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AI adoption in key Indian sectors touches 48% in FY24

Economic TimesEconomic Times · 6m
AI adoption in key Indian sectors touches 48% in FY24

The adoption rate of artificial intelligence (AI) in India's key industries is expected to be around 48% in FY2024 and is projected to increase by 5-7% in FY25. The banking and financial services industry leads in AI adoption at 68%, followed by the tech industry at 60-65%. Other sectors such as pharma, healthcare, FMCG, retail, manufacturing, infrastructure, transport, and media and entertainment have varying adoption rates. The AI market size in 2023 was estimated at $6 billion, set to reach $20 billion by 2028. However, India still lags behind global AI markets due to a talent gap and the need for more supportive government policies. The government has allocated over Rs 10,000 crore to the India AI Mission to boost AI capabilities in the country.

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