India’s top-tier businesses are significantly ramping up their spending on artificial intelligence (AI) and machine learning (ML) technologies. A recent survey by CIO&Leader in collaboration with BM Nxt reveals that a majority of leading enterprises with annual turnovers exceeding Rs 5,000 crore are planning to increase their AI/ML investments by 10-30% in 2024.

The survey, which polled over 350 chief information officers and IT decision-makers, highlights the growing importance of AI/ML in driving business growth and efficiency. A staggering 78% of respondents identified enhancing customer experience and engagement as a key driver for AI/ML adoption.

“The survey results underscore the increasing recognition of AI/ML as indispensable tools for achieving competitive advantage and operational excellence,” stated the report. Businesses are leveraging these technologies to uncover valuable insights, innovate products and services, streamline processes, and boost revenue.

As the AI/ML landscape continues to evolve, Indian enterprises are positioning themselves at the forefront of technological advancement and innovation.