2023 may go down as a watershed moment for technology thanks to generative AI, and 2024 looks like it will continue some of the same trends. We asked top execs of tech companies what technology trend they are most excited for in 2024, unsurprisingly AI use cases dominated the list. The rise of large language models in languages other than English are seen to be a particularly useful innovation for a country as diverse as India.
Metaverse isn’t dead, it will evolve rapidly: Rachita Atal, VP, Engineering, GlobalLogic
As the year 2023 comes to a close, I can’t help but reflect on technologies that are revolutionizing industries, and fostering connectivity, automation, and innovation. A technology expected to evolve significantly is Metaverse. Businesses are adopting the Metaverse in an accelerated manner combining AR/VR to provide immersive experiences and transforming how people interact, socialise, collaborate, and entertain themselves. In 2024, diverse industries including healthcare, education, consumer entertainment, and real estate industries will see increased adoption of the Metaverse. In healthcare, for instance, the Metaverse can facilitate virtual medical consultations, medical training simulations, and therapeutic interventions. In education, immersive learning experiences in the Metaverse can revolutionise the way students engage with educational content. The Metaverse will expand the possibilities of how businesses collaborate and operate, and this will transcend physical boundaries, shaping a new digital era and creating new opportunities for innovative applications and experiences.
Indian language models will make a global splash: Keshav Murugesh, Group CEO, WNS
A significant shift is expected in the AI landscape with the emergence of Indian large language models (LLMs). This not only bodes well for India’s technology sector but also provides impetus for the inclusivity and democratisation of AI globally. The prevailing dominance of English in AI datasets has resulted in inherent biases for a country as diverse as India. The upcoming surge in AI models trained on India’s linguistic diversity aims to break this language barrier. Such a breakthrough will have an industry-wide impact from agriculture to education – empowering farmers with weather forecasts in their native languages and enabling students to learn in their local dialects. When foundational models for AI around language are developed for adoption at scale in India, it will offer strategic leadership for the Indian economy and growth opportunities for other multilingual nations. However, its development demands a concerted effort by technology firms, engineering colleges, and the government.Autonomous enterprises will become a reality: Deepak Visweswaraiah, VP, Platform engineering, & SiTE MD, Pegasystems, India
By 2024, digital transformation will be fully completed when automation, improved decision-making, and artificial intelligence are combined with task and process mining. These technologies will come together to power and drive autonomy, rather than continuing to function as distinct entities. The agility that businesses sorely need to keep up with the digital transformation of their organisations as AI technologies advance will be made possible by connecting work from different processes and systems and introducing automation and intelligence into it. Those who do not embrace AI and automation to begin their autonomous journey in the next year will be those who are left playing catchup in the years that follow. As regulatory guidelines roll out and transparency improves, we will begin to see companies that are leaning into AI reaping the benefits. This will trigger a competitive incentive to experiment with and embrace the AI capabilities their tooling offers.Gen AI will redefine work across functions: Deepa Param Singhal | VP, APPLICATIONS, ORACLE INDIA
2024 will witness a tectonic shift in how we work, fueled by the transformative power of generative AI. No longer confined to labs or niche applications, this technology will permeate every function, amplifying human capabilities and reshaping the very nature of work. For instance, supply chain experts can benefit from AI assistants helping in designing optimised routes, predicting demand based on real-time data, and generating custom packaging solutions while minimising environmental impact.
Another example could be in finance, where AI generates accurate forecasts, crafting personalised investment reports, and even composing market-ready proposals, freeing analysts for strategic decisions. In human resources, AI can create hyper-personalized training modules, craft targeted recruitment plans, and even generate talent profiles for perfect matches. Additionally, organisations can resolve customer service issues quicker and more efficiently by increasing service agent and field technician productivity, optimising self-service, and automating traditional tasks that are manual and time-consuming.
Blockchain tech will gain momentum: Nisheeth Srivastava, Chief technology and innovation officer, India, Capgemini
Blockchain technology is gathering momentum in India. It is gradually being integrated in several projects across public administration, ranging from data management, asset registration, record keeping, and benefit transfers. A thriving developer and startup ecosystem is also enabling the progress and deployment of the technology. Blockchain technology can revolutionise products and services across education, healthcare, energy, financial services, Smart Cities, cybersecurity, media, logistics, and other landscapes. Digital payments organizations are exploring the technology and assessing its use cases. Public-sector banks are also looking at the possibility of leveraging the technology. India Stack will foster newer service enablement for citizenry and other services. There will also be an increased focus on cybersecurity in 2024. With more connected devices and systems enabling complete digital transformation, cybersecurity has become an organisational priority. Business leaders will continue to work on the safety and security of their customers, employees, and clients against cyber frauds and attacks.
Gen AI will benefit certain industries greatly: Bryan Harris, executive VP & CTO, SAS
Certain industries will benefit greatly from applying generative AI to existing analytic platforms. For example, health care organisations can develop generative AI-powered tools for personalised medicine, such as the creation of patient-specific avatars for use in clinical trials and the generation of individualised treatment plans. In the financial services industry, generative AI can create simulated data for stress testing and scenario analysis to help banks predict future financial risks and prevent losses. And virtual assistants (like chatbots) can provide human-like customer service 24/7. In life sciences, generative AI can augment and accelerate clinical trials by rapidly synthesizing vast amounts of trial data, simulating patient populations, and optimising protocol design. In the manufacturing industry, generative AI can simulate production to identify improvements in quality, reliability, maintenance, energy efficiency, yield and throughput by finding hidden insights, validating models with synthetic data, and boosting predictive accuracy.
Firms will adopt Gen AI at scale: Gopali Contractor | Lead, Center for Advanced AI, India, & Advanced Technology Centres, Accenture
Today, companies are ready to move beyond experimentation and are looking to adopt generative AI at scale to reinvent their business and tap new avenues for growth. This is substantiated by our research that shows that 74% of the global C-suite plan to increase their AIrelated spending in 2024, up from 50% in 2023. To fully harness this opportunity, customisation and combination of Large Language Models (LLMs) will be required – to address the unique needs of companies based on their business context, and other criteria such as cost, accuracy, etc. Secondly, along with incredible opportunity, AI brings with it great responsibility. That’s why in 2024, we expect organisations to adopt a more systematic approach to responsible AI without which they will miss out on this technology’s full potential. These include responsible AI principles, governance and risk mitigation frameworks, ensuring compliance with multi-country laws and regulations, and developing tools and techniques that help build AI that is responsible by design.
AI will rekindle creativity: Sindhu Gangadharan | LSVP & MD, SAP LABS INDIA
In 2023, generative AI was like a bolt of lightning that compelled every business and technology leader to sit up and take notice. We foresee this powerful technology challenge the conventional practices across industries and sectors. Starting from pioneering customer service chatbots to revolutionising language translation, generative AI will be introducing innovative experiences to transform businesses in ways that were previously unimaginable. In 2024, business leaders will look beyond the industry buzz for solutions that deliver real-life, AI based use cases. They’ll also see first-hand that AI is only as effective as the quality and availability of your data. In 2024, we can expect to see a surge in the use of generative AI by developers to create new products and services, and to automate repetitive tasks, improve software quality, generate new ideas, and personalize software development. All in all, AI will rekindle creativity and redefine the boundaries of software development as we know it today.
GLOSSARY OF IN-GROUP TERMS USED ON THIS PAGE
Metaverse: The term “metaverse” refers to a collective virtual shared space that is created by the convergence of physical and virtual reality. In simpler terms, it’s a virtual universe where users can interact with a computer-generated environment and other users. The concept has evolved over time and is often associated with advancements in technology, particularly virtual reality (VR), augmented reality (AR), and other immersive technologies. Popularized by science fiction and literature, the concept of the metaverse has gained traction in recent years as technology has advanced.
A new era dawns, offering promise for both marketers and consumers. The ultimate currency in 2024 is consumer trust, unlocked through transparency, responsibility and purpose.
