A recent study by Kantar has revealed a dramatic surge in AI adoption, showcasing how Indians are increasingly turning to smart technologies to simplify tasks, from home automation to virtual assistance.
An impressive 724 million Indians are already integrated into the AI ecosystem, a number expected to grow by 6% annually. These users engage with AI through a variety of features, including image filters, personalized recommendations, and smart devices, making AI a prevalent force among nearly every internet user in the country. The adoption is particularly notable among the youth, with the 19-24 age group leading the charge.
According to the study, fitness and social media applications are major drivers of AI integration, boasting an average of 2.3 AI-led features per app. Entertainment applications follow closely with an average of two features, underscoring the widespread penetration of AI across diverse digital platforms.
However, the expansion of AI is not uniform across all sectors. While digital commerce and entertainment apps continue to embrace AI, adoption is notably slower in the banking, financial services, and recruitment sectors, as well as in short video apps.
“Data shows that AI is already touching the lives of nine in 10 internet users in India, powered by the enormous computing capabilities on their phones, connectivity, and cloud infrastructure,” it said in a study released Wednesday. Adoption of AI among users is currently high for popular features while enhanced AI functionalities are catching up.
Read More: How L&T is engineering an AI-driven conglomerate
AI and the everyday
A telling example of AI’s integration into consumer markets is Samsung’s recent launch of AI-powered appliances in India, such as air conditioners, washing machines, and refrigerators equipped with Wi-Fi, internal cameras, and AI chips.
In 2023, a significant 88% of Indian consumers utilized AI-based algorithms to receive personalized recommendations tailored to their preferences, behaviours, and interests. A similar percentage leveraged AI to automate and streamline various daily tasks, thereby boosting efficiency and productivity.
An estimated 86% of users took advantage of image enhancement filters to improve their digital visuals, and 21% adopted smart home automation features to enhance their living environments. About 15% of consumers improved their interactions through the use of virtual assistants, marking this as the fastest-growing segment with a 27% increase year-on-year.
As AI’s influence grows, Kantar has projected that the global market for generative AI could reach a monumental $1.3 trillion by 2034, with an anticipated compound annual growth rate of 42% over the coming decade.
“We are sitting at a point of inflection where the next few years will enable a competitive edge between businesses who adopt early and others,” said Puneet Avasthi, senior executive director, South Asia, Insights Division, Kantar.
“As the usage of AI grows rapidly, it is critical for marketers to not use AI in isolation and as a gimmicky fad, but weave in consumer behavioural data into it to remove biases, continue to focus on building equity and not just to run activations.”
As AI continues to evolve and expand across various sectors, its role in shaping future technologies and consumer interactions remains undeniably significant, marking an exciting chapter in India’s technological narrative.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 25 Apr 2024, 10:06 AM IST