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GenAI to assume 30% of traditional marketing's mundane tasks by 2027: report

Economic Times

Economic Times · 1y ago

GenAI to assume 30% of traditional marketing's mundane tasks by 2027: report

According to a report, AI-powered platforms like GenAI are expected to undertake around 30% of traditional marketing tasks by 2027. This shift towards AI technology could revolutionize the way marketing is done, freeing up time for marketers to focus on more strategic and creative aspects. With advancements in AI, businesses may be able to automate mundane tasks, improve efficiency, and deliver more personalized and targeted marketing campaigns.

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Global spending on GenAI software, solutions to reach $143 billion in 2027

Economic Times

Economic Times · 1y ago

Global spending on GenAI software, solutions to reach $143 billion in 2027

According to a report from the International Data Corporation (IDC), global spending on generative AI (GenAI) software and solutions is projected to reach $143 billion in 2027 with a CAGR of 73.3%. This growth rate is more than twice that of overall AI spending and significantly higher than worldwide IT spending. The report highlights that GenAI investments will transition from early experimentation to widespread adoption across various business activities. The largest area of investment during this build-out phase will be GenAI infrastructure, including hardware and system infrastructure software.

Why the world's biggest VC believes Indian IT is facing a risk

Livemint

Livemint · 7m ago

Why the world's biggest VC believes Indian IT is facing a risk

Andreessen Horowitz, a major venture capital firm, recently sparked debate by suggesting that AI could automate mundane IT industry tasks, impacting India's $254-billion technology sector that employs 5.4 million people. Experts believe AI could challenge traditional IT jobs, yet some industry leaders downplay the threat, seeing AI as a tool rather than a job replacement. Meanwhile, large IT companies are urged to adapt to AI’s rise to maintain their market positions.

AI is reshaping how law firms bill their clients

Livemint

Livemint · 1m ago

AI is reshaping how law firms bill their clients

Artificial intelligence is transforming the traditional billing model of law firms, which typically charge clients by the hour. By automating routine tasks such as legal research and document review, AI tools have reduced the time required for these tasks by 20-30%. This efficiency is prompting law firms to reconsider how they bill clients, as AI enables quicker completion of tasks that once took much longer, ultimately influencing the fees charged to clients.

From Rewriting Business Processes To Customer Support: How Fintech Startups & Banks Are Riding The GenAI Wave

Inc42 · 1y ago

From Rewriting Business Processes To Customer Support: How Fintech Startups & Banks Are Riding The GenAI Wave

A recent report suggests that a large number of Indian financial services players have either already started leveraging AI or have plans to pilot it over the next 12 months. GenAI adoption is also expected to see near-term hurdles such as hallucination, biased decision-making, data-privacy-related risks, and regulatory scrutiny. Fintechs are disrupting the traditional model by leveraging cutting-edge technologies such as GenAI, data analytics, and machine learning to personalize financial experiences. The increasing adoption of GenAI is expected to push growth in the fintech ecosystem, as cost is reduced and user experience is enhanced.

Unpacking AI Agents

Wired · 3m ago

Unpacking AI Agents

AI agents, recently spotlighted by tech giants like OpenAI, Anthropic, and Google, are designed to perform tasks independently with minimal human input. These agents promise to revolutionize customer service by automating mundane tasks and potentially resolving 80% of common service queries by 2029. However, challenges like reliability, security, and ethical considerations persist. The excitement in Silicon Valley is partly due to the significant potential for reducing labor costs and the evolution of human-AI collaboration.

India's AI Market To Touch $17-Billion By 2027: Nasscom-BCG report

OutlookIndia

OutlookIndia · 1y ago

India's AI Market To Touch $17-Billion By 2027: Nasscom-BCG report

India's AI market is expected to reach $17 billion by 2027, driven by factors like increasing enterprise tech spending and a growing AI talent base, according to a report by Nasscom and BCG. The global investments in AI have seen a 24% CAGR since 2019, with data analytics, GenAI, and ML algorithms and platforms being the majority of the investments. The report also highlights India's strong position in the AI talent market, with the second-highest installed talent base and three times more AI skilled talent compared to other countries. However, to accelerate AI growth, significant investments in AI skilling and ethical development practices are needed.

India leads in GenAI adoption, investment trends likely to rise in coming years: report

Economic Times

Economic Times · 1y ago

India leads in GenAI adoption, investment trends likely to rise in coming years: report

India is leading the global adoption of Generative AI (GenAI) technologies, with 81% of Indian organizations implementing GenAI, according to a report by search analytics firm Elastic. The report surveyed 3,200 IT decision-makers and influencers across the US, Europe, and Asia-Pacific, with 300 from India. It also revealed that 94% of respondents expect increased investments and budget allocations towards GenAI initiatives in the next 2-3 years. However, 99% of respondents expressed concerns about processing and using their data, emphasizing the need for organizations to work with GenAI providers who prioritize data security.

Indian IT primed to ride $4 trillion AI wave

Economic Times

Economic Times · 1y ago

Indian IT primed to ride $4 trillion AI wave

According to a report by Nasscom and McKinsey & Company, India's technology sector has the potential to benefit from the $4-trillion global market for generative artificial intelligence (genAI). The report suggests that strategic changes are necessary, with 75% of the economic value of genAI being concentrated in core service areas for technology providers. The report highlights the need to build capabilities in delivery productivity, sales excellence, and total SG&A, as well as the importance of innovation, experimentation, and upskilling. The early movers in genAI technology are expected to gain significant advantages.

Travel tech startup 30 Sundays raises $770K in pre-seed round

Entrackr

Entrackr · 10m ago

Travel tech startup 30 Sundays raises $770K in pre-seed round

AI-first travel agent 30 Sundays has secured $770,000 in a pre-seed funding round led by Infoedge Ventures. The funds will be used to expand into new destinations, particularly the European market, and enhance its AI and data capabilities to improve customer experience. 30 Sundays utilizes generative artificial intelligence (GenAI) to automate tasks such as collecting customer information and analyzing customer insights, resulting in up to 5x efficiency improvements. With the Indian outbound tourism market projected to reach $18.8 billion in 2024, the company aims to capitalize on the growing demand.

GenAI to help 60% of Asia's top firms boost worker retention: report

Economic Times

Economic Times · 1y ago

GenAI to help 60% of Asia's top firms boost worker retention: report

According to a report by IDC, around 60% of Asia's top companies plan to upgrade their hardware and software technologies by 2025 to improve worker retention. The report also predicts that businesses that utilize GenAI (generative AI) for smart document handling will be able to discover 20% more ways to use it, leading to increased productivity and better customer experiences. The report suggests that skill development and the adoption of GenAI could drive significant productivity gains and transform job roles in organizations.

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