AI to touch every aspect of Indian tech industry in 2024: Top leaders
Leading Indian tech industry leaders said on Saturday that the coming year presents an exciting opportunity for purpose-driven organisations to better serve their communities as we advance in ways of using AI which will require more funding and expertise.
In the next year, businesses will transform the way they measure performance and productivity to focus on outcomes like products launched or leads generated, instead of inputs.
“Business leaders have a responsibility to ensure that their teams are equipped with the right resources and support to take advantage of unprecedented opportunities that AI offers,” said Arundhati Bhattacharya, Chairperson and CEO, Salesforce India.
“AI will be felt through enhanced productivity within these ever-changing business models. In short – AI will touch every aspect of the tech industry and the markets they serve,” she added.
According to a recent Nasscom study, AI and automation have the potential to add up to $500 billion to India’s GDP by 2025.
“On the Generative AI front, we expect it will hypercharge efficiency, and we will all get familiar with the term “semantic query” and advancement in semantic query (essentially a question written in a ‘human’ language that then gets translated into machine language) which will dramatically change customer service,” said Bhattacharya.
Businesses can provide quick and meaningful, hyper-personalised service with AI using text, images, videos, and audio for search. Throughout 2024, semantic query will become a cornerstone for AI, according to industry leaders.
Generative AI (GenAI) is expected to generate economic value worth $2.6-$4.4 trillion annually, of which around 75 per cent is expected to be concentrated in software engineering, customer operations, product and R&D, and sales and marketing, which are core service lines of many technology service providers in India, according to a recent report by Nasscom in association with McKinsey & Company.
According to Bikram Singh Bedi, Managing Director, Google Cloud, India, “We sit in a unique position to help businesses innovate with generative AI with our advanced models and continue to help businesses solve complex problems and transform in this new AI era.”
“2023 has been an extraordinary year for Google Cloud and particularly for our business in India. From forging deep collaborations with CERT-In, Bhashini and ONDC to launching Gemini Pro we have seen the potential of how technology can shape the future of Indian organisations, the public sector and beyond,” Bedi told IANS.
According to Rajesh Mirjankar, CEO and MD, Kiya.ai, generative AI is transforming finance with human-like content generation, captivating a broad audience. “Financial institutions are set to integrate this technology, deploying advanced finance advisors for a revolutionary impact on services like creditworthiness assessment and robo-advisory,” he noted.