Majority of big enterprises plan to enhance spending on AI, machine learning by 10-30% this year

Majority of leading business houses in India, with annual turnover of over Rs 5,000 crore, are planning to increase their investment in artificial intelligence and machine learning technology by 10-30 per cent in 2024, a survey by CIO&Leader said on Thursday. The 2nd Annual CIO&Leader State of Enterprise Technology (SET) Survey, conducted in partnership with research firm BM Nxt claims to have covered over 350 chief information officers and IT decision-makers found that 78 per cent of respondents want to invest in AI and ML to improve customer experience and engagement.

“With 76 per cent of organizations planning to invest more in AI/ML projects, the survey underscores the growing recognition of these technologies as pivotal drivers of competitive advantage and operational excellence,” the survey said.