In a recent report by Capgemini on 2024 investment priorities, it was found that a significant 90 per cent of Indian business leaders are planning to boost investments in Artificial Intelligence (AI) and Generative AI over the next 12-18 months. The survey, which encompassed leaders from 2,000 organisations in 15 countries, including India, spanning sectors like automotive, banking, consumer products, and more, highlighted that 58 per cent of these leaders see Generative AI as an opportunity to drive revenue and innovation.
Optimism is notably high among Indian business leaders, with 53 per cent expressing positivity about their organisations’ outlook. Globally, 56 per cent of leaders are trending towards optimism regarding their organisations’ future.
Looking ahead to 2024, the report indicates that 82 per cent of Indian business leaders plan to increase investment in digital tools and technologies. Notably, 90 per cent plan to invest more in AI and Gen AI, with 92 per cent focusing on cloud technologies, 73 per cent on cybersecurity, and 71 per cent on digital twins and immersive technologies for industrial applications.
Additionally, there are plans to boost investments in customer experience (67 per cent increase), engineering/R&D/product or service innovation (61 per cent increase), talent and skills (53 per cent increase), and sustainability (51 per cent increase).
Among the surveyed Indian leaders, half view cybersecurity as a top risk to business growth, contrasting with 61 per cent of global leaders who share the same concern.
Globally, there is an anticipation of AI playing a crucial role in critical decision-making, particularly in life sciences and healthcare. In India, 28 per cent of respondents expect AI to be integral to critical decision-making in the next five years, while 17 per cent currently report its current use in their organizations.
Looking at potential operational disruptions in the future, 37 per cent of Indian business leaders and 48 per cent of global leaders identify climate change as a primary cause. In India, 47 per cent believe that liquidity and financial health are at risk, and 33 per cent express concerns about brand reputation vulnerability.