AI has frequently been employed to augment analytical tasks, aiming to boost productivity or attain significant advancements. For instance, oncologists have leveraged machine learning techniques trained on extensive datasets and medical images to drastically enhance the precision of cancer detection. AI augments their capabilities, elevating the significance of experience and specialised knowledge in the process.
Insilico, an AI-driven drug discovery company, advanced to Phase 1 clinical trials within two and a half years of starting a project targeting a rare respiratory condition. It is now progressing to Phase 2 trials. Following traditional methods would have taken over six years and cost upwards of $400 million for the same endeavour.
Magnifying this to the tech services industry, as per our recent report with McKinsey, generative AI is projected to create an annual economic value of $2.6 trillion to $4.4 trillion, with roughly 75% concentrated in key areas like software engineering, customer operations, product development, R&D, sales and marketing. These functions form the core of the Indian technology services industry.
We have pinpointed four crucial areas where generative AI is revolutionising and advancing multiple facets within service offerings for the technology services industry.
Expansion in market reach: The emergence of over 100 generative AI applications has the potential to drive an additional 15% to 20% growth for leading providers by introducing new or reimagined offerings within the next five years.
Denne historien er fra January 2024-utgaven av Outlook Business.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 2024-utgaven av Outlook Business.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
SHANKAR PRASAD
C'EST LA VIE - MY FAVOURITE
Star Plus
Actor Keerthy Suresh's talents extend far beyond the silver screen. In a chat with Prachi Khanna, she talks about her growing interest in the world of investments - from real estate to tech to co-owning a cricket team
Shelter From the Storm
Taking care of 500-plus homeless was only the first of the challenges; the 24-year-old social worker has done more since
Saying No to Jugaad
In India, people often rely on a quick-fix approach to manage the daily challenges of taking insulin shots. But a Gen-Z innovator has other ideas
Green Skills Champion
An unexpected career choice was the beginning of efforts to demystify the conversation around climate change and raise awareness
Force of Change
An educator's journey that started in the municipal schools of Andheri West is helping bridge the learning gap among young students
An Appetite for Health
The 'food pharmer' has taken on some of the biggest names in the FMCG sector. His mission: to get consumers to read product labels
More Than Medals
India's success at the Paris Paralympics can inspire a new era of inclusivity
Checkmate
A new generation of chess elite, backed by early mentorship and building on the wins of the previous generation, is cementing India's place at the top
On A Strong Wicket
Team India has had a mixed month but a good year. This was the year Rohit Sharma and his boys brought the T20 World Cup back home
