In 2023, Generative Artificial Intelligence (Gen AI) took center stage, and the year ahead promises a sustained surge in this transformative trend.
As a technology analyst focused on tracking the evolution and trajectory of emerging technological trends in India, I am optimistic about a substantial scale-up in AI adoption, a shift from the early exploratory Gen AI initiatives of 2023, to a potentially undeniable real-world impact in 2024 and beyond.
At CyberMedia Research (CMR), our ongoing research on AI adoption points to 55% of Indian enterprises effectively implementing AI at scale. In particular, the early Gen AI initiatives are empowering Indian enterprises to create customer-centric products (60%), enabling data-driven decision-making (59%), and in enhancing customer services (47%). The outlook for Gen AI adoption in India remains optimistic. Gen AI posits transformative benefits, including improved decision-making, enhanced efficiencies, personalized experiences, steering cost efficiencies, and enabling risk management, amongst others.
The rise of Gen AI is propelled by rapid advancements in compute, enhanced availability of big data, and a strong and growing talent pool of highly-skilled technical professionals capable of both enabling and harnessing Gen AI’s potential.
At CyberMedia Research, our research indicates a robust technological growth trend within Indian enterprises. The early technology adopters in India are leveraging the cloud not merely for operational efficiencies but rather as a catalyst for steering strategic growth and innovation. The cloud’s inherent flexibility and scalability serve as the foundational backbone for Gen AI.
Unlike typical technology trends that adhere to a hype cycle, Gen AI is perceived by Indian enterprises as a business accelerator rather than a business disruptor. Most organizations firmly believe that the benefits of Gen AI outweigh the associated risks. Recognizing Gen AI’s potential to refine existing processes, personalize customer experiences, and unlock new opportunities, Indian enterprises are actively exploring its diverse applications.
Gen AI has been key in transforming the way we interact with technology by replicating creative human thought processes in machines, resulting in the synthesis of personalized content with profound implications for both enterprises and consumers.
Organizations can leverage generative AI for generating real-time insights, ensuring intelligent and personalized customer service, predictive analytics, continuous improvement, and optimized customer journeys, ultimately enhancing customer engagement, satisfaction, and retention.
In the IT/ITeS and BFSI sectors, CyberMedia Research (CMR)’s enterprise research insights point to Gen AI being perceived to have a significant impact on informed data-driven decision-making (60%). By automating processes, simplifying commentary on financial performance and reporting, optimizing resources, implementing predictive maintenance, mitigating risks, and improving decision-making, organizations can achieve cost savings and enhance overall financial performance.
In manufacturing, Gen AI can significantly benefits product development (79%). In Healthcare and Government, it enhances customer experience (94%), while in retail, it serves as a valuable tool for generating content for marketing campaigns (88%). These industry-specific insights from CyberMedia Research (CMR) highlight the diverse uses of Gen AI amongst Indian enterprises.
However, Gen AI does face some challenges, similar to those that AI faces, including concerns related to AI bias, perceived inability to explain results, concerns around intellectual property rights, inherited risks from training datasets, and AI hallucinations, amongst others. For organizations, these critical challenges need to be addressed, while deploying generative AI models.