Former Vice Chairman of Infosys and co-founder of Axilor Ventures, Kris Gopalakrishnan said that the emerging technologies like Machine learning and Artificial intelligence have the capacity to grow as big as the Indian IT service sector which is valued at $177 billion.
The IT veteran said that AI and ML have the potential to have a huge impact on every industry. These technologies have the capacity to reach 40 percent of Government’s estimated $1 Trillion digital economies till 2040-2050.
The chairman of India Innovation Summit, Gopalkrishnan said, “If I look back and see the introduction of digital computers in India, the best example is IT services industry, which is today $177 billion and around 4 million people employed. It had a significant impact and AI and ML will have a similarly significant impact.”
If we look at the growth of the IT services industry in the past 3 decades, we can see it has now become such a huge industry of $177 billion valuations. The reason for this had been the outsourcing of software maintenance and application development works to various Indian Companies.
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Meanwhile, he announced that the 15th edition of the Summit would lay emphasis on creating a plan for driving innovation using both of these technologies. The 15th edition is going to be held on August 21-22 and will include participants from academics, industries, and government organizations.
What’s so special About AI and ML?
Now coming to Artificial Intelligence and machine learning, both find its significance in many industries ranging from Game development to Restaurant app development. Various big brands like Netflix have already made great use of such technologies with the use of data analytics and smart and advanced algorithms that are used to understand user search behavior.
After understanding user search behavior, it then provides relevant results to a user. This leads to great conversion. The same could be said regards to the use of Chatbots and Voice assistants. A Chatbot can assist users thereby minimizing the need to have an employee on the other end. Whereas voice assistants like Alexa, Siri, and Google Assistant has changed the entire dynamics of search methods.
Meanwhile, Gopalkrishnan said that the increasing use of device across various industries would create huge data which could be used to get great insights from them. Both AI and ML have a huge role to play in the next few decades. Let’s see how much more it impact our lives…
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