India’s spending on AI expected to increase by 30.8 CAGR by 2023 

India’s spending on Artificial Intelligence is expected to grow by 30.8 CAGR (Compound Annual Growth Rate). The budget will touch USD 880.5 million in 2023, according to International Data Corporation (IDC).

According to IDC’s Artificial Intelligence Spending Guide Forecast, enterprises are relying on AI to maintain business continuity, transform how businesses operate and gain competitive advantage.

The report mentions that data trustworthiness and difficulty in selecting the right algorithm are some of the top challenges for the organisations.

According to a survey on the impact of Covid-19 on IT spending conducted in May 2020, almost 64 percent of the organizations back implementing AI technology because of the pandemic.

Source: Agency