Artificial Intelligence (AI) has emerged as the defining technology of the 21st century, poised to add nearly $15.7 trillion to global GDP by 2030, a report said on Wednesday.
"More than 66 per cent of
developed economies already have national AI strategies, compared to just 30 per cent in developing economies and 12 per cent in least-developed ones," a joint report of FICCI and Boston Consulting Group (BCG) stated.
According to the report, the race of AI is based on four interdependent dimensions: compute, data, models, and talent.
A few nations, like the US and China, have taken the lead, with many focusing on specific AI interventions; however, most economies have the potential to advance.
According to the report, a few sectors, such as financial services and retail, are leading with rapid AI integration due to data-rich environments.
However, socially critical sectors like agriculture and public services lag, constrained by fragmented infrastructure and funding challenges due to unclear Return on Investment.
FICCI Director General Jyoti Vij said: "AI is not just a technological wave; it is a strategic race that will define economic and social leadership in the decades ahead. Together, we can ensure that AI is not just a race for advantage, but a collective pursuit of progress that unlocks value for the world."
The FICCI-BCG report highlighted that despite billions in investments, nearly half of AI pilots are scrapped before production, and fewer than one in eight prototypes reach deployment.
Key barriers include siloed infrastructure, skills shortages, and cultural resistance, it said.
According to the report, adoption of AI is more sociological than technical; 70 per cent of AI adoption obstacles stem from people and process issues, not technology.
Organisations that invest in reskilling, cultural change, and empowering workforces are best placed to translate AI into real business outcomes, the report noted.
“We are seeing significant divergence in the global AI race. The majority of developed economies have national AI strategies, while the less developed ones are yet to undertake this journey," BCG Managing Director and Senior Partner Saibal Chakraborty said.
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