APAC Region Showcasing a Record-breaking Growth In GenAI Adoption By CIOTechOutlook Team

APAC Region Showcasing a Record-breaking Growth In GenAI Adoption

CIOTechOutlook Team | Tuesday, 25 June 2024, 09:13 IST

AI spending has shown remarkable growth in the Asia Pacific region, with a rise in Generative AI adoption, which comprises hardware and software services for AI-centric systems. Allocation is anticipated to soar to USD 26 billion by 2027, with a compound annual growth rate (CAGR) of 95.4 percent for the period 2022-2027, as per the IDC report. The rise emphasizes the area's crucial role in driving another wave of AI technology and advancement.

According to a recent report from the International Data Corporation (IDC), India's AI adoption, which includes software, services, and hardware for AI-centric systems, is anticipated to propel the nation's AI spending to an impressive USD 6 billion by 2027. This rise is due to a 33.7 percent compound annual growth rate (CAGR) from 2022 to 2027. Artificial Intelligence (AI) and Generative AI (GenAI) are set to drive a transformation in India.

The IDC's estimate features a worldwide pattern where AI spending is expected to outperform USD 512 billion by 2027, a greater number of than multiplying its market size from 2024. These knowledge were shared at the IDC Headings India meeting, which convened over 160 senior executives from India's driving innovation merchants and IT specialist on June 12, 2024.

76% of Indian businesses are already engaged in GenAI proofs of concept or have established investment plans, highlighting the momentum of AI adoption in India, according to Linus Lai, Vice President of Digital Business at IDC Asia/Pacific.