February 28, 2024

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India ranks third in APAC for AI tech readiness

According to a recent report, India ranks third, after Singapore and Hong-Kong, in the Asia Pacific region on artificial intelligence readiness, according to a study. India is one of the few global economies to have implemented and perfected automated processes across many different industries.

However, the country ranks low on dynamism and innovation, impacting its business readiness.

Indian AI start-ups are constrained by the fact that most small and mid-sized businesses cannot afford to adopt or implement AI systems, the report noted.

Another article noted that in terms of innovation, India’s AI ecosystem is held back by the lack of existing skilled professionals who can develop innovative AI solutions.

Other key findings of the study included:

  • 76% of companies in India feel the shortage of skilled professionals is slowing down AI adoption
  • Indian consumers are largely aware of AI technologies and their benefits, thanks in part to entertainment-driven products and services.
  • India is among the most prepared economies in terms of government readiness.

In terms of sentiment, positive outlooks towards AI are highest in Thailand and India – two economies in which consumers interact primarily with AI technologies geared towards entertainment (home assistants, geolocation applications, etc.) – and lowest in Singapore and Malaysia – two economies that are increasingly confronted to more intrusive facets of AI, such as AI-enabled surveillance, another report noted.

India’s AI start-ups

Indian AI start-ups are constrained by the fact that most small and mid-sized businesses cannot afford to adopt or implement AI systems, said the report.

Currently, India leads the way in terms of a number of AI start-ups despite having moderate scores for all other indicators suggesting that much more could be accomplished if companies were to have the business environment they need for their innovative potential to flourish.

It is worth noting that Malaysia ranks highest in terms of venture capital availability and second-to-last in a number of AI start-ups, indicating a clear disconnect between business potential and business capacity.

The same can be said of Hong Kong, Indonesia, Thailand, and the Philippines, where there is much room for growth. This is not the case in India and Australia, where capital and investments are much more aligned with actual enterprise creation.

Indians confident in AI

Different research by the same company noted that 64% of Indians confident that AI will make their lives easier and society smarter.

According to a report from September 2018, it was revealed that and the world’s leading CRM company unveiled findings from new research.

The study explored consumer trust and understanding of Artificial Intelligence (AI) and the opportunities for business and government to grow knowledge, re-skill and prepare consumers for the future.

Amongst the markets surveyed, the results reveal that Indian consumers are well aware of AI (78%) and India emerged as the second market (with Indonesia at 68%) with the highest positive outlook towards AI (65%).

The majority also believe that AI has the ability to help make society smarter (60%) in the future. Most Indians surveyed (64%) also feel AI will transform the employee space, by providing freedom to work, creating interesting jobs, and many see AI as a way to make society smarter (60%) and life more convenient (58%).

There is a clear correlation between understanding and outlook. As AI permeates the enterprise, it is undoubtedly altering consumer spaces and preferences where respondents who reported a higher level of understanding of AI (78%) were statistically more likely to have a positive outlook towards AI products and services.

54% think the more they understand and are made aware of AI, the more they will trust it. And, with 65% of respondents feeling positive about AI, it’s now the role of businesses to demystify AI for consumers encouraging adoption and educating customers on its benefits.

In addition to overall AI awareness, the study explored the real-world applications of AI including robo-advisors, content recommendations, chatbots, product recommendations, and voice assistants.

Consumer trust and awareness vary dramatically across different AI applications, with 86% of Indians opting for AI over humans to recommend content.

The study also reveals that Indians are open to AI managing and optimizing their finances (59%). Additionally, the study found that there is a general openness towards interacting with chatbots (63%) and awareness of voice assistants is the highest amongst all AI applications (83%).

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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