95 pc Indian CIOs believe AI key for business in 2024

About 95 per cent of Indian CIOs believe that the adoption of Artificial Intelligence (AI) is key for business in 2024, according to a report.

The report by International Data Corporation, commissioned by Lenovo surveyed over 900 CIOs, including more than 150 in India.

It reveals that organisations in Asia-Pacific are planning to increase AI spending by 45 per cent in 2024 compared to 2023.

“CIOs in India are most confident about AI, with 95 per cent expressing certainty that it will create a competitive advantage, and 57 per cent of them consider it to be a game changer for their organisations,” said Amit Luthra, MD -Inid India, Lenovo ISG, in a statement.

“Higher investments in GenAI and machine learning followed by deep learning systems, underscore their desire to elevate operational efficiency, security, decision-making processes, and customer experiences,” he added.

Further, a key trend for Indian CIOs in 2024 includes investments in GenAI (28 per cent). The report showed that AI has significantly influenced top technologies including cybersecurity and threat detection, intelligent automation and robotics, and automation for enhanced efficiency in the country.

However, adoption challenges such as high dependence on third-party support (55 per cent) and security (51 per cent) were found as top concerns for Indian CIOs. Some were also concerned over job security (62 per cent) as well as lack of adequate IT support in automation deployment (64 per cent).

The report also showed that 84 per cent of CIOs in India are already using AI to enhance their security framework with 14 per cent planning to invest.