63% of Indian firms plan to invest in automation, gen AI in 2024

A whopping 63% of Indian companies plan to invest in intelligent automation and generative AI in 2024, revealed a report from Automation Anywhere.

This marks an 85% increase in planned investments from the previous year, showcasing a growing focus on cutting-edge technologies.

The survey, commissioned by Automation Anywhere, highlights the vital role these technologies play in driving exponential growth for Indian businesses. Notably, 33% of companies are strategically eyeing generative AI for future growth, reflecting a forward-thinking approach to innovation.

The report emphasizes that more than 78% of companies prioritize boosting productivity through automation. This focus on efficiency surpasses other key performance indicators. Looking ahead, the report predicts a surge in AI-driven innovations, especially as 72% of global respondents plan to invest in AI and machine learning over the next 12 months.

Ankur Kothari, Co-Founder and Chief Operating Officer of Automation Anywhere, stresses the importance of intelligent automation in tackling the evolving challenges in the workforce. Kothari notes, “Intelligent automation, including AI and generative AI, are proving crucial to solving the massive productivity crisis unfolding in front of us.”

Suresh Ramanan, Managing Principal and Intelligent Automation Practice Lead at ZS Associates, echoes this sentiment, emphasizing the role of intelligent automation in improving efficiency, scaling operations, and boosting business and employee productivity.

The report outlines three key takeaways. Firstly, despite recognizing the value of AI, companies face deployment challenges, with data and regulatory concerns being primary obstacles.

Secondly, the success of automation solutions is measured by return on investment (ROI) and work productivity. Over 63% of companies plan to use industry-specific intelligent automation to meet their specialized needs.

Lastly, the report emphasizes that successful transformation requires automation at scale. While 40% of global businesses encourage citizen development, Indian enterprises face hurdles like security concerns (60%) and a lack of technical skills (51%), hindering widespread adoption.

Satyen Makhija, Partner and Head of Automation and Platforms at KPMG, anticipates significant increases in Automation and AI/ML investments, driven by generative AI. He foresees organizations moving beyond routine tasks to providing real-time business insights, unlocking faster decision-making and improved customer experiences for growth and profitability.

To be sure, other market research firms have also held similar views.

A study by Pearson for ServiceNow predicts that the rise of artificial intelligence and automation will lead to a demand for 4.7 million new tech jobs. However, this also means that over 16 million workers in India will need to reskill and upskill by 2027. The digital skill ecosystem in the country is anticipated to expand, particularly in roles such as application developers (75,000), data analysts (70,000), platform owners (65,000), product owners (65,000), and implementation engineers (55,000) to address the growing tech deficit.