RT team
A recent report indicates that digital technology spending by Indian organizations is set to surge, doubling the pace of economic growth by 2024. Market demands are compelling companies to embrace digital business models and fortify their digital capabilities, driving this growth, as revealed by the International Data Corporation (IDC).
Neha Gupta, Senior Research Manager at IDC India, highlighted the transformative potential of platform-driven changes and AI adoption in ushering a new era of innovation. The convergence of predictive AI, machine vision, and on-demand services through digital ecosystems is anticipated to reshape business landscapes.
The ‘India Digital Business Survey, 2023′ by IDC forecasts that 60% of Indian enterprises’ revenue will stem from digital business models within the next three years. This digital disruption is crucial for enhancing customer satisfaction, revenue streams, and fostering innovation.
CEOs are expected to play a pivotal role in steering organizational changes towards digital-first initiatives, enabling digital revenue targets. Indian organizations are embracing digital ecosystems to facilitate new business models driven by AI capabilities.
According to the report, the widespread adoption of AI will empower organizations to co-develop digital products and services, leveraging market opportunities and optimizing resource allocation. However, this transition may pose challenges to employees, impacting workflows and learning processes.
Sharath Srinivasamurthy, AVP of the Research Group at IDC India, emphasized that these predictions mirror the evolving landscape for enterprises and CXOs, necessitating adaptation to rapid technological advancements and evolving business models.
