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Business News/ Companies / News/  ‘Cloud, AI can unlock 1.6 trillion for small biz’

‘Cloud, AI can unlock ₹1.6 trillion for small biz’

Small businesses that embrace AI and cloud-enabled technologies in India are also expected to support 45.9 million jobs by 2030, the report said.

India’s current rate of at least basic cloud adoption for all businesses is at 28%, the report said. (iStockphoto)Premium
India’s current rate of at least basic cloud adoption for all businesses is at 28%, the report said. (iStockphoto)

New Delhi: Small businesses that embrace artificial intelligence (AI) and cloud-enabled technologies in India are expected to unlock up to 1.6 trillion in annual productivity gains and support 45.9 million jobs by 2030, a report said on Thursday.

The jobs are likely to be created in healthcare, education, and agriculture sectors by 2030, representing 9% of total jobs in the country, according to Amazon Web Services report (AWS), conducted by global professional services firm Accenture.

India’s current rate of at least basic cloud adoption for all businesses, such as the use of web-based email services or cloud-based storage solutions, is at 28%, the report said.

“By adopting advanced cloud-enabled technologies like generative AI, small businesses can accelerate their growth and digital transformation," said Deepti Dutt, leader, Verticals, Public Sector, AWS India Private Ltd.

Notably, the report said moving to the cloud can facilitate remote healthcare consultations, improve access to education, and enhance precision agriculture, among others, which contribute to achieving the United Nations’ Sustainable Development Goals (UN SDGs).

The report estimated small businesses in India can help unlock 1.1 trillion in annual productivity benefits in agriculture. In healthcare, cloud-enabled small entities can help unlock 199.5 billion in annual productivity benefits and support 47 million telehealth consultations in India by 2030.

In education sector, cloud-enabled small businesses can help unlock 291.6 billion in annual productivity benefits in education and provide 99 million students in India with e-learning solutions by 2030, according to AWS.

“While there are significant benefits that are unlocked by small businesses adopting at least a basic level of cloud technology, there is still a huge opportunity for them to further advance their cloud adoption as this will accelerate their ability to address some of the biggest challenges in society," said Aaron Hill, MD of Economic Insights, Accenture Strategy and Consulting.

To be sure, another research conducted by LinkedIn in April 2023 revealed that despite the economic upheaval, Indian SMBs are banking on cloud and AI technologies to advance business priorities. The research has also found that nine in ten (90%) SMBs are investing in areas such as marketing automation, AI and online communities as part of their budget, with over nine in ten (93%) agreeing that ChatGPT could help their business with content, marketing and related activities.

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Sohini Bagchi
"Sohini Bagchi is a senior assistant editor with TechCircle with over 15 years of experience in technology journalism. She has previously worked with IDG Media and Trivone Digital Services. Sohini is also a published author of fiction and non-fiction books. Her debut novel 'Road to Cherry Hills' enjoyed critical acclaim worldwide. Her second book 'Techtonic Shift' traces the history and evolution of computers and the Internet. Sohini has a masters degree in communications from Manipal Institute of Communication, Karnataka. She is trained in Karate and enjoys blogging and stargazing when she is not working. "
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Published: 28 Sep 2023, 10:59 PM IST
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