Indian MSMEs See AI As Growth Driver Amidst Skill And Budget Challenges: Reports

ENA MSME 2024-06-28 14:14:43 New Delhi, Jun 28 (KNN) A joint study by Nasscom and Meta, released on Thursday, has identified skill development, financial support, and access to AI technology as the primary challenges facing Indian Micro, Small and Medium Enterprises (MSMEs) in their efforts to adopt artificial intelligence (AI). The study, which surveyed 300 tech MSMEs across five major Indian cities, found that an overwhelming 94 per cent of respondents recognised AI's potential to drive business growth. Additionally, 87 per cent expressed confidence in AI's ability to enhance overall productivity within their enterprises. Sangeeta Gupta, Senior Vice President and Chief Strategy Officer, Nasscom, emphasised the critical juncture at which MSMEs find themselves in the rapidly evolving technological landscape. Integrating AI offers them a unique chance for unprecedented growth, increased productivity, and sustainable innovation, Gupta stated. She also stressed the importance of ecosystem collaboration and access to user-friendly tools for tech-enabled MSMEs to fully leverage AI's potential. The study highlighted several key trends, with 91 per cent of MSMEs advocating for more democratic access to AI technologies. Nearly half of the respondents recognised AI's potential in content creation and marketing, while 46 per cent believed AI could enhance customer engagement. A significant majority, 68 per cent, saw AI as beneficial for developing new products and services. However, the path to AI adoption is not without obstacles. The survey revealed that 65 per cent of tech MSMEs struggle due to limited awareness of available tools and resources. Furthermore, 72 per cent emphasised the need for AI training programs, while 59 per cent cited budgetary constraints as a significant barrier to utilising AI resources. This comprehensive study, conducted across Gurugram, Bangalore, Pune, Mumbai, and Hyderabad, provides valuable insights into the current state of AI adoption among Indian MSMEs and the challenges they face in leveraging this transformative technology. As these businesses continue to navigate the evolving technological landscape, addressing these challenges will be crucial for fostering innovation and growth in India's MSME sector. (KNN Bureau) 38387 https://knnindia.co.in/news/newsdetails/msme/indian-msmes-see-ai-as-growth-driver-amidst-skill-and-budget-challenges-reports 2024-06-28 14:14:43 knnindia.co.in Indian MSMEs See AI As Growth Driver Amidst Skill And Budget Challenges: Reports