India, April 23, 2024 – Elastic® (NYSE: ESTC) (“Elastic”) has released its latest study, “The Elastic Generative AI Report: One Year On,” shedding light on the impact and challenges of early generative AI (GenAI) implementation worldwide. The report unveils that India is at the forefront of GenAI adoption, with 81% of organizations already integrating the technology.
Karthik Rajaram, area vice president and general manager of India at Elastic, remarked, “India’s leadership in GenAI adoption underscores the enthusiasm and investment of the country’s IT and data leaders. However, to fully leverage GenAI’s potential, organizations must adopt search-powered GenAI grounded in business context to drive innovation, efficiency, and superior customer experiences securely.”
Despite the enthusiasm, Indian organizations face hurdles in operationalizing GenAI strategies, with concerns around data management and security being paramount. A staggering 99% of respondents expressed apprehension about data processing and usage, emphasizing the importance of partnering with GenAI providers for data safeguarding.
Key findings from the report include:
- High enthusiasm for GenAI adoption in India across regions and industries, but significant concerns stifle operationalization strategies.
- GenAI is seen as a productivity booster, with 73% of Indian respondents affirming the transformative potential of conversational data search capabilities.
- Optimistic investment trends: 94% of Indian respondents anticipate increased budget allocations towards GenAI initiatives within the next 12-24 months.
Produced with independent market research specialist Vanson Bourne, the report surveyed 3,200 IT decision makers and influencers globally, including 300 respondents from India, across various sectors. To delve deeper into the insights, the report is available for download, along with a quiz to assess GenAI adoption journeys.