26% of Global Companies Embrace AI, with Software and Banking

CIOTechOutlook Team | Tuesday, 12 November 2024, 02:23 IST

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The BCG report reveals that 26 percent of worldwide companies use AI technology. The banking, software, and fintech industries are progressively incorporating AI into their functions. After years of investing, hiring talent, and launching pilots in artificial intelligence (AI), CEOs are now seeking tangible returns from the technology, said the report. In the same breath, the report said realizing its full value remains difficult.

India is at the forefront of Artificial Intelligence (AI) adoption, as per recent research from Boston Consulting Group (BCG), which indicated that 30 percent of Indian firms are capitalizing on the benefits of this evolving technology.

Despite the extensive adoption of AI programs in various sectors, just 26 percent of firms have established the requisite capabilities to progress past proofs of concept and create real value, as per recent research from BCG.

The document named 'Where's the Value in AI?' was derived from a survey involving 1,000 Chief Experience Officers (CxOs) and top executives from more than 20 sectors across 59 countries in Asia, Europe, and North America, encompassing up to ten key industries.

"India's swift adoption of AI is redefining its competitive edge globally, with 30 per cent of Indian companies having maximized AI's value potential--surpassing the global average of 26 per cent... With 100 per cent of companies actively experimenting with AI, India stands out for its readiness to harness AI's potential," said Saibal Chakraborty, India Leader, Technology and Digital Advantage Practice, BCG.

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