Indian Enterprises Witness An Increase In AI Adoption, Manufacturing Sector Reports Maximum Adoption Rates: Survey

PwC noted that the survey was conducted with 220-plus CXOs and decision-makers in the Indian industry in 2022-23. This survey was undertaken as a follow-up to the one done in 2020.

Industrial products and manufacturing sector has witnessed the most growth of 20 per cent in the adoption and implementation of AI/ML related solutions in the last two years.

Indian enterprises have witnessed an increase in adoption of Artificial Intelligence (AI), a report by PwC stated. The industrial products and manufacturing sector has reported maximum adoption rates since the Covid-19 pandemic, the report noted.

The report namely, ‘Towards a smarter tomorrow: Impact of AI in the post-COVID era’, stated that the industrial and manufacturing sectors have adopted AI/ML (Artificial Intelligence/Machine Learning) the most in the last two years, reported PTI. In the industrial products and manufacturing sector, about 64 per cent of the companies surveyed stated that “they are currently at an early stage of their AI-based transformation journey reflecting the opportunities for further investments and growth led by AI/ML solutions in this sector.” 

PwC noted that the survey was conducted with 220-plus CXOs and decision-makers in the Indian industry in 2022-23. This survey was undertaken as a follow-up to the one done in 2020. The report added that although AI adoption has increasingly extensively with ‘scalable impact in terms of returns’, the market trends show that the travel and hospitality sector has achieved saturation to some extent. It has reported about 7 per cent growth in the adaption of AI. 

The report also said that sectors like technology, media, telecom, healthcare, and pharma reported sturdy growth but they are also witnessing problems regarding understanding the return on investments, especially in the era pre and post-pandemic. On the contrary, the retail and consumer sector has witnessed a fall in AI adoption because of a gap in understanding and realising the probable usage amidst the volatility of market forces and the constantly changing consumer behaviour, the report stated. 

While the industrial products and manufacturing sector has witnessed the most growth of 20 per cent in the adoption and implementation of AI/ML related solutions in the last two years from around mid-2020 to the last fiscal year (2022-23).