ENERATIVE ARTIFICIAL INTELLIGENCE (AI) came into the limelight during a turbulent market phase, reminiscent of blockchain’s prominence two years ago. During that period, sceptics predicted the rise of cryptocurrency and the potential disruption of traditional finance, currency systems and the broader economy. Similarly, the tech industry was abuzz with discussions on the metaverse just last year, only to witness a significant shift towards Generative AI following the mammoth debut of ChatGPT in November 2022. However, in the case of Generative AI (GenAI), it is evident that this is not merely another fleeting trend. But why?
Quick ROI
Anup Purohit, CIO at Wipro, distinguishes between GenAI and other trends like blockchain and the metaverse, pointing out that Generative AI offers quick Return on investment (ROI) without the need for massive investments in development. Instead, companies like Wipro can leverage solutions from industry leaders like Nvidia and VMware.
“Unlike some technologies, Generative AI is readily available and doesn’t require a complete ecosystem overhaul,” Purohit said during the VMware Explore (Singapore) event. He emphasised the role of companies like Wipro in delivering business solutions to customers across various sectors, making Generative AI a practical and accessible tool. With its readiness and adaptability, Generative AI, in Purohit’s perspective, is not a passing fad but a significant and enduring presence in the technology landscape.
A McKinsey & Company study suggests that generative AI has the potential to contribute between $2.6 trillion and $4.4 trillion annually to the global economy, which is a figure that surpasses India’s current GDP, which stands at $3.75 trillion in 2023.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.
