A new report by the International Data Corporation (IDC) has said India’s spending on artificial intelligence (AI) is expected to go from US $300.7 million in 2019 to US $880.5 million in 2023 at a compound annual growth rate (CAGR) of 30.8 per cent.
The report, “2020 COVID-19 Impact Survey”, said half of India’s enterprises planned to increase their AI spending this year. Data trustworthiness and difficulty in selecting the right algorithm, were some of the top challenges that were holding organisations back from implementing AI technology.