More than half of tech professionals across the world, mostly the senior leadership, believe that adopting artificial intelligence and machine learning-related tech will be important in achieving their business goals over the next three years.
A study by KPMG showed that 57% of their 2,100 respondents, which primarily included C-suite executives, board members, department heads and directors, believe AI and ML are important for their near-term objectives.
Indian IT giants and tech companies have been doubling down on AI research and integration of machine learning into their platforms. Wipro, for instance, committed $1 billion in investment earlier this year to advance AI development.
The study further identified that AI and ML are bigger priorities for businesses, where investment in technology is driving profitability faster than the peers. More than two-thirds of these companies said AI and ML will be crucial for their short-term business goals.
However, the concerns around ethics and regulations in the use of AI have led many companies to take a step back in AI deployment. The study showed that only 15% of the respondents were proactive with their AI deployment compared to the 40% last year.
“One reason for this is the debate about how to introduce AI ethically and safely: 55% of organizations say progress toward automation has been delayed because of their concerns about how AI systems make decisions,” the report said.
So far, India has not implemented any policies or laws to regulate the use of AI but the government has expressed the intention to do so on several occasions.
However, businesses continue to focus on AI research and development, primarily to compete with larger players and market leaders. “45% say they are prioritizing AI and machine learning because they believe market leaders have already adopted this kind of technology,” the report said.