2024 is all About Generative AI for Indian IT

Can't read or see images? View this email in a browser

THE WEEKLY NEWSLETTER OF AIM. Sunday, Jan 7, 2024 | Was this email forwarded to you? Sign up here By Amit Naik 2024 is going to be ‘a year of generative AI’ for Indian IT. Industry analysts and experts predict that nearly half of the deals this year will be driven by generative AI, contributing about 2% of the total revenue. Most of this AI integration will be led by Infosys, TCS, Wipro, and HCLTech among others, with an increased focus on AI skill development and talent transformation. (See infographic below for more details)  While 2023 witnessed notable generative AI initiatives and partnerships in the Indian IT landscape, the current year is about cracking large-scale AI projects, moving away from smaller, fragmented deals, alongside consolidating vendors and securing larger, more impactful contracts.  The cancellation of the $1.5 billion Infosys AI deal, which was doing the rounds last month, will profoundly impact the industry with many IT companies taking cautionary measures towards technology investments.  As generative AI emerges as a focal point of interest, its potential impact on revenue is forecasted to crystallise in FY24 Q3.  In its latest earnings call, global IT giant Accenture revealed that it made upwards of $450 million in new bookings from GenAI. A similar surge in confidence is anticipated within the Indian IT sector in the upcoming quarters.  With Infosys and TCS set to announce their third quarterly results next week (January 11, 2024), it is only going to get more interesting from here on.  “Generative AI could be a deal breaker in 2024,” quipped the chief of EIIRTrend, Pareekh Jain, in an exclusive interview with AIM, saying that generative AI would directly influence more than 50% of the deals.  Industry analyst Mrinal Rai told AIM that AI will bring $175 billion in additional revenue by 2030. “AI is expected to bring significant opportunities to IT outsourcing,” he added, saying that the focus initially, however, will be on enhancing productivity.  Read the full story here. AI Forum for India. Our Discord Community for AI Ecosystem, In collaboration with NVIDIA. Join Today >> TOP STORIES OF THE WEEK >> AI Can Now Do Your KYC A recent image of a person’s online verification has been doing the rounds on the internet. The scary part is that the image is wholly AI-generated, reportedly created using Stable Diffusion. The image depicts precisely what everyone had been fearing – AI identity theft.  How will you safeguard yourself from AI identity theft? Read the story to find out. Why are Consulting Firms Building LLMs Recently, JPMorgan introduced DocLLM. Similarly, KPMG launched KaiChat in August last year. During the same month, McKinsey unveiled Lilli, and in October last year, Deloitte launched DARTbot. A year before that, Wells Fargo introduced Fargo, a virtual assistant powered by Google Cloud’s AI. So, why are consulting firms building LLMs? Read the full story to find out. LLMs are Just Like Toothpaste “LLMs are just like toothpaste,” Subbarao Kambhampati, professor at ASU, shared this interesting analogy in the wake of the ongoing legal battle between The New York Times and OpenAI. He said that these LLMs have all the human wisdom and knowledge within them, which can be squeezed out conveniently whenever needed. Read the full story here. PEOPLE & TECH >> [Exclusive] Bengaluru Developer Makes Alto Autonomous with Redmi Phone Bengaluru-based developer Mankaran Singh recently converted his modified Maruti Alto K10 into an autonomous vehicle using a second-hand Redmi Note 9 Pro. In an exclusive interaction with AIM, Singh shares the technology stack, alongside its impact, limitations and future roadmap.  Check out the complete interview here. How This AI Lab is Helping Developers Build LLMs Situated on the outskirts of Coimbatore, Jarvislabs.ai is silently playing a crucial role in providing affordable AI infrastructure (GPUs on rent) to budding entrepreneurs and developers. In an exclusive interview with AIM, Vishnu Subramanian, founder and chief of Jarvislabs.ai, shares his journey, challenges, collaborations, and more.  Read the full story here. AIM EVENTS >> MLDS 2024  India’s biggest generative AI conference is barely a month away. Have you booked your spots yet for some insightful sessions, presentations and networking?  Date: February 1-2, 2024  Location: NIMHANS Convention Centre, Bengaluru Register now.  AIM SHOTS >> Microsoft executive Dee Templeton has joined OpenAI’s board as a non-voting observer as part of a boardroom revamp. Read more here.  KissanAI recently announced its partnership with UNDP to develop a voice-based vernacular generative AI copilot for Climate Resilient Agriculture (CRA) practices.  WHOOP recently introduced its personalised health and fitness coach driven by OpenAI’s GPT-4. OpenAI announced that it will be launching its GPT Store next week.  ​​Researchers from IIT Patna recently introduced MedSumm, a multimodal approach that amalgamates Hindi-English codemixed medical queries with visual aids. Check out the complete details here.  Perplexity AI completed a Series B funding round, raising $73.6 million from Nvidia, and Amazon founder Jeff Bezos. Download our mobile app Access our stories, video content and events on the go. Stay Connected info@analyticsindiamag.com © 2023 Analytics India Magazine Pvt Ltd and/or its affiliates. All rights reserved. For more information, email info@analyticsindiamag.com

This email was sent by support@analyticsindiamag.com to alexvarboffin.abbb@blogger.com Not interested? Unsubscribe | Manage Preference | Update profile Analytics India Magazine | 280, 2nd floor, 5th Main, 15 A cross, Sector 6, HSR layout Bengaluru, Karnataka 560102