Skills, Financial Support, AI Access to Key Challenges for Tech MSMEs: Nasscom
Skill development, financial support and access to AI technology are the key challenges facing Indian micro, small and medium enterprises (MSMEs) when looking at AI adoption, a joint study by Nasscom and Meta released on Thursday said.
According to the research, approximately 94 percent of SMBs in the tech sector recognize that AI can drive business growth and 87 percent are confident in the potential of AI to improve overall productivity in their enterprise.
“SMEs, critical to India’s economic engine, are at a critical juncture in today’s rapidly evolving technology landscape. Integrating AI offers them a unique opportunity for unprecedented growth, increased productivity and sustainable innovation. Collaborative ecosystem work, coupled with access to easy-to-use tools and resources, is essential for technology-driven SMEs to harness the full potential of AI and for India to maximize its AI dividends,” said Sangeeta Gupta, Senior Vice President and Chief Strategy Officer, Nasscom.
The whitepaper from Nasscom and Meta is based on an analysis of 300 tech SMEs from five Indian cities, including Gurugram, Bangalore, Pune, Mumbai and Hyderabad.
Key trends:-
94% of SMBs recognized AI’s ability to drive business growth.
87% were confident in AI’s ability to improve overall productivity.
91% of SMEs advocated making AI technologies more democratically accessible
Areas where AI can have an impact for tech SMEs
48% of respondents support the potential of AI in content creation and marketing
46% said it can help increase customer engagement,
68% find it useful when developing new products and services
Challenges for AI Adoption in SMBs
65% of tech SMEs are struggling due to limited awareness of the tools and resources available
72% emphasized the need for AI training programs
59% of companies surveyed cited budget constraints when using AI tools
First print: June 28, 2024 | 12:54 pm IST