Money on AI

Why and where spending is estimated to increase when it comes to AI tech

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FE FEATURES ALMOST A MONTH AGO, a report by the International Data Corporation (IDC) revealed quite a telling figure about our dependence on artificial intelligence (AI) technologies.

IDC estimated that by 2027, India will see a 2.2x growth in spending on AI tech, as compared to the spending on digital tech as a whole. And thanks to this spending, the country will also generate an economic impact of over $115 billion in the next three years.

Here's what the report also found:

Gen AI will be expected to have at least a 70% success rate by 2027.

As many as 40% IT leaders will rise up the business corporate ladder due to AI becoming an integral part of business strategies.

More than half or 55% of companies in the country will have a workforce-skill problem in the digital space (with employees finding it difficult to keep up with tech that's advancing at a rapid rate) which will cause a delay in project timelines across industries.