As we bid farewell to 2023, a year characterised by remarkable technological strides, Artificial Intelligence, particularly Generative AI, has emerged as a transformative force, reshaping industries, fuelling innovation, and paving the way for a dynamic and interconnected future. In this retrospective journey, we delve into the insights provided by key industry players, unveiling the profound impact of AI on business growth and technological landscapes.
Cristina Fonseca, Head of AI, Zendesk, foresees an increased trust in AI to fully automate resolutions in the customer experience (CX) context. She says, “With the latest advancements in AI and large language models (LLMs), there will be seamless blending between bots and human agents. Additionally, we expect the number of interactions touched by AI to be at least 10x higher compared to 2023 – moving the industry even closer towards this reality of fully digital agents.”
Sunil Pandita, Vice President, Sales (India), Newgen Software Technologies, highlights the significant shift in the technological landscape with the rise of Generative AI. According to estimates from McKinsey, the widespread adoption of Generative AI could contribute an impressive $2.6 trillion to $4.4 trillion annually to the global economy by 2040. “As a software product organisation, this year has been a resounding success for us, with significant achievements and milestones. We achieved a market capitalization milestone of $1 billion this year, along with being recognised as a strong performer in digital process automation platforms by Gartner. Our latest endeavour, NewgenONE Marvin powered by Generative AI, is an all-in-one solution for businesses seeking innovation, efficiency, and global adaptability,” states Pandita. Along with that, their impact extended globally as they collaborated with major banks in India and the United States, streamlining the business processes. “We believe that the future is bright, and Newgen is ready to be at the forefront of the next chapter of its unparalleled success story,” adds Pandita.
The growing adoption of New Distribution Capability (NDC) has led to long-awaited paradigm shifts in the travel industry as airlines and travel sellers adapt their business and technologies to the new world of multi-source air.
“We at Mystifly celebrate the resilience of our collective journey, recognising how the shift to airline retailing has become a catalyst for innovation. The collaborative efforts between airlines and travel sellers demonstrate a commitment to delivering enhanced customer experiences marked by flexibility and choice. Looking ahead, our dedication to improving this new landscape of airline retailing remains strong. Using new technologies, including the power of AI, we aim to redefine what is possible in travel distribution, creating a more interconnected and efficient ecosystem. Our journey is a testament to adaptability and a steadfast commitment to shaping the future of air travel,” says Rajeev Kumar, Founder, CEO & MD, Mystifly.
Sonit Jain, CEO, GajShield Infotech, anticipates a transformative 2024 with AI’s significant impact on the cybersecurity landscape. He mentions that GajShield remains committed to empowering professionals with cybersecurity knowledge, offering cutting-edge solutions to combat the rising tide of AI-driven threats and reinforcing India’s resilience in the face of evolving challenges. “We remain committed to empowering professionals with cybersecurity knowledge and skills, offering cutting-edge solutions to combat the rising tide of AI-driven threats and reinforcing India’s resilience in the face of evolving challenges,” Jain adds.
Shreeranganath Kulkarni, Managing Director, InfoVision says, “Our approach has not just been about technology but about co-creation, aligning closely with our clients’ needs and ambitions. By investing in our Indian centres and empowering our talented team, we aim to exceed the expectations of those we serve, embedding our solutions into the narrative of their success.”
“Collaboration has always been human-to-human, but now it’s humans plus AI,” affirms Rajeev Rajan, CTO, Atlassian. AI’s ability to summarise meeting notes, track updates, and complete code enhances personal productivity. “Once AI learns deeply about a company, its teams, and how it works, the possibilities are endless. This means employees can get up to speed in minutes or hours,” he adds. Rajan also believes that the possibilities of AI assisting in complex problem-solving, such as NASA’s mission anomalies, underscore the potential for AI-human collaboration.
AJ Sunder, CPO and CIO, Responsive, outlines the pivotal shift in AI user expectations, emphasising the need for advanced AI providing deep, actionable insights. The surge in software subscriptions necessitates increased focus on vendor risk assessments, turning challenges into opportunities. Sunder further mentions, “In 2024, businesses will be under intense pressure to maximise productivity, necessitating a critical evaluation of their technology stacks. This will drive a shift towards intelligent, integrated solutions that streamline processes, eliminate redundant spending and technology, and elevate productivity with smarter, more insightful technology applications.”
“In 2024, Generative AI takes the spotlight, evolving from a theoretical concept to a practical, business-oriented reality. This shift will particularly manifest in business-to-business (B2B) landscapes, where customised, domain-specific applications of AI take centre stage,” forecasts Nick Magnuson, Head of AI, Qlik. According to IDC FutureScape projections, by 2026, over 80% of generative AI use cases in enterprises will pivot towards tailored models, signifying a departure from standardised solutions to highly specialised solutions. “This shift emphasises the critical importance of data security and governance in developing and maintaining these customised AI models,” he adds.
The rise of tailored, domain-specific applications emphasises the importance of data security and governance. Magnuson urges organisations to explore a wide range of AI solutions to optimise implementation speed and scope to maximise their benefits.
“Next-gen technologies will make a major impact across industries in the coming year. They will emerge as the linchpin in autonomous vehicles and intelligent traffic management systems. These technologies will also fuel smart factories and autonomous logistics industries, pushing the boundaries of efficiency and agility. Additionally, with the ongoing electric vehicles boom, green technologies will continue to dominate the transportation industry and make significant inroads into the manufacturing sector,” says Dr. Mukesh Gandhi, Founder and CEO, Creative Synergies Group. He also predicts that sustainable manufacturing, processing and shipping practices will be huge in 2024, reducing the environmental impact of the sector overall. In the process industries, intelligent connectivity is set to be a major investment avenue. By leveraging interconnected devices and IoT technologies, the sector can optimise production workflows, and elevate operational resilience.
“This year has been exceptionally prosperous for our growing drone industry, with investments reaching nearly $50 million,” shares Ankit Mehta, CEO, ideaForge. “As we gear up for 2024, drones are set to transform baseline governance and security infrastructure by addressing civic issues/pain points such as traffic violations, crowd management, land encroachment etc. As drones continue to foray into various sectors, it is also crucial to prioritize Intellectual Property development in the drone industry. A robust IP portfolio not only fosters collaboration but positions the Indian drone sector as a global leader,” he adds.
Raghu Ravinutala, CEO & Co-founder, Yellow.ai says, “With 2024 just around the corner, we envision a deeper undertone of transformation driven by AI. And it will not just be generative AI alone.” Looking forward to 2024, the synergy between conversational and generative AI will deepen, enhancing AI accessibility through open-source movements and multilingual language models. The push for robust AI regulations and the rise of multimodal AI in customer support will mark significant advancements. He strongly believes that in 2024, the push for robust AI regulations will continue, signalling a national and global commitment to ethical and responsible AI deployment, which is in alignment with the Indian Prime Minister’s recent call for a global framework for the ethical use of AI. “We also expect a major leap in multimodal AI, notably in customer support. Chatbots will evolve beyond text, embracing dynamic, human-like interactions. Users will utilise visual, auditory, and potential sensory cues, enriching chatbot communication to understand diverse inputs and drive the hyper-personalised experiences that customers are looking for today,” Ravinutala further adds.
Simultaneously, in the sphere of medical tourism, this year reflects a nuanced narrative. While the allure of seeking specialised treatments abroad persists, the global landscape is witnessing a recalibration. Patients now prioritise safety, quality, and holistic care experiences over mere cost arbitrage, reshaping the very fabric of medical tourism. These trends underscore a transformative phase where Artificial Intelligence emerges not only as a catalyst but as a linchpin. While AI’s impact on pharmaceuticals and acute care remains substantial, its integration into home healthcare and medical tourism stands at the precipice of profound change. The maturation of AI technologies promises real-time insights, empowering caregivers and transforming patient experiences, ensuring better outcomes, and amplifying satisfaction across both home-based care and the evolving paradigm of medical tourism in 2024,” says Amol R Deshmukh, Founder and CEO, MedRabbits.
