‘India expected to invest $1 billion in AI by 2023’
The Hindu
‘Poor practices may cause $81-mn loss’
Global enterprises are expected to invest $98 billion in artificial intelligence (AI) by 2023 and India’s share in it will be about $1 billion, said Project Management Institute (PMI), a Philadelphia-based non-profit organisation with about 28,000 individual members in India. However, some $54 billion — 55% of this proposed global investment — may go waste due to lack of familiarity or understanding of newer practices, technologies and tools and inability to optimise data. Consequently, the corresponding wastage in India will be $484 million, as per PMI’s estimates. Further, poor management practices alone may lead to global losses of $11 billion, that is 11.4% of the total investments of $98 billion. India’s individual share in the losses would be $81 million, based on data shared by the professional body. The global failure rate of 55% was applied to India as well, as there was no comparable data available for the country as of now, said Srini Srinivasan, MD, PMI South Asia.More Related News