Generative AI Initiatives: 94% of Indian IT Leaders Anticipate Higher Budget Allocations Towards GenAI Within Next 12–24 Months, Says Report

New Delhi, April 23: About 94 per cent of Indian IT leaders anticipate increased budget allocations towards generative artificial intelligence (GenAI) initiatives within the next 12-24 months, a new report revealed on Tuesday. According to the search analytics company Elastic, India appears to be the furthest ahead in adopting GenAI technologies, with 81 per cent of respondents' organisations already implementing the technology.

"While the commitment of many organisations to quickly harness the transformative opportunity of GenAI to drive innovation and efficiency is exciting, it's businesses that adopt search-powered GenAI grounded by the business context that will lead and uncover the insights needed to securely innovate, build more efficient businesses, and pioneer new customer experiences," said Karthik Rajaram, Area VP and GM, India, Elastic. Union Railways and IT Minister Ashwini Vaishnaw Says Next Five Years Will Give Further Thrust to Local Manufacturing and Job Creations Through ‘Make in India’ Initiative.

The report surveyed 1,200 IT decision-makers and influencers in the Asia Pacific and Japan region of which 300 respondents were from India. Moreover, the report said that despite the enthusiasm for GenAI, Indian organisations face notable adoption challenges, particularly concerning data management and security. Infosys Founder Narayana Murthy Says Entrepreneurship Is About Doing Things Faster and Creating Competitive Advantage.

About 99 per cent of respondents expressed concerns about processing and using their data, highlighting the need for organisations to work with GenAI providers who can help safeguard sensitive information. Further, the report mentioned that about 93 per cent of respondents expect the investment trend to continue and expect an increase in the budget allocation for the next 24-36 months.

(The above story first appeared on LatestLY on Apr 23, 2024 02:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).