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.
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