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GenAI to generate economic value worth $2.6-$4.4 trillion annually: Report

Economic Times

Economic Times · 1y ago

GenAI to generate economic value worth $2.6-$4.4 trillion annually: Report

Generative AI (GenAI) is projected to generate annual economic value ranging from $2.6 trillion to $4.4 trillion. Around 75% of this value is expected to be concentrated in core service lines such as software engineering, customer operations, R&D, and sales and marketing, which are essential for technology service providers in India. Over the next five years, more than 100 GenAI use cases are predicted to drive 15-20% additional growth, with potential productivity improvements of 30% in the next two to three years. The generative AI space is rapidly evolving, with providers reshaping their approaches and increasing investments in areas like technology, talent, and risk management.

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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.

Illicit trade costing Pakistan Rs 3.4 trillion: Report

OutlookIndia

OutlookIndia · 2m ago

Illicit trade costing Pakistan Rs 3.4 trillion: Report

Pakistan’s economy loses Rs 3.4 trillion annually due to illicit trade, according to a report by the Policy Research Institute of Market Economy (PRIME). The misuse of the Afghan Transit Trade facility contributes significantly to this loss, alongside smuggled petroleum, counterfeit pharmaceuticals, and other illegally traded goods. The report highlights challenges like high customs duties and porous borders, with illicit trade undermining formal businesses and government revenues, compromising consumer safety, and affecting economic stability.

Tech market values jump in September on Fed rate cuts, AI optimism

Economic Times

Economic Times · 9m ago

Tech market values jump in September on Fed rate cuts, AI optimism

- Tesla's market value rose by 22.2% in September to $834.4 billion due to record electric vehicle sales in China and the launch of its Full Self-Driving software. - Oracle Corp's market value increased by 21.3% to $472.2 billion as the company aims to surpass $100 billion in revenue by fiscal 2029. - Meta Platforms Inc's market value surged by 10% to $1.45 trillion, driven by the introduction of augmented reality glasses and new AI capabilities. - Amazon.com Inc's market value rose by 4.4% to $1.95 trillion, while Microsoft Corp's market value increased by 3.2% to $3.2 trillion. - Eli Lilly and Co's market value dropped by 7.7% to $842 billion, and Saudi Arabian Oil Co's market value fell by 3% to $1.75 trillion.

GenAI projects are influencing cloud adoption: HCLTech study

Economic Times

Economic Times · 9m ago

GenAI projects are influencing cloud adoption: HCLTech study

According to a report by HCLTech, generative artificial intelligence (GenAI) projects are driving cloud adoption and interest in cloud native practices for application modernization. The report states that 98% of enterprises are exploring custom GenAI solutions, with 80% agreeing that the public cloud's value can only be fully realized if applications are modernized during migration. Embracing cloud native architectures and platform engineering is essential for businesses aiming to build a resilient and innovative IT landscape. The report also highlights the importance of hybrid, multicloud strategies and the growing recognition of the value of third-party consulting in cloud strategy execution.

Sequoia Report Warns AI Industry Needs $600 Billion Annually

deepnewz

deepnewz · 1y ago

Sequoia Report Warns AI Industry Needs $600 Billion Annually

A recent report by Sequoia Capital highlights the challenge of generating $600 billion annually in the AI industry to justify the investments in AI hardware. The current economic output from AI falls short of this requirement, suggesting a potential AI bubble. Companies like OpenAI generate only a fraction of the needed revenue. Building AI models already costs millions of dollars, and future models could cost up to billions by 2027. The financial demands and pressure on the AI industry to deliver economically viable products are significant.

Samsung Electronics to cancel $2.11 billion worth of own shares

Economic Times

Economic Times · 5m ago

Samsung Electronics to cancel $2.11 billion worth of own shares

Samsung Electronics plans to cancel 3.05 trillion won ($2.11 billion) of its own shares, initially acquired to boost shareholder value. Additionally, the company intends to buy back 2.7 trillion won worth of common shares and 304 billion won of other shares from February to May to elevate shareholder value and support employees. This decision follows their announcement to repurchase 10 trillion won in shares over a year, after underperforming against competitors like SK Hynix.

Centre may restrict fiscal deficit to 4.2%-4.3% of GDP

Livemint

Livemint · 1m ago

Centre may restrict fiscal deficit to 4.2%-4.3% of GDP

The Indian government is set to reduce its fiscal deficit to 4.2%-4.3% of GDP for 2025-26, surpassing the target of 4.4%. This improvement is attributed to higher dividends from the Reserve Bank of India and state-run enterprises. The narrowed revenue-expenditure gap will allow the government to maintain capital spending, sustaining economic growth. Enhanced fiscal space is anticipated due to increased transfers to the Centre, including a record ₹2.7 trillion from the RBI.

PC market grows 2.6% in January-March quarter, aided by govt orders: IDC

Economic Times

Economic Times · 1y ago

PC market grows 2.6% in January-March quarter, aided by govt orders: IDC

According to a report by International Data Corporation (IDC), laptop and desktop sales in India grew by 2.6% in Q1 2024, with 3.07 million shipments recorded, up from 2.99 million in the same period last year. The growth was primarily driven by large government procurements and improving consumer sales. The commercial segment saw a slight increase of 1.3%, while consumer sales grew by 4.4%. HP was the leading vendor with a market share of 30.1%, followed by Dell Technologies, Acer Group, Lenovo, and Asus. Challenges in the commercial sector are expected to be offset by enterprise refresh buying later in the year.

Investment MOUs worth Rs 16 lakh crore signed in Davos: Fadnavis

YourStory

YourStory · 5m ago

Investment MOUs worth Rs 16 lakh crore signed in Davos: Fadnavis

Maharashtra signed MoUs worth Rs 16 lakh crore at the World Economic Forum in Davos, aiming to boost its GDP to $1 trillion by 2030, as part of India's $5 trillion economy target. Chief Minister Devendra Fadnavis attributed this to investor confidence in policy continuity and Prime Minister Narendra Modi. Agreements span various sectors, with the state committed to ensuring these translate into real investments. Indian leaders emphasized collective growth for national progress.

Cost of data breaches will grow to $5 trillion in 2024, claims report

Livemint

Livemint · 8m ago

Cost of data breaches will grow to $5 trillion in 2024, claims report

According to a report by Juniper Research, the cost of cyberattacks and data breaches is predicted to increase annually at 11%, reaching over $5 trillion by 2024. The cost includes disruption, business losses, and fines for data breaches under new government regulations. The report suggests that cybercriminals will increasingly rely on artificial intelligence (AI) to bypass security systems, while businesses should focus on holistic cybersecurity measures and invest in security awareness training. Poor awareness and adoption of best practices remain weak points in company cybersecurity efforts.

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