It's been two years since the term 'generative AI' started gaining widespread attention. Although it wasn't new—it appeared on Gartner's 'hype cycle' as early as 2020—by the end of summer 2022, excitement was mounting around genAI tools capable of generating text, images, and computer code.
The estimated $1 trillion investment in generative AI has yet to deliver widespread returns. As with every tech revolution, the hype will fade and real work will begin. This is where India's tech industry stands today—at the crossroads of immense opportunity and significant challenges.
In 2013, the MD Anderson Cancer Center at the University of Texas launched a moonshot project to use IBM's AI-powered Watson system to diagnose certain cancers. By 2017, the $62 million project was paused without being used on patients. Meanwhile, the center's IT team explored smaller-scale cognitive tools for tasks like assisting patients' families, identifying financial aid needs, etc. These efforts proved far more successful. The stark contrast between these two approaches offers valuable insights for anyone planning AI initiatives.
The Indian market is still in its early stages. There has been a 50 percent decline in Indian genAI startup funding in the first half of 2024, compared to that of 2023. While there has been a seven-fold increase in activity by the Indian industry, over half are focused on new product launches.
Most Indian organizations are progressing towards mid-level AI/genAI maturity, with defined strategies and initial use cases aimed at scaling. While 75 percent of the 500 companies surveyed by Nasscom have AI strategies at the proof-of-concept (PoC) stage, only 40 percent demonstrate significant progress in moving to production. Collaborative efforts are driving advancements in telecom, enterprise tools, and retail applications. There is growing emphasis on domain-specific fine-tuning and development of custom, small language models.
This story is from the January 02, 2025 edition of The New Indian Express Bhubaneswar.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 02, 2025 edition of The New Indian Express Bhubaneswar.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Don't Stress Out to avoid rapid ageing, comorbidities
FOR six months, Akshay (name changed), an expat in Dubai, had been experiencing abdominal bloating sensation, pain in the abdomen, and constipation.
Raising the bar pays off for hockey coach Sangwan
A SNUB can either break one down or spur the individual on to scale new heights. Unfortunately, a majority of people end up heartbroken. But a better future awaits those who manage to swallow the bitter pill. Haryana hockey coach Sandeep Sangwan falls under the second category.
Focus on TOPS list as new-look MOC set for 1st significant meet today
NEW Year, new dawn, so it seems for the sports ministry's Mission Olympic Cell that is expected to meet on Tuesday.
Maiden ODI call-up for Bist against Ireland
AFTER nine white ball fixtures in less than a month, three against Australia in the away series and six against West Indies at home, India's regular captain Harmanpreet Kaur and pacer Renuka Singh Thakur have been rested for the three ODIs against Ireland.
FINDING ROOTS OF ENIGMATIC CUMMINS
The Australian captain's on-field success and personality off of it are intertwined and it goes back to his upbringing
HIL: Soorma beat Delhi SG Pipers in penalty shootouts
SOORMA Hockey Club clinched a penalty shootout victory against the Delhi SG Pipers in the Hero Hockey India League 2024-25 at the Birsa Munda Hockey Stadium in Rourkela on Monday.
Saweety 'even more motivated' after Arjuna honour
AWAY from the spotlight, India boxer Saweety Boora, at a time when she was just 21, had gone on to capture a silver medal in her very first World Championships at Jeju City in 2014.
Govt Launches Updated ₹4k Cr PLI Scheme for Steel Sector
The government on Monday launched a new round of steel production-linked incentive (PLI) scheme, with a total outlay of ₹4,400 crore.
Govt Must Shift Capex Focus to Social Sectors
As pre-budget consultations got over on Monday, industry representatives and analysts want the government to continue its thrust on capital expenditure (capex), albeit with a shift in sectoral focus.
Rupee hits new low of 85.83 on strong dollar
THE rupee continued to its southward-ho for the fourth month, losing 4 paise to close at a new low of 85.83 on Monday, weighed in the blood bath on the equity markets amid persisting bearish tilt.
