On September 26, 2023, Infosys joined hands with Microsoft to create opportunities in the space of generative artificial intelligence (AI). From what it’s understood, this step aims to develop the concept of data democratisation. With such companies aiming to better the generative AI scenario, it seems that the technology’s economic potential can reap immense benefits. “The collaboration between Infosys and Microsoft in generative AI aims to signify a development with implications. It intends to underscore the acknowledgement of generative AI’s potential across industries. This partnership is poised to accelerate generative AI adoption by providing solutions that cater to businesses of all sizes,” Ravinder Rathi, director of technology, Quarks Technosoft, told FE TransformX.
Generative collaboration in AI
It is believed that global corporations have seen an upward trend in their supply of AI-based solutions. This occurrence can be accredited to what OpenAI’s ChatGPT has contributed towards the AI landscape, based on parameters such as economical costs and unification. Seemingly, Infosys’ Topaz model has cemented into an important part of this partnership, which helps to provide generative AI-backed solutions along with over 12,000 AI use cases, over 150 pre-trained AI blueprints, over 10 AI platforms, and a ‘responsible by design’ take based on regulations. Reportedly, the company has been a part of 80 generative AI-oriented programs, with focus seemingly being laid on sectors such as communication, original equipment manufacturer (OEM), retail, among others.
In terms of Microsoft’s generative AI vision, its purpose of making a mark in the sector became evident after its multibillion-dollar investment announcement for OpenAI. With regards to the development, Microsoft’s Azure OpenAI Service and Azure Cognitive Services are included in the partnership. Azure OpenAI Service supplies REST API approach to OpenAI’s language prototypes such as GPT-35-Turbo, GPT-4, and Embeddings model series. Users can avail facilities using the Azure OpenAI Studio. Furthermore, Azure Cognitive Services is an arrangement of cloud-backed APIs for utilisation in AI services. The facility can offer pre-trained models which can be directly applied to different use cases.
Overall, market reports have shown that IT and multinational firms are highly creating generative AI-oriented solutions, which can be a potential game changer for the business environment. Data from a survey around 4,000 IT leaders by Salesforce, revealed 86% of the strength’s expectations that generative AI will be vital for their firms in the future. For 2023, the company has unveiled other generative AI-based statistics, based on a recent survey in countries such as India, USA, UK and Australia, which found that 73% of the Indian respondents making use of generative AI, 45% of the US population making use of generative AI, 29% of the UK population making use of generative AI, and 49% of the Australian population making use of generative AI.
“The involvement of multinational corporations in the generative AI sector is a vote of confidence for its future. MNCs can bring with them resources, research capabilities, and a global reach. Their entrance intends to signify a shift from experimental applications to mainstream solutions. With MNC, we can expect a future where generative AI is driving innovation across the global business landscape. By leveraging Infosys and Microsoft’s strengths, they should foster an integration of generative AI into business processes,” Shivam Arora, Microsoft marketing manager, Compunnel Inc, a digital native technology company, specified.
What does the generative AI market have in store?
As per the National Association of Software and Service Companies (Nasscom), as of May 2023, the Indian generative AI landscape comprises over 60 startups. Market reports suggest that over $590 million worth of funding has been directed towards this sector, with 2022 being the year for the highest amount of funding. Sources have stated that generative AI-based investments round up to over $19 billion, with an integrated enterprise value of 100 important generative AI firms in January 2023, showing a seven times increase in comparison to 2019. It’s also been found that the total count of Indian generative AI startups increased by more than double the value between 2021 and 2023.
Moreover, the partnership between Infosys and Microsoft is expected to benefit users from making the leap from digital to AI use cases. Apart from Infosys and Microsoft, other companies have also entered into partnerships over generative AI prospects. For example, in August 2023, International Business Machines (IBM) collaborated with Microsoft over generative AI-based solutions to benefit their shared clients, as well as Google and Cognizant collaborated over healthcare-based LLMs. In July 2023, Caylent and Amazon Web Services (AWS) entered into an association to handle customer-oriented generative AI goals. Future predictions indicate that generative AI can lead to 70% automation of all corporate activities between 2023 and 2030, as per McKinsey & Company. A research from the company also showed that generative AI could lead to the insertion of $2.6-4.4 trillion over 63 use cases.
“The adoption of generative AI is dependent on the general populace understanding the technology. There seem to be a lot of legal and policy decisions that governments around the world need to take up before we can adopt it en-masse and safely, without potential harm to individuals as well as the society at large. Therefore, I think that MNCs heading to this technology will see a demand for skill sets that can enable them to leverage the power of generative AI,” Ananthakrishnan Gopal, co-founder and CTO, DaveAI, an AI-powered sales experience platform, concluded.
