India Optimistic About AI — 74% Leaders Rank It Among Top Three Tech Choices: Report
Global corporates today are prioritising cloud computing to build a solid foundation for digitalisation, followed by AI and digital assets.
Close to seven in 10 corporate leaders are focusing on building strong foundational systems in the short to medium term — notably cloud computing — beyond emerging technologies, including artificial intelligence and digital assets, a new report by Standard Chartered shows.
AI (55%) and digital assets (50%) round out the top three drivers shaping the future of trade digitalisation.
In India, corporate leaders are particularly optimistic about AI, with 74% ranking it among their top three technology adoption choices followed by cloud computing (64%) and digital assets (46%). This sentiment is supported by government initiatives, such as the National Strategy for Artificial Intelligence, and several AI firms have been investing and expanding their operations in the country.
Markedly, 68% of respondents based in India outsource their digitalisation work completely, 30% work with third party providers and do this internally, while 3% do it internally.
Despite the benefits these digitalisation drivers can bring, more than half of corporates cite a lack of interoperability and integration as the main challenges that are slowing down trade digitalisation. Regulatory and implementation challenges add to the friction, leaving many trade processes dependent on traditional, paper-based systems.
A dual-pronged approach could overcome this hurdle, namely:
Promoting digitally enabled commerce through Digital Economy Agreements: All corporates find DEAs, which establish cross-border regulatory frameworks covering digital activities, instrumental in overcoming interoperability issues and regulatory barriers. More than half also hope that more markets will join DEAs and establish common standards.
Scaling transformation through strategic partnerships: Close to 80% of respondents are working with third parties on digitalisation efforts to overcome challenges such as talent shortages and high costs to achieve faster and more efficient implementation.
More than 80% of respondents are looking to banking partners to advise on digitalisation and the adoption of digital assets. The findings highlight a strong need for parties – including banks, fintechs, providers, and regulators – to come together to unlock the full potential of digitally enabled trade.
