Rise of Artificial Intelligence in Indian Businesses Post-COVID

Adopting AI in India

Rise of Artificial Intelligence in Indian Businesses: Indian companies have seen a big increase in using artificial intelligence (AI) after the Covid-19 pandemic. A report by PwC shows that the industrial products and manufacturing sector is leading this trend. The report, titled ‘Making Tomorrow Smarter: How AI is Changing Business After COVID’ says that this sector has used AI and machine learning (ML) the most in the last two years.

PwC talked to more than 220 top executives and decision-makers in India between 2022 and 2023. The results show that 64% of companies in the industrial products and manufacturing sector are just starting to use AI. This means there’s a chance for even more growth and investment in AI/ML solutions in this sector.

Source: Surveys conducted by PwC India in 2022-23

While the travel and hospitality industry has already adopted a lot of AI, other industries like technology, media, telecom, healthcare, and pharmaceuticals are making progress. But these industries still have trouble measuring the benefits of AI, especially before and after Covid-19.

On the other hand, the retail and consumer market is using less AI because it’s hard to find good ways to use it when the market and customer behavior keep changing, as the report says.

Looking at specific industries, the industrial products and manufacturing sector has used AI/ML the most, growing by 20% in the last two years (from mid-2020 to 2022-23). The travel and hospitality industry, even though it’s almost done adopting AI, still increased its use by 7%, with almost all the companies in the survey using AI/ML in some parts of their business.

Overall, the report shows that AI has made a big impact on Indian businesses, with the manufacturing sector leading the way in using AI/ML to grow and get better after Covid.