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.
Diese Geschichte stammt aus der January 2024-Ausgabe von Outlook Business.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 2024-Ausgabe von Outlook Business.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
NATURE BECKONS
When not busy at work, Naivedya Agarwal, co-founder and CEO of manufacturing start-up Runaya, indulges in activities that keep him close to nature, like wildlife photography, safaris, flying and holidays at beaches and the hills
Combining Minimalism and Material Responsibility for Timeless Furniture Pieces
Leading Furniture Industry with Inspiring Innovation, Sustainability, Customization, and Collaboration. EK Designs creates designs with honesty and transparency upholding the strict quality norms.
Participation Over Dictation Leads to Excellence: Girish Avansta
Accellor's innovative Al-backed designs are a result of the whole-hearted participation of every employee
Leading the Charge in Digital Transformation by Pioneering the Future of Enterprise Automation
Areteans is Revolutionizing Business Automation and AI Integration
Recognizing MSME Excellence and Charting the Future: Insights from Outlook Business Spotlight Awards 2024
MSMEs are the \"unsung heroes who keep our industries humming and our dreams soaring.
"Sustainability is an Essential Component of Lubrizol's Corporate DNA"
Bhavana Bindra, Lubrizol's dynamic Managing Director, shares her views on sustainable growth and Lubrizol's impact in India.
Modernizing Mobility: India's Need For A Smarter And Sustainable Passenger Transportation Solution
India is at the forefront of a transformative wave of urbanisation. To combat climate change and urban pollution, upgrading infrastructure and embracing sustainable mobility, particularly in efficient mass transportation systems is an imperative.
Bank Imbalance
As investors turn to more lucrative options, banks in India are seeing sluggish growth in deposits. With a limited arsenal to compete with high returns available elsewhere, they are struggling to balance deposits with the amount of loans they are handing out
Restoring Degraded Lands: Natural Farming Shows The Way
As we approach World Environment Day, it is important to acknowledge that we are in a climate 'poly-crisis' a series of interconnected and compounding crises across sectors.
Powering A Sustainable Future
By establishing a dedicated network for renewable energy transmission, the Green Corridor Project not only addresses the challenges of integrating clean energy sources but also contributes to land revitalisation