85% businesses embrace external cloud providers, outpacing global competitors

A report on Friday revealed that 85 per cent of Indian businesses use external cloud providers for analytics, marking the nation’s lead in cloud, artificial intelligence (AI) and machine learning (ML) adoption that outpaced other countries like Germany (66 per cent), New Zealand (70 per cent), and Spain (58 per cent).

Solidifying its excellence India demonstrated remarkable resilience in the face of a challenging global landscape, according to the World Bank, the report added underscoring robust domestic demand, public infrastructure investments and the strengthening of the financial sector as the collective contributor to India’s performance.

As a testament to this resilience, a staggering 77 per cent of business leaders surveyed for the study maintained a positive outlook for the upcoming year.

Furthermore, the Experian study found that 74 per cent of Indian financial services and telcos companies use the cloud for credit risk decisions. While 60 per cent of Indian businesses see open banking as a gateway to new customer-consented data in open finance.

Shedding light on its AI findings the study reported that 61 per cent of business leaders have established a comprehensive AI risk management programme and 65 per cent believe that AI gives them a competitive advantage.

Subsequently, it stated that 80 per cent of business leaders are committed to prioritising the integration of advanced analytics endowed with AI capabilities.

The report also delved into the transformative potential of AI, the biggest risk priorities, and underscored how AI plays a pivotal role in fortifying resilience. Data privacy (59 per cent) and cybersecurity (53 per cent) emerged as the top risk concerns for the upcoming year, followed by ESG risk (47 per cent) and credit risk (41 per cent). Businessworld