Filmmaker James Cameron's movie series Terminator in the 80s, 90s depicted how Artificial Intelligence (AI) can metamorphose. AI is no more a fantasy or a futuristic idea, it is here today. As experts continue to decode its competence, the archetypal concern surrounding AI is: Whether it will replace human jobs. According to the findings of a recent KPMG survey, Indian employees are more wary of losing their jobs to artificial intelligence (AI) than their counterparts in the US, UK, and Germany. As many as 68 percent believe that AI will replace jobs in their work areas. One of the leading reasons for this increased concern among Indian employees is the presence of a large workforce in BPOs and KPOs, which are particularly vulnerable to AI automation and high rate of AI adoption in the country. However, AI is a way to augment and automate processes rather than just removing humans from every process. It will be a game-changer and will create potentials up for grabs. A PwC report said AI could contribute up to $15.7 trillion to the global economy in 2030, more than the current output of China and India combined. Of this, $6.6 trillion will come from increased productivity and $9.1 trillion from consumption side effects.
OPPORTUNITIES AHEAD: According to a report by NASSCOM, India's AI market is expected to reach $30 billion by 2025. This is a significant opportunity for businesses across a wide range of industries. All industries have significant benefits of implementation of AI in their business processes, but low-hanging fruits are the sales, marketing, customer relationship management, automation, optimizing processes and forecasting results based on historical data.
This story is from the January 2024 edition of Entrepreneur magazine.
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This story is from the January 2024 edition of Entrepreneur magazine.
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