement, and misuse. For the successful adoption of GenAI, a combination of data, technology, processes, and people is essential.
“Digital transformation is just the beginning—true value comes from moving towards an innovative state. Generative AI is poised to revolutionize Indian enterprises and drive significant growth in the AI market,” says Neha Gupta, Senior Research Manager, Software and IT Services market, IDC India.
“GenAI is a game-changer that will transform business productivity, enhance human-augmented capabilities, and create new revenue streams. To capitalize on this, companies need a flexible and adaptable business strategy that integrates AI and GenAI within a comprehensive, forward-looking, and responsible framework,” Gupta adds.
To learn more about this IDC report, contact Neha Gupta at ngupta@idc.com or click HERE. For media queries, please contact Michael De La Cruz at mdelacruz@idc.com or Miguel Carreon mcarreon@idc.com.
-Ends-
About IDC
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDCAP and LinkedIn. Subscribe to the IDC Blog for industry news and insights.