BENGALURU: IT services firms have been ramping up investments in generative Artificial Intelligence (AI) even before OpenAI’s ChatGPT took the world by storm. ChatGPT has triggered a new AI race that all IT companies are now betting big on generative AI.
Infosys CEO Salil Parekh Parekh said that the company is leveraging generative AI capabilities for the clients. During a press conference after announcing Q4 results, Parekh said, “We anticipate generative AI to provide more opportunities for work with our clients and also enable us to improve our own productivity. Within the company today we have active programmes and projects with clients working with generative AI platforms to address specific areas, processes and libraries within their business.”
He added that they have trained open source generative AI platforms on the company’s internal software development libraries. Infosys was one of the early backers of OpenAI. The company has moved quickly into driving generative AI within its business.
Generative AI can create a wide variety of data including 3D models. IT companies can change their pricing models accordingly. According to a MarketsandMarkets report, the generative AI market will grow to USD 51.8 billion by 2028. IT CEOs said AI is not new for the companies. TCS chief operating officer N Ganapathy Subramaniam said during interactions with clients, conversations start and stop with ChatGPT.
Amazon Web Services (AWS) has announced new tools for building with generative AI service through its cloud computing platform. “Generative AI is a type of AI that can create new content and ideas, including conversations, stories, images, videos, and music. Like all AI, generative AI is powered by ML models - very large models that are pre-trained on vast amounts of data and commonly referred to as Foundation Models (FMs),” it said in a blog post.
Recently, JP Morgan in a note to clients said that IT companies such as TCS and Infosys can retrain staff(on AI) faster than smaller peers. Earlier, Alphabet and Microsoft also announced their in-house developments of generative AI.
Generative AI market to grow to USD 51.8 bn by 2028
Infosys was one of the early backers of OpenAI. The firm has moved quickly into driving generative AI within its business. Generative AI can create a wide variety of data including 3D models. IT firms can change their pricing models accordingly. As per a MarketsandMarkets report, generative AI market will grow to USD 51.8 billion by 2028. IT CEOs said AI is not new for the firms. TCS COO N Ganapathy Subramaniam said during interactions with clients, conversations start and stop with ChatGPT