The recent report released on September 13, revealed that a staggering 96% of Indian midmarket firms, those with between 250 and 1,500 employees, are prioritizing generative artificial intelligence (GenAI). This figure is notably higher than the global average, which stands at 91%.
The report, conducted by SAP India, highlights the growing importance of AI in the Indian business sphere. The adoption of GenAI is one of the top organizational priorities for Indian mid-market businesses in 2024, second only to preparing for cybersecurity threats.
Manish Prasad, President and Managing Director of SAP Indian Subcontinent, emphasized the significance of AI for India's midmarket businesses, which he described as the backbone of the nation's economy. According to Prasad, AI is a game-changer for these companies, offering agility, actionable insights, and helping them thrive in a digital economy.
The report also shed light on the specific areas where AI is expected to make a significant impact. Over half of the Indian mid-market businesses surveyed place a high priority on AI to transform privacy and security (55%) and improve decision-making (52%).
However, the report also highlighted some of the challenges associated with the adoption of AI. The biggest risk identified by Indian midmarket businesses is the difficulty in finding, attracting, and retaining talent with AI skills. This points to a broader issue of a skills gap in the AI field, which could potentially hinder the widespread adoption of AI in the business world. Data-related issues also pose a significant risk, with concerns about the lack of transparency behind AI results, the possibility of acting upon incorrect information, and the insufficient data size and quality for AI models among the other risks identified.
