India's Artificial Intelligence Spending To Grow At 30.8% CAGR To $880.5 Million In 2023, Says IDC

India's artificial intelligence spending is expected to grow at a CAGR of 30.8% to touch $880.5 million (around Rs 6,490.6 crore) in 2023, research firm IDC said on Wednesday. "Enterprises are relying on AI to maintain business continuity, transform how businesses operate and gain competitive advantage. India's AI spending will grow from $300.7 million in 2019 to $880.5 million in 2023 at a CAGR of 30.8%," as per IDC's Worldwide Artificial Intelligence Spending Guide Forecast. Rishu Sharma, Principal Analyst at IDC in India, said Covid-19 is pushing the boundaries of organisations' AI lens. "Businesses are considering investments in intelligent solutions to tackle issues associated with business continuity, labor shortage, and workspace monitoring. Organisations are now realising that their business plans must be closely aligned with their AI strategies," Sharma added.