Indian IT giants bet big on generative AI in 2024
BANGALORE, INDIA — Major Indian information technology (IT) companies are actively exploring opportunities to expand their offerings and capabilities in the artificial intelligence space in 2024, specifically focusing on generative artificial intelligence (GenAI).
In an interview with The Economic Times, Wipro Limited Chief Technology Officer Subha Tatavarti said there is a positive global outlook on GenAI adoption this year.
“We foresee prospects to boost productivity by utilizing AI’s learning strengths in areas like call center assistance and software generation,” Tavarti noted.
Wipro’s CTO added that AI will disrupt every industry long term. “As a result, every business will eventually become an AI business with a specific vertical focus.”
Meanwhile, Tech Mahindra Chief Digital Services Officer Kunal Purohit stated that 2024 would be the year the tech industry would realize GenAI’s “true potential and value.”
Other Indian IT giants like Infosys, TCS, and HCL Technologies are also aggressively working to integrate generative AI into their internal processes and client solutions. Thousands of employees at these companies are already utilizing these advanced AI technologies.
Infosys Knowledge Institute’s Generative AI Radar 2023 report also revealed that Europe is set to increase its GenAI investment by 115% to $2.8 billion in 2024, with North America expected to spend $6 billion.
However, some experts warn that stringent regulations around AI usage in major markets like the EU could pose challenges for Indian firms.
“The need for clear guidelines, policies, and governance frameworks to mitigate risks and ensure the responsible use of AI will increase. Companies will need to prioritize privacy, security, and compliance with regulations to earn trust and foster growth,” Tavarti concluded.
