AI adoption in key Indian sectors touches 48% in FY24
artificial intelligence (AI) adoption in key industries across India reached approximately 48% in FY2024, with expectations to expand by an additional 5-7% in FY25, data from staffing firm Teamlease Digital showed.
“Nearly 75% of organisations across various sectors are actively considering integrating AI into their operations within the next year,” Krishna Vij, business head, Teamlease Digital, told ET.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessProfessional Certificate in Product ManagementVisitMITMIT Technology Leadership and InnovationVisitThe banking and financial services (BFSI) industry led the pack with a 68% AI adoption rate in FY24, followed by the tech industry at 60-65%.
The AI adoption rate was 52% for the pharma and healthcare industry, 43% for fast moving consumer goods (FMCG) and retail, 28% for manufacturing, 20-22% for infrastructure and transport, and 10-12% for media and entertainment, Teamlease Digital found.
It estimated that the AI market size was $6 billion in 2023, projected to reach $20 billion by 2028, at a compound annual growth rate of 26%. Additionally, 60% of the AI market share is held by IT service providers, 8% by captives/global capability centres (GCC), and nearly 7% by the IT-enabled service (ITeS) providers.
Non-IT industries hold more than 28% of the total AI market share in India, Vij said, while BFSI has a 30% AI market share across all non-IT industries.
